Korea Investment CORP Has $7.88 Million Stake in IDEXX Laboratories, Inc. (IDXX)
Korea Investment CORP reduced its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 29.0% during the second quarter, Holdings Channel reports. The institutional investor owned 48,832 shares of the company’s stock after selling 19,912 shares during the period. Korea Investment CORP’s holdings in IDEXX Laboratories were worth $7,882,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. 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. 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. 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, Goldman Sachs Group Inc. increased its stake in shares of IDEXX Laboratories by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 887,703 shares of the company’s stock worth $137,248,000 after buying an additional 349,344 shares in the last quarter. Institutional investors own 89.80% of the company’s stock.
Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) opened at 154.51 on Thursday. The stock has a market cap of $13.48 billion, a price-to-earnings ratio of 53.15 and a beta of 0.49. The firm has a 50-day moving average price of $162.50 and a 200-day moving average price of $155.40. IDEXX Laboratories, Inc. has a 1-year low of $102.45 and a 1-year high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings results 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 negative return on equity of 473.46% and a net margin of 14.13%. The company had revenue of $508.90 million for the quarter, compared to the consensus estimate of $502.44 million. During the same quarter in the prior year, the business earned $0.74 EPS. IDEXX Laboratories’s revenue was up 9.1% on a year-over-year basis. Equities analysts forecast that IDEXX Laboratories, Inc. will post $3.18 EPS for the current year.
IDEXX Laboratories announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 3rd that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of analysts recently issued reports on IDXX shares. Zacks Investment Research downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Monday, June 12th. BidaskClub upgraded IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 23rd. Stifel Nicolaus raised their price target on IDEXX Laboratories from $150.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Canaccord Genuity restated a “buy” rating and issued a $180.00 price target (up from $165.00) on shares of IDEXX Laboratories in a research report on Friday, April 28th. Finally, Aegis started coverage on IDEXX Laboratories in a research report on Wednesday, May 31st. They issued a “sell” rating and a $118.00 price target for the company. They noted that the move was a valuation call. 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 stock. IDEXX Laboratories has a consensus rating of “Hold” and a consensus price target of $173.80.
In other IDEXX Laboratories news, Chairman Jonathan W. Ayers sold 13,000 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 1,032,994 shares in the company, valued at approximately $173,357,053.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Giovani Twigge sold 2,572 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $166.90, for a total value of $429,266.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,572 shares of company stock worth $6,217,637. 2.77% of the stock is owned by company 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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