US Bancorp DE reduced its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 13.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,298 shares of the company’s stock after selling 2,365 shares during the period. US Bancorp DE’s holdings in IDEXX Laboratories were worth $2,469,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bronfman E.L. Rothschild L.P. boosted its position in IDEXX Laboratories by 2.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 770 shares of the company’s stock worth $119,000 after buying an additional 17 shares during the period. Acrospire Investment Management LLC boosted its position in IDEXX Laboratories by 496.5% in the first quarter. Acrospire Investment Management LLC now owns 841 shares of the company’s stock worth $130,000 after buying an additional 700 shares during the period. Global X Management Co. LLC boosted its position in IDEXX Laboratories by 44.6% in the first quarter. Global X Management Co. LLC now owns 1,047 shares of the company’s stock worth $162,000 after buying an additional 323 shares during the period. Flagship Harbor Advisors LLC purchased a new position in IDEXX Laboratories during the first quarter worth $200,000. Finally, Highbridge Capital Management LLC purchased a new position in IDEXX Laboratories during the fourth quarter worth $208,000. Institutional investors and hedge funds own 89.42% of the company’s stock.
IDEXX Laboratories, Inc. (NASDAQ IDXX) traded down 0.96% during mid-day trading on Friday, hitting $150.44. 567,106 shares of the stock were exchanged. IDEXX Laboratories, Inc. has a 52-week low of $102.45 and a 52-week high of $173.01. The company has a 50 day moving average price of $160.14 and a 200 day moving average price of $156.81. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 51.75 and a beta of 0.49.
IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Tuesday, August 1st. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.85 by $0.10. IDEXX Laboratories had a net margin of 14.13% and a negative return on equity of 473.46%. The business had revenue of $508.90 million for the quarter, compared to analyst estimates of $502.44 million. During the same period in the previous year, the firm earned $0.74 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, analysts anticipate that IDEXX Laboratories, Inc. will post $3.18 EPS for the current year.
IDEXX Laboratories announced that its board has initiated a share buyback program on Wednesday, May 3rd that allows the company to buyback 3,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
A number of research firms recently weighed in on IDXX. Aegis began coverage on shares of IDEXX Laboratories in a research note on Wednesday, May 31st. They set a “sell” rating and a $118.00 target price on the stock. They noted that the move was a valuation call. Stifel Nicolaus lifted their price target on shares of IDEXX Laboratories from $150.00 to $185.00 and gave the company a “buy” rating in a report on Monday, May 1st. Canaccord Genuity reiterated a “buy” rating and issued a $180.00 price target (up from $165.00) on shares of IDEXX Laboratories in a report on Friday, April 28th. Zacks Investment Research upgraded shares of IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $187.00 price target on the stock in a report on Monday, May 29th. Finally, BidaskClub upgraded shares of IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $173.80.
In other news, Chairman Jonathan W. Ayers sold 13,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $167.82, for a total transaction of $2,181,660.00. Following the completion of the transaction, the chairman now owns 1,032,994 shares of the company’s stock, valued at approximately $173,357,053.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Jonathan W. Ayers sold 58,000 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $155.00, for a total transaction of $8,990,000.00. Following the transaction, the chairman now directly owns 1,043,034 shares of the company’s stock, valued at approximately $161,670,270. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 151,572 shares of company stock worth $23,715,597. 2.77% of the stock is owned by insiders.
IDEXX Laboratories Company Profile
IDEXX Laboratories, Inc develops, manufactures and distributes products and provides services for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The Company also sells a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.
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