Whittier Trust Co. continued to hold its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) during the second quarter, Holdings Channel reports. The firm owned 970 shares of the company’s stock at the end of the second quarter. Whittier Trust Co.’s holdings in IDEXX Laboratories were worth $157,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Cutler Group LP bought a new stake in shares of IDEXX Laboratories during the first quarter valued at about $355,000. National Pension Service boosted its stake in shares of IDEXX Laboratories by 50,651.0% in the first quarter. National Pension Service now owns 79,679 shares of the company’s stock valued at $12,312,000 after buying an additional 79,522 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of IDEXX Laboratories by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 27,750 shares of the company’s stock valued at $4,290,000 after buying an additional 400 shares during the period. Exxonmobil Investment Management Inc. TX bought a new stake in shares of IDEXX Laboratories during the first quarter valued at about $3,022,000. Finally, Creative Planning boosted its stake in shares of IDEXX Laboratories by 27.9% in the first quarter. Creative Planning now owns 20,180 shares of the company’s stock valued at $3,120,000 after buying an additional 4,402 shares during the period. 89.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of IDEXX Laboratories, Inc. (NASDAQ IDXX) opened at 166.55 on Wednesday. The stock’s 50 day moving average price is $164.54 and its 200 day moving average price is $152.49. The stock has a market cap of $14.68 billion, a price-to-earnings ratio of 61.71 and a beta of 0.48. IDEXX Laboratories, Inc. has a one year low of $92.52 and a one year high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Friday, April 28th. The company reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.16. IDEXX Laboratories had a net margin of 13.47% and a negative return on equity of 706.91%. The business had revenue of $462 million for the quarter, compared to the consensus estimate of $455.10 million. During the same quarter last year, the firm posted $0.51 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. Analysts forecast that IDEXX Laboratories, Inc. will post $3.05 earnings per share for the current year.
IDEXX Laboratories announced that its board has initiated a stock buyback program on Wednesday, May 3rd that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
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Several brokerages have issued reports on IDXX. Aegis began coverage on IDEXX Laboratories in a research report 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 increased their target price on IDEXX Laboratories from $150.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, May 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $180.00 target price (up previously from $165.00) on shares of IDEXX Laboratories in a research report on Friday, April 28th. Zacks Investment Research raised IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $187.00 target price on the stock in a research report on Monday, May 29th. Finally, BidaskClub raised IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. IDEXX Laboratories presently has an average rating of “Hold” and a consensus target price of $167.25.
In other news, Chairman Jonathan W. Ayers sold 13,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $167.82, for a total value of $2,181,660.00. Following the transaction, the chairman now owns 1,032,994 shares of the company’s stock, valued at approximately $173,357,053.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Rebecca M. Henderson sold 1,700 shares of the firm’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $159.95, for a total transaction of $271,915.00. Following the completion of the transaction, the director now directly owns 21,552 shares in the company, valued at approximately $3,447,242.40. The disclosure for this sale can be found here. In the last three months, insiders sold 75,272 shares of company stock worth $12,264,082. Insiders own 2.77% of the company’s stock.
About IDEXX Laboratories
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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