For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Idexx Laboratories (IDXX) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
Idexx Laboratories is one of 1001 individual stocks in the Medical sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Idexx Laboratories is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for IDXX's full-year earnings has moved 1.9% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that IDXX has returned about 23.2% since the start of the calendar year. Meanwhile, the Medical sector has returned an average of -6.7% on a year-to-date basis. This means that Idexx Laboratories is outperforming the sector as a whole this year.
Another stock in the Medical sector, AngioDynamics (ANGO), has outperformed the sector so far this year. The stock's year-to-date return is 2.6%.
In AngioDynamics' case, the consensus EPS estimate for the current year increased 22.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Idexx Laboratories is a member of the Medical - Instruments industry, which includes 85 individual companies and currently sits at #78 in the Zacks Industry Rank. Stocks in this group have lost about 6.9% so far this year, so IDXX is performing better this group in terms of year-to-date returns. AngioDynamics is also part of the same industry.
Investors with an interest in Medical stocks should continue to track Idexx Laboratories and AngioDynamics. These stocks will be looking to continue their solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report AngioDynamics, Inc. (ANGO): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
