IDEXX Laboratories, Inc. (IDXX) Stake Boosted by Gateway Investment Advisers LLC
Gateway Investment Advisers LLC boosted its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 8.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,976 shares of the company’s stock after buying an additional 601 shares during the period. Gateway Investment Advisers LLC’s holdings in IDEXX Laboratories were worth $1,287,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in IDXX. Vanguard Group Inc. increased its stake in shares of IDEXX Laboratories by 24.3% in the first quarter. Vanguard Group Inc. now owns 8,910,555 shares of the company’s stock worth $1,377,660,000 after buying an additional 1,740,446 shares in the last quarter. BlackRock Inc. increased its stake in shares of IDEXX Laboratories by 1,967.1% in the first quarter. BlackRock Inc. now owns 6,427,027 shares of the company’s stock worth $993,680,000 after buying an additional 6,116,102 shares in the last quarter. State Street Corp increased its stake in shares of IDEXX Laboratories by 38.6% in the first quarter. State Street Corp now owns 3,911,739 shares of the company’s stock worth $604,793,000 after buying an additional 1,089,880 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of IDEXX Laboratories by 59.1% in the first quarter. Renaissance Technologies LLC now owns 975,600 shares of the company’s stock worth $150,838,000 after buying an additional 362,400 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of IDEXX Laboratories by 41.6% in the first quarter. Geode Capital Management LLC now owns 921,279 shares of the company’s stock worth $142,250,000 after buying an additional 270,871 shares in the last quarter. Institutional investors and hedge funds own 88.98% of the company’s stock.
Shares of IDEXX Laboratories, Inc. (IDXX) opened at 167.29 on Friday. IDEXX Laboratories, Inc. has a 12-month low of $92.52 and a 12-month high of $173.01. The company has a 50-day moving average of $164.57 and a 200 day moving average of $151.47. The firm has a market cap of $14.74 billion, a P/E ratio of 61.98 and a beta of 0.48.
IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings results on Friday, April 28th. The company reported $0.77 EPS for the quarter, topping the 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 firm had revenue of $462 million during the quarter, compared to analyst estimates of $455.10 million. During the same quarter in the prior year, the business posted $0.51 earnings per share. IDEXX Laboratories’s revenue for the quarter was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that IDEXX Laboratories, Inc. will post $3.05 earnings per share for the current fiscal year.
IDEXX Laboratories declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 3rd that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
IDXX has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Canaccord Genuity restated a “buy” rating and set a $180.00 price target on shares of IDEXX Laboratories in a report on Tuesday, June 13th. BidaskClub upgraded shares of IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Finally, Stifel Nicolaus restated a “buy” rating and set a $185.00 price target on shares of IDEXX Laboratories in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $167.25.
In related news, Director Rebecca M. Henderson sold 1,700 shares of the company’s stock in a transaction that occurred 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 owns 21,552 shares of the company’s stock, valued at $3,447,242.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Jonathan W. Ayers sold 26,000 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $160.61, for a total transaction of $4,175,860.00. The disclosure for this sale can be found here. Insiders have sold 75,272 shares of company stock valued at $12,264,082 in the last ninety days. 2.77% of the stock is currently owned by company insiders.
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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