IDEXX Laboratories, Inc. (NASDAQ:IDXX) Shares Sold by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board decreased its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 7.9% during the second quarter, Holdings Channel reports. The institutional investor owned 8,200 shares of the company’s stock after selling 700 shares during the period. New Mexico Educational Retirement Board’s holdings in IDEXX Laboratories were worth $1,365,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of IDXX. Bronfman E.L. Rothschild L.P. raised 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. Lourd Capital LLC raised its position in IDEXX Laboratories by 1.1% in the first quarter. Lourd Capital LLC now owns 3,277 shares of the company’s stock worth $507,000 after buying an additional 36 shares during the period. CAPROCK Group Inc. raised its position in IDEXX Laboratories by 2.2% in the second quarter. CAPROCK Group Inc. now owns 1,830 shares of the company’s stock worth $295,000 after buying an additional 40 shares during the period. Strs Ohio raised its position in IDEXX Laboratories by 0.7% in the second quarter. Strs Ohio now owns 5,929 shares of the company’s stock worth $957,000 after buying an additional 41 shares during the period. Finally, Fayez Sarofim & Co raised its position in IDEXX Laboratories by 1.4% in the first quarter. Fayez Sarofim & Co now owns 3,500 shares of the company’s stock worth $541,000 after buying an additional 50 shares during the period. 89.80% of the stock is currently owned by institutional investors and hedge funds.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) opened at 153.02 on Friday. IDEXX Laboratories, Inc. has a 1-year low of $102.45 and a 1-year high of $173.01. The company has a market capitalization of $13.35 billion, a price-to-earnings ratio of 52.64 and a beta of 0.49. The firm has a 50 day moving average of $161.67 and a 200-day moving average of $155.62.
IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $0.95 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $508.90 million for the quarter, compared to analysts’ expectations of $502.44 million. During the same quarter in the prior year, the business earned $0.74 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. On average, equities research analysts anticipate that IDEXX Laboratories, Inc. will post $3.18 earnings per share for the current fiscal year.
IDEXX Laboratories declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 3rd that allows the company to repurchase 3,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
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A number of research analysts have weighed in on IDXX shares. BidaskClub lowered shares of IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and issued a $180.00 price objective on shares of IDEXX Laboratories in a research note on Tuesday, June 13th. Zacks Investment Research raised shares of IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a research note on Tuesday, June 13th. Finally, Stifel Nicolaus raised their price objective on shares of IDEXX Laboratories from $150.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. IDEXX Laboratories presently has a consensus rating of “Hold” and an average target price of $173.80.
In other IDEXX Laboratories news, Director Lawrence D. Kingsley acquired 2,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average price of $151.76 per share, for a total transaction of $303,520.00. Following the purchase, the director now directly owns 3,344 shares of the company’s stock, valued at $507,485.44. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Jonathan W. Ayers sold 13,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was 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 in the company, valued at approximately $173,357,053.08. The disclosure for this sale can be found here. Insiders sold a total of 55,572 shares of company stock worth $8,844,817 in the last quarter. 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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