Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 26.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 33,418 shares of the company’s stock after buying an additional 7,039 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in IDEXX Laboratories were worth $16,281,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nordea Investment Management AB raised its stake in IDEXX Laboratories by 15.5% in the first quarter. Nordea Investment Management AB now owns 13,719 shares of the company’s stock worth $7,447,000 after buying an additional 1,839 shares in the last quarter. Brevan Howard Capital Management LP bought a new position in shares of IDEXX Laboratories in the 4th quarter worth approximately $3,183,000. Manning & Napier Advisors LLC purchased a new position in shares of IDEXX Laboratories in the 2nd quarter valued at approximately $20,418,000. First Hawaiian Bank bought a new stake in shares of IDEXX Laboratories during the first quarter valued at approximately $982,000. Finally, Meyer Handelman Co. purchased a new stake in shares of IDEXX Laboratories in the 1st quarter worth about $2,155,000. Hedge funds and other institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX traded down $9.08 during mid-day trading on Friday, reaching $478.20. The company’s stock had a trading volume of 103,369 shares, compared to its average volume of 480,210. The company has a current ratio of 1.57, a quick ratio of 1.16 and a debt-to-equity ratio of 0.40. The stock has a market cap of $39.49 billion, a P/E ratio of 47.17, a PEG ratio of 3.91 and a beta of 1.32. The firm’s fifty day moving average price is $482.04 and its two-hundred day moving average price is $507.96. IDEXX Laboratories, Inc. has a 12-month low of $372.50 and a 12-month high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Tuesday, August 6th. The company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.88 by ($0.44). IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the firm earned $2.67 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts forecast that IDEXX Laboratories, Inc. will post 11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Piper Sandler dropped their price objective on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley cut their price target on IDEXX Laboratories from $620.00 to $596.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 14th. BTIG Research started 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, StockNews.com downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $582.25.

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.