State Board of Administration of Florida Retirement System raised its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 0.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 139,551 shares of the company’s stock after buying an additional 501 shares during the period. State Board of Administration of Florida Retirement System owned 0.16% of IDEXX Laboratories worth $22,526,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of IDXX. Vanguard Group Inc. boosted its position 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 valued at $1,377,660,000 after buying an additional 1,740,446 shares during the period. BlackRock Inc. boosted its position 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 valued at $993,680,000 after buying an additional 6,116,102 shares during the period. State Street Corp boosted its position 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 valued at $604,793,000 after buying an additional 1,089,880 shares during the period. Renaissance Technologies LLC boosted its position 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 valued at $150,838,000 after buying an additional 362,400 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of IDEXX Laboratories by 41.6% in the first quarter. Geode Capital Management LLC now owns 921,279 shares of the company’s stock valued at $142,250,000 after buying an additional 270,871 shares during the period. Hedge funds and other institutional investors own 89.42% of the company’s stock.
Shares of IDEXX Laboratories, Inc. (IDXX) opened at 152.57 on Friday. The stock’s 50 day moving average price is $159.23 and its 200 day moving average price is $157.40. The company has a market capitalization of $13.32 billion, a price-to-earnings ratio of 52.48 and a beta of 0.49. IDEXX Laboratories, Inc. has a 1-year low of $102.45 and a 1-year high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.10. The firm had revenue of $508.90 million during the quarter, compared to the consensus estimate of $502.44 million. IDEXX Laboratories had a net margin of 14.13% and a negative return on equity of 473.46%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 earnings per share. Analysts expect that IDEXX Laboratories, Inc. will post $3.18 EPS for the current year.
IDEXX Laboratories declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 3rd that permits the company to buyback 3,000,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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IDXX has been the topic of several research analyst reports. Zacks Investment Research cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Canaccord Genuity reiterated a “buy” rating and set a $180.00 price target on shares of IDEXX Laboratories in a research report on Tuesday, June 13th. Stifel Nicolaus reiterated a “buy” rating and set a $185.00 price target on shares of IDEXX Laboratories in a research report on Monday. Finally, BidaskClub upgraded IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $174.00.
In other news, insider Giovani Twigge sold 2,572 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $166.90, for a total transaction of $429,266.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Jonathan W. Ayers sold 58,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $155.00, for a total transaction of $8,990,000.00. Following the transaction, the chairman now directly owns 1,043,034 shares of the company’s stock, valued at approximately $161,670,270. The disclosure for this sale can be found here. Insiders have sold 146,572 shares of company stock valued at $22,902,847 in the last ninety days. Insiders own 2.77% of the company’s stock.
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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