For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is IDEXX Laboratories (IDXX) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
IDEXX Laboratories is a member of our Medical group, which includes 901 different companies and currently sits at #1 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. IDXX is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for IDXX's full-year earnings has moved 1.34% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that IDXX has returned about 6.50% since the start of the calendar year. Meanwhile, stocks in the Medical group have gained about 2.22% on average. As we can see, IDEXX Laboratories is performing better than its sector in the calendar year.
Looking more specifically, IDXX belongs to the Medical - Instruments industry, which includes 96 individual stocks and currently sits at #57 in the Zacks Industry Rank. This group has gained an average of 4.45% so far this year, so IDXX is performing better in this area.
Going forward, investors interested in Medical stocks should continue to pay close attention to IDXX as it looks to continue its solid performance.
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