M&T Bank Corp Reduces Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

M&T Bank Corp decreased its holdings in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 16.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,396 shares of the company's stock after selling 884 shares during the quarter. M&T Bank Corp's holdings in IDEXX Laboratories were worth $1,846,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of IDEXX Laboratories by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,297,271 shares of the company's stock valued at $948,279,000 after purchasing an additional 37,734 shares during the last quarter. Bamco Inc. NY boosted its holdings in shares of IDEXX Laboratories by 4.3% in the fourth quarter. Bamco Inc. NY now owns 2,005,522 shares of the company's stock valued at $829,163,000 after acquiring an additional 82,264 shares during the period. Invesco Ltd. grew its position in shares of IDEXX Laboratories by 6.8% during the fourth quarter. Invesco Ltd. now owns 1,160,988 shares of the company's stock worth $479,999,000 after acquiring an additional 74,324 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of IDEXX Laboratories by 58.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,126,002 shares of the company's stock valued at $472,865,000 after acquiring an additional 414,802 shares during the period. Finally, Norges Bank acquired a new position in shares of IDEXX Laboratories in the 4th quarter valued at $412,258,000. 87.84% of the stock is owned by institutional investors and hedge funds.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX opened at $533.37 on Friday. The firm's fifty day simple moving average is $519.68 and its 200-day simple moving average is $459.28. The company has a quick ratio of 0.81, a current ratio of 1.16 and a debt-to-equity ratio of 0.31. The stock has a market cap of $42.89 billion, a PE ratio of 49.29, a price-to-earnings-growth ratio of 3.89 and a beta of 1.54. IDEXX Laboratories, Inc. has a fifty-two week low of $356.14 and a fifty-two week high of $549.52.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $2.96 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $998.25 million. During the same period in the prior year, the business posted $2.71 earnings per share. The firm's revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts expect that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IDXX. Jefferies Financial Group started coverage on shares of IDEXX Laboratories in a research report on Tuesday, July 1st. They set a "buy" rating and a $625.00 price objective on the stock. Morgan Stanley boosted their price target on IDEXX Laboratories from $548.00 to $558.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Leerink Partners increased their price objective on IDEXX Laboratories from $515.00 to $580.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 11th. Stifel Nicolaus boosted their target price on IDEXX Laboratories from $510.00 to $540.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Finally, Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $558.11.

Insider Buying and Selling

In other news, Director M Anne Szostak sold 1,260 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $512.34, for a total value of $645,548.40. Following the completion of the transaction, the director owned 1,801 shares in the company, valued at $922,724.34. This trade represents a 41.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.98% of the company's stock.

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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