Reliant Investment Management LLC acquired a new stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,365 shares of the company’s stock, valued at approximately $3,422,000. IDEXX Laboratories comprises approximately 2.5% of Reliant Investment Management LLC’s investment portfolio, making the stock its 20th largest position.
Other large investors also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC grew its stake in shares of IDEXX Laboratories by 155.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 102 shares of the company’s stock valued at $34,000 after acquiring an additional 62 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of IDEXX Laboratories in the second quarter valued at about $36,000. Anderson Fisher LLC acquired a new position in shares of IDEXX Laboratories in the second quarter valued at about $36,000. Creative Financial Designs Inc. ADV acquired a new position in shares of IDEXX Laboratories in the second quarter valued at about $46,000. Finally, Smithfield Trust Co. lifted its position in IDEXX Laboratories by 86.7% during the second quarter. Smithfield Trust Co. now owns 155 shares of the company’s stock worth $51,000 after purchasing an additional 72 shares during the period. Hedge funds and other institutional investors own 87.01% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Bank of America upped their price objective on shares of IDEXX Laboratories from $300.00 to $390.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Credit Suisse Group upped their price objective on shares of IDEXX Laboratories from $415.00 to $422.00 and gave the stock an “outperform” rating in a research report on Monday, August 17th. Stifel Nicolaus upped their price objective on shares of IDEXX Laboratories from $280.00 to $375.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, BidaskClub cut shares of IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 14th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $357.40.
IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings data on Friday, July 31st. The company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.55. The business had revenue of $637.20 million during the quarter, compared to analyst estimates of $589.98 million. IDEXX Laboratories had a net margin of 18.59% and a return on equity of 241.52%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the business earned $1.43 EPS. On average, sell-side analysts forecast that IDEXX Laboratories, Inc. will post 5.66 earnings per share for the current fiscal year.
In related news, CFO Brian P. Mckeon sold 83,724 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $378.97, for a total value of $31,728,884.28. Following the completion of the transaction, the chief financial officer now owns 58,386 shares in the company, valued at approximately $22,126,542.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Giovani Twigge sold 7,316 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $388.19, for a total transaction of $2,839,998.04. Following the completion of the transaction, the vice president now owns 14,222 shares of the company’s stock, valued at approximately $5,520,838.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,316 shares of company stock valued at $46,594,823. 2.53% of the stock is owned by company insiders.
About IDEXX Laboratories
IDEXX Laboratories, Inc, together with its subsidiaries, develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through Companion Animal Group; Water Quality Products; Livestock, Poultry and Dairy; and Other segments.
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