IDEXX Laboratories (NASDAQ:IDXX) Stock Price Down 9.1% – Should You Sell?

IDEXX Laboratories, Inc. (NASDAQ:IDXX)’s share price fell 9.1% during trading on Thursday . The company traded as low as $409.50 and last traded at $410.20. 149,363 shares were traded during mid-day trading, a decline of 69% from the average session volume of 479,587 shares. The stock had previously closed at $451.08.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IDXX shares. BTIG Research assumed coverage on IDEXX Laboratories in a report on Thursday, July 25th. They set a “buy” rating and a $580.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. Piper Sandler lowered their target price on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. StockNews.com downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. Finally, Stifel Nicolaus decreased their price objective on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, IDEXX Laboratories presently has a consensus rating of “Moderate Buy” and a consensus target price of $574.13.

IDEXX Laboratories Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.37 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $478.76 and a 200-day moving average of $487.14. The company has a market cap of $34.35 billion, a P/E ratio of 41.31, a PEG ratio of 3.94 and a beta of 1.33.

IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings results on Thursday, October 31st. The company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.69 by $0.11. The business had revenue of $975.50 million for the quarter, compared to the consensus estimate of $980.32 million. IDEXX Laboratories had a return on equity of 57.03% and a net margin of 22.34%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.53 EPS. As a group, sell-side analysts anticipate that IDEXX Laboratories, Inc. will post 10.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IDXX. Nordea Investment Management AB boosted its stake in shares of IDEXX Laboratories by 15.5% during the first quarter. Nordea Investment Management AB now owns 13,719 shares of the company’s stock valued at $7,447,000 after purchasing an additional 1,839 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of IDEXX Laboratories in the 2nd quarter worth $20,418,000. Oppenheimer Asset Management Inc. raised its position in shares of IDEXX Laboratories by 13.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 11,957 shares of the company’s stock worth $5,825,000 after acquiring an additional 1,453 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of IDEXX Laboratories by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 8,476,054 shares of the company’s stock worth $4,576,476,000 after purchasing an additional 98,387 shares during the last quarter. Finally, BNP Paribas bought a new stake in IDEXX Laboratories during the first quarter valued at about $1,031,000. Hedge funds and other institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Company Profile

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.