Pinnacle Associates Ltd. Increases Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Pinnacle Associates Ltd. increased its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 9.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,070 shares of the company’s stock after acquiring an additional 171 shares during the period. Pinnacle Associates Ltd.’s holdings in IDEXX Laboratories were worth $1,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IDXX. Atomi Financial Group Inc. lifted its holdings in shares of IDEXX Laboratories by 3.4% during the first quarter. Atomi Financial Group Inc. now owns 637 shares of the company’s stock worth $344,000 after purchasing an additional 21 shares during the period. Eads & Heald Wealth Management raised its position in IDEXX Laboratories by 0.8% during the 2nd quarter. Eads & Heald Wealth Management now owns 2,686 shares of the company’s stock worth $1,309,000 after buying an additional 22 shares during the last quarter. LRI Investments LLC lifted its stake in IDEXX Laboratories by 21.7% during the 2nd quarter. LRI Investments LLC now owns 129 shares of the company’s stock valued at $63,000 after acquiring an additional 23 shares during the period. Sovereign Financial Group Inc. boosted its holdings in shares of IDEXX Laboratories by 5.1% in the 3rd quarter. Sovereign Financial Group Inc. now owns 470 shares of the company’s stock valued at $237,000 after acquiring an additional 23 shares during the last quarter. Finally, Mather Group LLC. increased its stake in shares of IDEXX Laboratories by 3.9% in the third quarter. Mather Group LLC. now owns 617 shares of the company’s stock worth $312,000 after acquiring an additional 23 shares during the period. Institutional investors and hedge funds own 87.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IDXX. BTIG Research assumed 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 for the company. StockNews.com downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Stifel Nicolaus reduced their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research report on Thursday, October 10th. Piper Sandler lowered their price objective on IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, IDEXX Laboratories presently has an average rating of “Moderate Buy” and an average price target of $574.13.

IDEXX Laboratories Price Performance

IDEXX Laboratories stock opened at $417.28 on Friday. The stock has a market capitalization of $34.35 billion, a P/E ratio of 40.24, a P/E/G ratio of 3.55 and a beta of 1.36. The company’s fifty day moving average price is $478.76 and its 200 day moving average price is $487.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.03 and a current ratio of 1.42. IDEXX Laboratories, Inc. has a 1 year low of $395.37 and a 1 year high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Thursday, October 31st. The company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.11. The business had revenue of $975.50 million for the quarter, compared to analyst estimates of $980.32 million. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.53 earnings per share. As a group, equities research analysts anticipate that IDEXX Laboratories, Inc. will post 10.44 earnings per share for the current fiscal year.

About IDEXX Laboratories

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.