Summit Asset Management Lowers stake in IDEXX Laboratories (IDXX)

IDEXX Laboratories (IDXX) : Summit Asset Management reduced its stake in IDEXX Laboratories by 8.77% during the most recent quarter end. The investment management company now holds a total of 8,745 shares of IDEXX Laboratories which is valued at $970,345 after selling 841 shares in IDEXX Laboratories , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.IDEXX Laboratories makes up approximately 0.43% of Summit Asset Management’s portfolio.

Other Hedge Funds, Including , First Trust Advisors Lp boosted its stake in IDXX in the latest quarter, The investment management firm added 143,233 additional shares and now holds a total of 260,078 shares of IDEXX Laboratories which is valued at $28,361,506. IDEXX Laboratories makes up approx 0.09% of First Trust Advisors Lp’s portfolio.Retirement Systems Of Alabama reduced its stake in IDXX by selling 93 shares or 0.08% in the most recent quarter. The Hedge Fund company now holds 115,491 shares of IDXX which is valued at $10,714,100. IDEXX Laboratories makes up approx 0.06% of Retirement Systems Of Alabama’s portfolio.Bremer Trust National Association reduced its stake in IDXX by selling 56 shares or 1.19% in the most recent quarter. The Hedge Fund company now holds 4,663 shares of IDXX which is valued at $440,374. IDEXX Laboratories makes up approx 0.12% of Bremer Trust National Association’s portfolio.

IDEXX Laboratories opened for trading at $111.48 and hit $112.26 on the upside on Monday, eventually ending the session at $111.92, with a gain of 1.03% or 1.14 points. The heightened volatility saw the trading volume jump to 4,30,940 shares. Company has a market cap of $10,021 M.

On the company’s financial health, IDEXX Laboratories reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.62. The company had revenue of $466.56 million for the quarter, compared to analysts expectations of $445.57 million. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS.

Many Wall Street Analysts have commented on IDEXX Laboratories. IDEXX Laboratories was Upgraded by Northcoast to ” Neutral” on Aug 3, 2016. Company shares were Reiterated by Canaccord Genuity on Jul 20, 2016 to “Buy”, Firm has raised the Price Target to $ 98 from a previous price target of $90 .

IDEXX Laboratories Inc. develops manufactures and distributes products and provides services primarily for the companion animal veterinary livestock and poultry water testing and dairy markets. The Company sells a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market. Its segments include Companion Animal Group (CAG) Water Livestock Poultry and Dairy and Other. Its Products and services include point-of-care veterinary diagnostic products; veterinary reference laboratory diagnostic and consulting services; practice management systems and services and digital imaging systems; biological materials testing laboratory animal diagnostic instruments and services; diagnostic health-monitoring and food safety testing products for livestock poultry and dairy; products that test water for microbiological contaminants and point-of-care electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.

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