Cortland Associates Inc. MO reduced its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,820 shares of the company’s stock after selling 706 shares during the period. IDEXX Laboratories makes up approximately 0.9% of Cortland Associates Inc. MO’s investment portfolio, making the stock its 15th largest position. Cortland Associates Inc. MO’s holdings in IDEXX Laboratories were worth $4,652,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the company. 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 acquired a new stake in shares of IDEXX Laboratories during the first quarter valued at about $200,000. Finally, Highbridge Capital Management LLC acquired a new stake in shares of IDEXX Laboratories during the fourth quarter valued at about $208,000. 89.12% of the stock is owned by hedge funds and other institutional investors.
Shares of IDEXX Laboratories, Inc. (NASDAQ IDXX) opened at 167.52 on Monday. The stock’s 50 day moving average price is $164.00 and its 200-day moving average price is $153.37. The stock has a market capitalization of $14.76 billion, a P/E ratio of 62.07 and a beta of 0.48. IDEXX Laboratories, Inc. has a 1-year low of $93.01 and a 1-year high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last posted its earnings results on Friday, April 28th. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.16. IDEXX Laboratories had a negative return on equity of 706.91% and a net margin of 13.47%. The firm had revenue of $462 million during the quarter, compared to analysts’ expectations of $455.10 million. During the same period in the previous year, the firm earned $0.51 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. Equities research analysts anticipate that IDEXX Laboratories, Inc. will post $3.07 EPS for the current fiscal year.
IDEXX Laboratories announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 3rd that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several equities research analysts recently issued reports on IDXX shares. BidaskClub downgraded IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Canaccord Genuity reissued 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 IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $177.00 price objective for the company in a research note on Tuesday, June 13th. Finally, Stifel Nicolaus increased their price objective on IDEXX Laboratories from $150.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $173.80.
In other IDEXX Laboratories news, Chairman Jonathan W. Ayers sold 13,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $167.82, for a total value of $2,181,660.00. Following the completion of the transaction, the chairman now directly owns 1,032,994 shares of the company’s stock, valued at $173,357,053.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Giovani Twigge sold 2,572 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were 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. Over the last three months, insiders sold 75,272 shares of company stock valued at $12,264,082. Insiders own 2.77% of the company’s stock.
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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