State of Michigan Retirement System Acquires 400 Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX)

State of Michigan Retirement System lifted its holdings in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,855 shares of the company’s stock after purchasing an additional 400 shares during the quarter. State of Michigan Retirement System owned 0.05% of IDEXX Laboratories worth $20,392,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Syon Capital LLC acquired a new position in shares of IDEXX Laboratories in the fourth quarter valued at approximately $397,000. Kovack Advisors Inc. bought a new position in IDEXX Laboratories during the 4th quarter worth about $1,457,000. Mogy Joel R Investment Counsel Inc. raised its stake in shares of IDEXX Laboratories by 1.0% in the 4th quarter. Mogy Joel R Investment Counsel Inc. now owns 70,460 shares of the company’s stock valued at $39,109,000 after purchasing an additional 699 shares during the period. Fiduciary Group LLC bought a new stake in shares of IDEXX Laboratories in the fourth quarter valued at about $215,000. Finally, Van ECK Associates Corp boosted its position in shares of IDEXX Laboratories by 16.5% during the fourth quarter. Van ECK Associates Corp now owns 16,293 shares of the company’s stock worth $9,043,000 after buying an additional 2,306 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on IDXX. StockNews.com cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Stifel Nicolaus dropped their price objective 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. Barclays lowered their target price on shares of IDEXX Laboratories from $655.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Morgan Stanley dropped their price target on shares of IDEXX Laboratories from $620.00 to $596.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 14th. Finally, Piper Sandler decreased their price objective on shares of 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $582.25.

IDEXX Laboratories Trading Down 0.8 %

Shares of NASDAQ:IDXX opened at $484.07 on Tuesday. The stock has a market cap of $39.98 billion, a PE ratio of 46.86, a P/E/G ratio of 3.91 and a beta of 1.32. The company has a quick ratio of 1.16, a current ratio of 1.57 and a debt-to-equity ratio of 0.40. IDEXX Laboratories, Inc. has a 12-month low of $372.50 and a 12-month high of $583.39. The business has a 50 day moving average of $482.90 and a 200-day moving average of $508.78.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Tuesday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.44). IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm posted $2.67 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. As a group, equities research analysts forecast that IDEXX Laboratories, Inc. will post 11 earnings per share for the current year.

IDEXX Laboratories 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.