Panagora Asset Management Inc. Reduces Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Panagora Asset Management Inc. trimmed its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 64.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 521 shares of the company’s stock after selling 961 shares during the quarter. Panagora Asset Management Inc.’s holdings in IDEXX Laboratories were worth $254,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IDXX. Benjamin F. Edwards & Company Inc. increased its holdings in IDEXX Laboratories by 58.1% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,621 shares of the company’s stock valued at $900,000 after acquiring an additional 596 shares in the last quarter. Private Advisor Group LLC raised its position in shares of IDEXX Laboratories by 13.5% during the 4th quarter. Private Advisor Group LLC now owns 2,189 shares of the company’s stock worth $1,215,000 after purchasing an additional 261 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in IDEXX Laboratories in the 4th quarter valued at approximately $230,000. Charles Schwab Investment Management Inc. grew its holdings in IDEXX Laboratories by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 476,799 shares of the company’s stock valued at $264,647,000 after buying an additional 14,264 shares during the last quarter. Finally, Sovereign Financial Group Inc. purchased a new position in IDEXX Laboratories during the fourth quarter worth $241,000. Institutional investors and hedge funds own 87.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. StockNews.com downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Morgan Stanley reduced their target price on shares of IDEXX Laboratories from $620.00 to $596.00 and set an “overweight” rating on the stock in a report on Tuesday, May 14th. Stifel Nicolaus lowered their price target on shares of IDEXX Laboratories from $520.00 to $510.00 and set a “hold” rating for the company in a report on Monday, June 24th. Piper Sandler cut their price objective on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. Finally, BTIG Research began coverage on shares of IDEXX Laboratories in a research report on Thursday, July 25th. They set a “buy” rating and a $580.00 target price on the stock. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $582.25.

IDEXX Laboratories Price Performance

IDEXX Laboratories stock opened at $471.29 on Thursday. IDEXX Laboratories, Inc. has a 1 year low of $372.50 and a 1 year high of $583.39. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.03 and a current ratio of 1.37. The firm has a 50 day moving average price of $480.58 and a 200 day moving average price of $505.05. The company has a market cap of $38.92 billion, a price-to-earnings ratio of 45.62, a PEG ratio of 4.10 and a beta of 1.32.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.88 by ($0.44). The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. IDEXX Laboratories had a net margin of 22.34% and a return on equity of 57.03%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.67 earnings per share. Sell-side analysts predict that IDEXX Laboratories, Inc. will post 10.45 earnings per share for the current year.

IDEXX Laboratories Profile

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.