Cornerstone Advisors LLC Trims Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Cornerstone Advisors LLC trimmed its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 68.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 700 shares of the company’s stock after selling 1,500 shares during the period. Cornerstone Advisors LLC’s holdings in IDEXX Laboratories were worth $341,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of IDXX. Capital Research Global Investors purchased a new stake in IDEXX Laboratories in the fourth quarter worth $135,910,000. American Century Companies Inc. increased its stake in shares of IDEXX Laboratories by 46.0% in the 2nd quarter. American Century Companies Inc. now owns 562,764 shares of the company’s stock worth $274,179,000 after acquiring an additional 177,226 shares in the last quarter. TD Asset Management Inc lifted its position in IDEXX Laboratories by 178.8% during the 4th quarter. TD Asset Management Inc now owns 260,008 shares of the company’s stock valued at $144,317,000 after acquiring an additional 166,751 shares during the period. Point72 Asset Management L.P. bought a new stake in IDEXX Laboratories during the fourth quarter worth about $78,001,000. Finally, Jupiter Asset Management Ltd. purchased a new stake in IDEXX Laboratories in the first quarter worth about $55,425,000. Institutional investors own 87.84% of the company’s stock.

Analyst Ratings Changes

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

IDEXX Laboratories Price Performance

NASDAQ IDXX opened at $512.27 on Wednesday. IDEXX Laboratories, Inc. has a one year low of $372.50 and a one year high of $583.39. The stock has a 50-day moving average of $482.42 and a 200 day moving average of $499.81. 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 company has a market capitalization of $42.31 billion, a price-to-earnings ratio of 49.59, a PEG ratio of 4.17 and a beta of 1.33.

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

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.