Allspring Global Investments Holdings LLC Reduces Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Allspring Global Investments Holdings LLC cut its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 31.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,173 shares of the company’s stock after selling 10,681 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in IDEXX Laboratories were worth $11,707,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Clearbridge Investments LLC increased its position in shares of IDEXX Laboratories by 696.0% during the second quarter. Clearbridge Investments LLC now owns 352,814 shares of the company’s stock valued at $171,891,000 after buying an additional 308,493 shares during the period. Vontobel Holding Ltd. lifted its stake in IDEXX Laboratories by 3,325.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 220,159 shares of the company’s stock worth $111,229,000 after purchasing an additional 213,731 shares in the last quarter. American Century Companies Inc. boosted its holdings in IDEXX Laboratories by 46.0% in the 2nd quarter. American Century Companies Inc. now owns 562,764 shares of the company’s stock valued at $274,179,000 after purchasing an additional 177,226 shares during the period. 1832 Asset Management L.P. grew its position in shares of IDEXX Laboratories by 4,193.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 128,491 shares of the company’s stock valued at $62,601,000 after purchasing an additional 125,498 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in shares of IDEXX Laboratories in the first quarter worth $55,425,000. 87.84% of the stock is currently owned by institutional investors.

IDEXX Laboratories Price Performance

Shares of NASDAQ:IDXX opened at $451.41 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.37 and a debt-to-equity ratio of 0.33. The stock has a market cap of $37.16 billion, a PE ratio of 44.69, a PEG ratio of 4.03 and a beta of 1.33. The company’s fifty day moving average is $485.44 and its 200 day moving average is $489.97. IDEXX Laboratories, Inc. has a 52 week low of $372.50 and a 52 week high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Tuesday, August 6th. The company reported $2.44 EPS for the quarter, missing the consensus estimate of $2.88 by ($0.44). IDEXX Laboratories had a return on equity of 57.03% and a net margin of 22.34%. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm posted $2.67 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. Research analysts anticipate that IDEXX Laboratories, Inc. will post 10.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IDXX shares. BTIG Research started coverage on IDEXX Laboratories in a research report on Thursday, July 25th. They set a “buy” rating and a $580.00 target price for the company. JPMorgan Chase & Co. cut their price objective on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a report on Friday, October 11th. Piper Sandler lowered their target price on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 14th. Stifel Nicolaus cut their price target on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research note on Thursday, October 10th. Finally, StockNews.com cut shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $574.13.

IDEXX Laboratories Company 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.