Bessemer Group Inc. lowered its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 13.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,682 shares of the company’s stock after selling 1,751 shares during the period. Bessemer Group Inc.’s holdings in IDEXX Laboratories were worth $1,885,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in IDXX. 1st Global Advisors Inc. raised its position in IDEXX Laboratories by 1.2% in the first quarter. 1st Global Advisors Inc. now owns 7,548 shares of the company’s stock valued at $1,167,000 after buying an additional 88 shares in the last quarter. Sei Investments Co. raised its position in IDEXX Laboratories by 76.6% in the first quarter. Sei Investments Co. now owns 20,277 shares of the company’s stock valued at $3,135,000 after buying an additional 8,792 shares in the last quarter. AXA raised its position in IDEXX Laboratories by 52.0% in the first quarter. AXA now owns 346,593 shares of the company’s stock valued at $53,587,000 after buying an additional 118,643 shares in the last quarter. Cutler Group LP raised its position in IDEXX Laboratories by 65.2% in the second quarter. Cutler Group LP now owns 3,800 shares of the company’s stock valued at $613,000 after buying an additional 1,500 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its position in IDEXX Laboratories by 0.3% in the first quarter. Stephens Investment Management Group LLC now owns 282,580 shares of the company’s stock valued at $43,690,000 after buying an additional 751 shares in the last quarter. 89.80% of the stock is currently owned by institutional investors.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) opened at 151.06 on Friday. The company’s 50 day moving average is $162.05 and its 200 day moving average is $155.37. IDEXX Laboratories, Inc. has a 12-month low of $102.45 and a 12-month high of $173.01. The company has a market cap of $13.18 billion, a price-to-earnings ratio of 51.96 and a beta of 0.49.
IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share for the quarter, beating 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 business 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 firm posted $0.74 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. Analysts forecast 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 authorized a stock buyback plan on Wednesday, May 3rd that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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IDXX has been the topic of several recent research reports. BidaskClub lowered shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Zacks Investment Research raised shares of IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $181.00 target price on the stock in a report on Tuesday, April 25th. Canaccord Genuity reaffirmed a “buy” rating and set a $180.00 target price (up previously from $165.00) on shares of IDEXX Laboratories in a report on Friday, April 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $185.00 target price on shares of IDEXX Laboratories in a report on Friday, July 14th. 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. The stock currently has a consensus rating of “Hold” and an average target price of $173.80.
In other news, Director William T. End sold 5,000 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $162.55, for a total value of $812,750.00. Following the sale, the director now owns 45,256 shares of the company’s stock, valued at $7,356,362.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lawrence D. Kingsley bought 2,000 shares of IDEXX Laboratories stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $151.76 per share, for a total transaction of $303,520.00. Following the purchase, the director now owns 3,344 shares of the company’s stock, valued at approximately $507,485.44. The disclosure for this purchase can be found here. In the last three months, insiders sold 55,572 shares of company stock worth $8,844,817. 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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