Sun Sep 15 15:22:52 UTC 2024: ## Federated Hermes Sells Off IDXX Laboratories Stock, Other Investors Adjust Holdings

**New York, NY** – Federated Hermes Inc. reduced its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 20.1% in the second quarter, according to the company’s recent Form 13F filing. The institutional investor now holds 84,641 shares, representing a value of $41.237 million, after selling 21,320 shares. This news comes amidst a flurry of activity among other large investors, with some increasing their holdings in the veterinary diagnostics company.

Avantax Advisory Services Inc. increased its stake in IDXX Laboratories by 21.1% in the fourth quarter, while Quadrant Capital Group LLC raised its holdings by 14.5% during the same period. Other new investors include Haverford Trust Co. and Navellier & Associates Inc., who both acquired new positions in the fourth quarter.

IDXX Laboratories has been the subject of several research reports recently. While StockNews.com lowered its rating from “buy” to “hold”, Stifel Nicolaus and Piper Sandler both cut their price targets. Meanwhile, BTIG Research initiated coverage with a “buy” rating and a target price of $580.00.

Overall, IDXX Laboratories currently holds a “Moderate Buy” rating with an average target price of $582.25. The company’s stock opened at $500.55 on Friday, with a market cap of $41.20 billion.

IDXX Laboratories reported earnings for the quarter ended August 6th, missing analyst estimates for earnings per share but exceeding revenue projections. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year.

Despite the recent sell-off by Federated Hermes, IDXX Laboratories continues to attract interest from other institutional investors, with 87.84% of the stock currently owned by institutional investors and hedge funds. The company remains a key player in the veterinary diagnostics market, with operations spanning multiple continents.

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