Federated Hermes Inc. Decreases Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Federated Hermes Inc. has reduced its stake in IDEXX Laboratories, Inc. by 45.2%, selling 26,222 shares and now holding 31,757 shares valued at approximately $13.3 million.
• Multiple large investors, including Wellington Management Group LLP and Cinctive Capital Management LP, have increased their stakes in IDEXX Laboratories, indicating varied institutional interest in the company.
• Analysts have a predominantly positive outlook on IDEXX Laboratories, with a consensus rating of "Moderate Buy" and an average price target of $557.88, reflecting confidence in its growth prospects.

Federated Hermes Inc. lowered its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 45.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,757 shares of the company's stock after selling 26,222 shares during the period. Federated Hermes Inc.'s holdings in IDEXX Laboratories were worth $13,336,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of IDXX. Wellington Management Group LLP grew its stake in IDEXX Laboratories by 161.2% in the 4th quarter. Wellington Management Group LLP now owns 195,369 shares of the company's stock valued at $80,773,000 after buying an additional 120,558 shares in the last quarter. Cinctive Capital Management LP grew its stake in IDEXX Laboratories by 18.7% in the 4th quarter. Cinctive Capital Management LP now owns 3,942 shares of the company's stock valued at $1,630,000 after buying an additional 622 shares in the last quarter. Motley Fool Asset Management LLC grew its stake in IDEXX Laboratories by 13.4% in the 4th quarter. Motley Fool Asset Management LLC now owns 4,456 shares of the company's stock valued at $1,842,000 after buying an additional 526 shares in the last quarter. Prudential PLC grew its stake in IDEXX Laboratories by 3.6% in the 4th quarter. Prudential PLC now owns 52,672 shares of the company's stock valued at $21,777,000 after buying an additional 1,835 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in IDEXX Laboratories in the 4th quarter valued at approximately $10,503,000. Hedge funds and other institutional investors own 87.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on IDXX. Morgan Stanley raised their price target on shares of IDEXX Laboratories from $548.00 to $558.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Wall Street Zen raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Jefferies Financial Group began coverage on shares of IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target for the company. Leerink Partners raised their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Finally, Stifel Nicolaus raised their price target on shares of IDEXX Laboratories from $510.00 to $540.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $557.88.

Insider Activity

In other news, Director M Anne Szostak sold 1,260 shares of IDEXX Laboratories stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $512.34, for a total transaction of $645,548.40. Following the completion of the sale, the director directly owned 1,801 shares of the company's stock, valued at approximately $922,724.34. The trade was a 41.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.98% of the company's stock.

IDEXX Laboratories Stock Performance

NASDAQ IDXX opened at $535.54 on Friday. IDEXX Laboratories, Inc. has a 52-week low of $356.14 and a 52-week high of $579.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.81 and a current ratio of 1.16. The company has a market capitalization of $43.07 billion, a P/E ratio of 49.50, a P/E/G ratio of 3.80 and a beta of 1.54. The company has a fifty day moving average of $531.30 and a 200-day moving average of $471.47.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $2.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.93 by $0.03. IDEXX Laboratories had a net margin of 22.76% and a return on equity of 57.35%. The company had revenue of $998.43 million during the quarter, compared to the consensus estimate of $998.25 million. During the same period in the previous year, the firm posted $2.71 EPS. The firm's revenue was up 3.6% compared to the same quarter last year. As a group, equities research analysts predict that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal 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.

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