Strong Fiscal Q3 Earnings Pushed IDEXX Laboratories (IDXX) in Q4
Fred Alger Management, an investment management company, released its “Alger Mid Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities had a robust run in the fourth quarter, with the S&P Index finishing up 11.69%. The fund underperformed the Russell Midcap Growth Index in the quarter. The real estate and materials sector were the leading contributors while Industrials and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Mid Cap Growth Fund featured stocks like IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the fourth quarter 2023 investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development and manufacturing of products and services for animal veterinary, livestock and poultry, dairy, and water testing. On March 20, 2024, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $529.50 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was -7.32%, and its shares gained 10.60% of their value over the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $43.996 billion.
Alger Mid Cap Growth Fund stated the following regarding IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its fourth quarter 2023 investor letter:
"IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development, manufacture, and distribution of products and services for the companion animal veterinary, livestock and poultry, water testing, and dairy markets. The company's Companion Animal Group provides in- clinic laboratory analyzers for companion animals. Analyzers measure blood cell counts as well as levels of certain enzymes in blood or urine for the purpose of monitoring health conditions. During the quarter, shares contributed to performance after the company reported strong fiscal third quarter results, where profit margins came in better-than-expected. Moreover, management guided better-than-expected Companion Animal Group revenue in 2024 compared to expectations despite light office visits. We believe the companion animal market has largely normalized after the Covid-19 spike and the company remains a compounding asset in a growth market, where we believe the launch of IDEXX's point-of-care analyzer has the potential to be a positive catalyst for customer wins."
A veterinarian in a veterinary clinic examining a companion animal.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, IDEXX Laboratories, Inc. (NASDAQ:IDXX) was held by 43 hedge fund portfolios, compared to 48 in the previous quarter, according to our database.
We discussed IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared Conestoga Capital Advisors's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
