Spinnaker Trust Cuts Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Spinnaker Trust decreased its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 10.4% in the third quarter, HoldingsChannel reports. The fund owned 4,731 shares of the company’s stock after selling 547 shares during the quarter. Spinnaker Trust’s holdings in IDEXX Laboratories were worth $2,390,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Concurrent Investment Advisors LLC lifted its holdings in shares of IDEXX Laboratories by 4.7% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 630 shares of the company’s stock valued at $318,000 after purchasing an additional 28 shares during the last quarter. Northstar Asset Management Inc. boosted its holdings in IDEXX Laboratories by 0.8% in the third quarter. Northstar Asset Management Inc. now owns 18,904 shares of the company’s stock worth $9,551,000 after acquiring an additional 158 shares in the last quarter. Marks Group Wealth Management Inc grew its stake in shares of IDEXX Laboratories by 6.3% during the third quarter. Marks Group Wealth Management Inc now owns 10,140 shares of the company’s stock worth $5,123,000 after acquiring an additional 601 shares during the last quarter. Crestwood Advisors Group LLC acquired a new position in shares of IDEXX Laboratories during the third quarter valued at about $226,000. Finally, NorthRock Partners LLC raised its position in shares of IDEXX Laboratories by 121.8% in the 3rd quarter. NorthRock Partners LLC now owns 1,009 shares of the company’s stock valued at $510,000 after purchasing an additional 554 shares during the last quarter. 87.84% of the stock is currently owned by institutional investors and hedge funds.

IDEXX Laboratories Price Performance

NASDAQ:IDXX traded up $1.79 during trading hours on Wednesday, hitting $417.77. 199,163 shares of the stock were exchanged, compared to its average volume of 491,628. IDEXX Laboratories, Inc. has a 52-week low of $404.74 and a 52-week high of $583.39. 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 firm’s fifty day moving average price is $476.04 and its 200 day moving average price is $486.32. The company has a market cap of $34.39 billion, a P/E ratio of 40.11, a P/E/G ratio of 3.64 and a beta of 1.36.

IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings results on Thursday, October 31st. The company reported $2.80 earnings per share (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 analyst estimates of $980.32 million. During the same period in the prior year, the business earned $2.53 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that IDEXX Laboratories, Inc. will post 10.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BTIG Research started coverage on shares of IDEXX Laboratories in a research report on Thursday, July 25th. They set a “buy” rating and a $580.00 target price on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $435.00 price target (down previously from $520.00) on shares of IDEXX Laboratories in a research report on Monday. Barclays reduced their target price on shares of IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a report on Monday. StockNews.com lowered shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Finally, Stifel Nicolaus cut their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research note on Thursday, October 10th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $552.38.

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.