Raiffeisen Bank International AG Decreases Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Raiffeisen Bank International AG reduced its stake in IDEXX Laboratories by 13.0%, selling 13,231 shares, and now owns 88,156 shares worth approximately $36.66 million.
• Multiple equities analysts have recently upgraded their ratings and increased target prices for IDEXX Laboratories, with an average target of $557.88 and a consensus rating of "Moderate Buy."
• IDEXX Laboratories reported earnings of $2.96 per share for the last quarter, surpassing analyst expectations of $2.93, resulting in a year-over-year revenue growth of 3.6%.

Raiffeisen Bank International AG trimmed its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 13.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,156 shares of the company's stock after selling 13,231 shares during the period. Raiffeisen Bank International AG owned about 0.11% of IDEXX Laboratories worth $36,661,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in IDXX. Manchester Capital Management LLC boosted its position in IDEXX Laboratories by 21.0% in the 1st quarter. Manchester Capital Management LLC now owns 242 shares of the company's stock valued at $102,000 after buying an additional 42 shares during the period. Liberty Wealth Management LLC purchased a new stake in IDEXX Laboratories in the 1st quarter valued at about $8,818,000. LGT Capital Partners LTD. boosted its position in IDEXX Laboratories by 8.3% in the 1st quarter. LGT Capital Partners LTD. now owns 155,138 shares of the company's stock valued at $65,150,000 after buying an additional 11,840 shares during the period. Bank of Nova Scotia boosted its position in IDEXX Laboratories by 261.3% in the 1st quarter. Bank of Nova Scotia now owns 87,027 shares of the company's stock valued at $36,547,000 after buying an additional 62,938 shares during the period. Finally, Banco Santander S.A. purchased a new stake in IDEXX Laboratories in the 1st quarter valued at about $1,174,000. 87.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IDXX has been the subject of several research reports. Wall Street Zen raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Morgan Stanley upped their price target on shares of IDEXX Laboratories from $548.00 to $558.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Stifel Nicolaus upped their price target on shares of IDEXX Laboratories from $510.00 to $540.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Jefferies Financial Group initiated coverage on shares of IDEXX Laboratories in a research report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, IDEXX Laboratories presently has an average rating of "Moderate Buy" and a consensus target price of $594.22.

Insider Buying and Selling

In related news, Director M Anne Szostak sold 1,260 shares of the stock in a transaction that occurred 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 owned 1,801 shares of the company's stock, valued at $922,724.34. This represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.98% of the stock is owned by insiders.

IDEXX Laboratories Stock Down 5.8%

NASDAQ:IDXX traded down $39.59 during midday trading on Tuesday, reaching $643.19. 685,339 shares of the stock traded hands, compared to its average volume of 731,348. IDEXX Laboratories, Inc. has a 12-month low of $356.14 and a 12-month high of $688.12. The business has a 50-day moving average of $534.93 and a two-hundred day moving average of $473.95. 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 stock has a market capitalization of $51.73 billion, a PE ratio of 59.22, a price-to-earnings-growth ratio of 3.81 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $3.63 EPS for the quarter, beating analysts' consensus estimates of $3.28 by $0.35. IDEXX Laboratories had a net margin of 22.76% and a return on equity of 57.35%. The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the prior year, the company posted $2.44 earnings per share. IDEXX Laboratories's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

About IDEXX Laboratories

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.