Ontario Teachers Pension Plan Board Invests $749,000 in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Ontario Teachers Pension Plan Board bought a new position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 1,482 shares of the company’s stock, valued at approximately $749,000.

Other hedge funds have also added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its holdings in shares of IDEXX Laboratories by 16.7% in the third quarter. Chicago Partners Investment Group LLC now owns 672 shares of the company’s stock worth $340,000 after purchasing an additional 96 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of IDEXX Laboratories in the second quarter valued at about $20,418,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of IDEXX Laboratories by 13.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 11,957 shares of the company’s stock worth $5,825,000 after purchasing an additional 1,453 shares during the period. National Pension Service boosted its holdings in shares of IDEXX Laboratories by 7.3% during the third quarter. National Pension Service now owns 185,972 shares of the company’s stock worth $93,957,000 after purchasing an additional 12,647 shares during the period. Finally, EFG Asset Management Americas Corp. grew its stake in shares of IDEXX Laboratories by 45.3% in the second quarter. EFG Asset Management Americas Corp. now owns 12,728 shares of the company’s stock worth $6,201,000 after purchasing an additional 3,966 shares during the last quarter. 87.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays dropped their price objective on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Stifel Nicolaus reduced their price objective on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a research report on Thursday, October 10th. BTIG Research initiated coverage on shares of IDEXX Laboratories in a research note on Thursday, July 25th. They set a “buy” rating and a $580.00 target price on the stock. Piper Sandler restated a “neutral” rating and issued a $435.00 price objective (down from $520.00) on shares of IDEXX Laboratories in a report on Monday, November 4th. Finally, JPMorgan Chase & Co. reduced their target price on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $552.38.

IDEXX Laboratories Stock Performance

IDEXX Laboratories stock opened at $419.37 on Friday. The stock’s 50 day moving average is $462.53 and its 200 day moving average is $481.11. The company has a market capitalization of $34.34 billion, a P/E ratio of 40.44, a PEG ratio of 3.63 and a beta of 1.36. IDEXX Laboratories, Inc. has a twelve month low of $398.50 and a twelve month high of $583.39. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32.

IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings results on Thursday, October 31st. The company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.11. The firm had revenue of $975.50 million during the quarter, compared to the consensus estimate of $980.32 million. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the company earned $2.53 earnings per share. On average, equities research analysts predict that IDEXX Laboratories, Inc. will post 10.43 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.