Pitcairn Co. Reduces Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Pitcairn Co. cut its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 13.6% during the third quarter, Holdings Channel reports. The firm owned 1,142 shares of the company’s stock after selling 179 shares during the period. Pitcairn Co.’s holdings in IDEXX Laboratories were worth $577,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. Ridgewood Investments LLC acquired a new position in IDEXX Laboratories in the 2nd quarter worth approximately $27,000. Institutional & Family Asset Management LLC acquired a new stake in IDEXX Laboratories during the 2nd quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of IDEXX Laboratories by 5,700.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company’s stock valued at $29,000 after acquiring an additional 57 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of IDEXX Laboratories by 750.0% in the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 68 shares of the company’s stock worth $34,000 after acquiring an additional 60 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of IDEXX Laboratories during the second quarter worth $36,000. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays cut their price target on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Piper Sandler reaffirmed a “neutral” rating and set a $435.00 target price (down from $520.00) on shares of IDEXX Laboratories in a report on Monday, November 4th. Stifel Nicolaus decreased their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a report on Thursday, October 10th. 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 investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, IDEXX Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $552.38.

IDEXX Laboratories Stock Up 2.7 %

Shares of IDXX opened at $428.59 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 1.03 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $459.21 and its two-hundred day moving average is $480.12. The firm has a market cap of $35.10 billion, a P/E ratio of 41.33, a PEG ratio of 3.64 and a beta of 1.36. IDEXX Laboratories, Inc. has a 12 month low of $398.50 and a 12 month high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Thursday, October 31st. The company reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The business had revenue of $975.50 million during the quarter, compared to analysts’ expectations of $980.32 million. During the same quarter in the prior year, the firm earned $2.53 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. Analysts predict that IDEXX Laboratories, Inc. will post 10.43 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.