Russell Investments Group Ltd. Sells 17,899 Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Russell Investments Group Ltd. cut its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 17.8% during the second quarter, Holdings Channel reports. The firm owned 82,460 shares of the company’s stock after selling 17,899 shares during the period. Russell Investments Group Ltd.’s holdings in IDEXX Laboratories were worth $13,312,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in IDXX. Bronfman E.L. Rothschild L.P. increased its stake in shares of IDEXX Laboratories by 2.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 770 shares of the company’s stock valued at $119,000 after buying an additional 17 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of IDEXX Laboratories by 496.5% in the first quarter. Acrospire Investment Management LLC now owns 841 shares of the company’s stock valued at $130,000 after buying an additional 700 shares in the last quarter. Global X Management Co. LLC increased its stake in shares of IDEXX Laboratories by 44.6% in the first quarter. Global X Management Co. LLC now owns 1,047 shares of the company’s stock valued at $162,000 after buying an additional 323 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of IDEXX Laboratories during the first quarter valued at approximately $200,000. Finally, Kornitzer Capital Management Inc. KS purchased a new stake in shares of IDEXX Laboratories during the first quarter valued at approximately $209,000. 89.80% of the stock is currently owned by hedge funds and other institutional investors.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) traded up 1.30% during mid-day trading on Friday, reaching $153.02. 502,062 shares of the company were exchanged. IDEXX Laboratories, Inc. has a one year low of $102.45 and a one year high of $173.01. The company has a market capitalization of $13.35 billion, a PE ratio of 52.64 and a beta of 0.49. The stock has a 50-day moving average price of $161.67 and a 200 day moving average price of $155.62.
IDEXX Laboratories (NASDAQ:IDXX) last posted its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.10. The business had revenue of $508.90 million for the quarter, compared to analysts’ expectations of $502.44 million. IDEXX Laboratories had a net margin of 14.13% and a negative return on equity of 473.46%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 EPS. Analysts predict that IDEXX Laboratories, Inc. will post $3.18 EPS for the current year.
IDEXX Laboratories declared that its board has initiated a stock buyback plan on Wednesday, May 3rd that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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Several analysts have recently commented on the stock. Aegis assumed coverage on shares of IDEXX Laboratories in a report on Wednesday, May 31st. They issued a “sell” rating and a $118.00 target price for the company. They noted that the move was a valuation call. Stifel Nicolaus increased their target price 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 target price (up previously 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 target price for the company 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 assigned a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $173.80.
In other IDEXX Laboratories news, Director William T. End sold 5,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $162.55, for a total transaction of $812,750.00. Following the transaction, the director now owns 45,256 shares in the company, valued at approximately $7,356,362.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the chairman now owns 1,032,994 shares in the company, valued at approximately $173,357,053.08. The disclosure for this sale can be found here. Insiders have sold a total of 55,572 shares of company stock worth $8,844,817 in the last 90 days. Company insiders own 2.77% of the company’s stock.
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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