Idexx Laboratories (IDXX) Gains As Market Dips: What You Should Know

Idexx Laboratories (IDXX) closed the most recent trading day at $661.32, moving +0.86% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.3%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq added 0.2%.

Heading into today, shares of the Animal diagnostic and health care company had gained 9.38% over the past month, outpacing the Medical sector's gain of 3.85% and the S&P 500's gain of 3.11% in that time.

Investors will be hoping for strength from Idexx Laboratories as it approaches its next earnings release. In that report, analysts expect Idexx Laboratories to post earnings of $1.67 per share. This would mark a year-over-year decline of 16.92%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $779.98 million, up 8.19% from the year-ago period.

IDXX's full-year Zacks Consensus Estimates are calling for earnings of $8.38 per share and revenue of $3.19 billion. These results would represent year-over-year changes of +24.89% and +18.02%, respectively.

It is also important to note the recent changes to analyst estimates for Idexx Laboratories. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Idexx Laboratories is currently sporting a Zacks Rank of #3 (Hold).

Looking at its valuation, Idexx Laboratories is holding a Forward P/E ratio of 78.21. This represents a premium compared to its industry's average Forward P/E of 42.62.

We can also see that IDXX currently has a PEG ratio of 3.21. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Medical - Instruments stocks are, on average, holding a PEG ratio of 2.59 based on yesterday's closing prices.

The Medical - Instruments industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 174, which puts it in the bottom 32% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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