Canada Pension Plan Investment Board boosted its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 14.0% during the second quarter, Holdings Channel reports. The institutional investor owned 221,951 shares of the company’s stock after buying an additional 27,258 shares during the period. Canada Pension Plan Investment Board’s holdings in IDEXX Laboratories were worth $35,827,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new stake in shares of IDEXX Laboratories during the fourth quarter worth about $230,000. UBS Asset Management Americas Inc. increased its stake in shares of IDEXX Laboratories by 1.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 191,408 shares of the company’s stock worth $22,447,000 after buying an additional 3,571 shares in the last quarter. Teachers Advisors LLC increased its stake in shares of IDEXX Laboratories by 37.9% in the fourth quarter. Teachers Advisors LLC now owns 133,604 shares of the company’s stock worth $15,668,000 after buying an additional 36,732 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of IDEXX Laboratories during the fourth quarter worth about $208,000. Finally, Chevy Chase Trust Holdings Inc. purchased a new stake in shares of IDEXX Laboratories during the first quarter worth about $11,758,000. Institutional investors and hedge funds own 89.80% of the company’s stock.
IDEXX Laboratories, Inc. (IDXX) opened at 153.02 on Friday. IDEXX Laboratories, Inc. has a 52-week low of $102.45 and a 52-week high of $173.01. The company’s 50 day moving average is $161.67 and its 200-day moving average is $155.62. The stock has a market cap of $13.35 billion, a PE ratio of 52.64 and a beta of 0.49.
IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $0.95 EPS for the quarter, topping the 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 during the quarter, compared to analyst estimates of $502.44 million. During the same quarter in the prior year, the business posted $0.74 earnings per share. IDEXX Laboratories’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts anticipate that IDEXX Laboratories, Inc. will post $3.18 earnings per share for the current 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 upgraded shares of IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $181.00 price target for the company in a report on Tuesday, April 25th. Canaccord Genuity restated a “buy” rating and set a $180.00 price target (up previously from $165.00) on shares of IDEXX Laboratories in a report on Friday, April 28th. Stifel Nicolaus raised their price target on shares of IDEXX Laboratories from $150.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Aegis initiated coverage on shares of IDEXX Laboratories in a report on Wednesday, May 31st. They set a “sell” rating and a $118.00 price target for the company. They noted that the move was a valuation call. Finally, BidaskClub downgraded shares of IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. IDEXX Laboratories currently has an average rating of “Hold” and a consensus target price of $173.80.
In related news, Director William T. End sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $162.55, for a total transaction of $812,750.00. Following the completion of the transaction, the director now owns 45,256 shares of the company’s stock, valued at $7,356,362.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence D. Kingsley purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average cost of $151.76 per share, with a total value of $303,520.00. Following the transaction, the director now directly owns 3,344 shares of the company’s stock, valued at approximately $507,485.44. The disclosure for this purchase can be found here. Insiders have sold 55,572 shares of company stock valued at $8,844,817 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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