Pitcairn Co. Acquires 1,249 Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Pitcairn Co. raised its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 21.8% during the second quarter, Holdings Channel reports. The firm owned 6,977 shares of the company’s stock after buying an additional 1,249 shares during the period. Pitcairn Co.’s holdings in IDEXX Laboratories were worth $1,126,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the stock. BlackRock Inc. increased its position in IDEXX Laboratories by 1,967.1% in the first quarter. BlackRock Inc. now owns 6,427,027 shares of the company’s stock valued at $993,680,000 after buying an additional 6,116,102 shares during the period. Vanguard Group Inc. increased its position in IDEXX Laboratories by 24.3% in the first quarter. Vanguard Group Inc. now owns 8,910,555 shares of the company’s stock valued at $1,377,660,000 after buying an additional 1,740,446 shares during the period. State Street Corp increased its position in IDEXX Laboratories by 38.6% in the first quarter. State Street Corp now owns 3,911,739 shares of the company’s stock valued at $604,793,000 after buying an additional 1,089,880 shares during the period. Renaissance Technologies LLC increased its position in IDEXX Laboratories by 59.1% in the first quarter. Renaissance Technologies LLC now owns 975,600 shares of the company’s stock valued at $150,838,000 after buying an additional 362,400 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in IDEXX Laboratories by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 887,703 shares of the company’s stock valued at $137,248,000 after buying an additional 349,344 shares during the period. Hedge funds and other institutional investors own 89.80% of the company’s stock.
Shares of IDEXX Laboratories, Inc. (NASDAQ IDXX) opened at 153.02 on Friday. The firm has a market capitalization of $13.35 billion, a PE ratio of 52.64 and a beta of 0.49. The company has a 50 day moving average of $161.67 and a 200 day moving average of $155.62. IDEXX Laboratories, Inc. has a 52-week low of $102.45 and a 52-week high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.10. The company had revenue of $508.90 million for the quarter, compared to the consensus estimate of $502.44 million. IDEXX Laboratories had a negative return on equity of 473.46% and a net margin of 14.13%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. On average, analysts anticipate that IDEXX Laboratories, Inc. will post $3.18 earnings per share for the current fiscal year.
IDEXX Laboratories announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 3rd that permits the company to repurchase 3,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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IDXX has been the subject of several recent research reports. Zacks Investment Research downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Monday, June 12th. BidaskClub upgraded shares of IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Stifel Nicolaus raised 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 restated a “buy” rating and set a $180.00 target price (up from $165.00) on shares of IDEXX Laboratories in a report on Friday, April 28th. Finally, Aegis initiated coverage on shares of IDEXX Laboratories in a report on Wednesday, May 31st. They set a “sell” rating and a $118.00 target price for the company. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $173.80.
In other news, Chairman Jonathan W. Ayers sold 18,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $155.22, for a total value of $2,793,960.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lawrence D. Kingsley bought 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was acquired at an average price of $151.76 per share, for a total transaction of $303,520.00. Following the acquisition, the director now directly owns 3,344 shares in the company, valued at $507,485.44. The disclosure for this purchase can be found here. Insiders sold a total of 55,572 shares of company stock worth $8,844,817 in the last quarter. 2.77% of the stock is owned by corporate 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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