IDEXX Laboratories, Inc. (NASDAQ:IDXX) Stock Position Raised by Clearbridge Investments LLC

Clearbridge Investments LLC lifted its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 696.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 352,814 shares of the company’s stock after purchasing an additional 308,493 shares during the period. Clearbridge Investments LLC owned approximately 0.43% of IDEXX Laboratories worth $171,891,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of IDXX. Riverview Trust Co purchased a new stake in IDEXX Laboratories during the first quarter valued at about $26,000. Crewe Advisors LLC purchased a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in IDEXX Laboratories in the 2nd quarter worth approximately $27,000. Institutional & Family Asset Management LLC purchased a new position in IDEXX Laboratories during the 2nd quarter worth approximately $28,000. Finally, nVerses Capital LLC acquired a new stake in IDEXX Laboratories during the 2nd quarter valued at $49,000. 87.84% of the stock is owned by hedge funds and other institutional investors.

IDEXX Laboratories Price Performance

NASDAQ IDXX opened at $495.42 on Wednesday. The company has a 50 day moving average price of $487.24 and a two-hundred day moving average price of $496.69. IDEXX Laboratories, Inc. has a 12-month low of $372.50 and a 12-month high of $583.39. The stock has a market capitalization of $40.92 billion, a PE ratio of 47.96, a price-to-earnings-growth ratio of 4.32 and a beta of 1.33. The company has a quick ratio of 1.03, a current ratio of 1.37 and a debt-to-equity ratio of 0.33.

IDEXX Laboratories (NASDAQ:IDXX) last posted its earnings results 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 business had revenue of $1 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company earned $2.67 earnings per share. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, equities analysts predict that IDEXX Laboratories, Inc. will post 10.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IDXX has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their price target on IDEXX Laboratories from $520.00 to $510.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Piper Sandler lowered their target price on IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 14th. BTIG Research assumed coverage on shares of IDEXX Laboratories in a research report on Thursday, July 25th. They issued a “buy” rating and a $580.00 price target for the company. Finally, StockNews.com downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, IDEXX Laboratories currently has a consensus rating of “Moderate Buy” and an average target price of $582.25.

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.