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3,500 Shares in IDEXX Laboratories, Inc. $IDXX Acquired by Platinum Investment Management Ltd.

IDEXX Laboratories logo with Medical background

Key Points

  • Platinum Investment Management Ltd. has acquired 3,500 shares of IDEXX Laboratories, Inc. valued at approximately $1.88 million, marking a new position for the firm in the company during Q2.
  • Recent research analyses have led to several target price increases for IDEXX, with Morgan Stanley raising its target from $722 to $765 and others adjusting their ratings to reflect a generally positive outlook.
  • IDEXX's recent quarterly earnings report showed significant growth, with an EPS of $3.63, surpassing expectations and indicating a 10.6% year-over-year revenue increase.
  • MarketBeat previews top five stocks to own in November.

Platinum Investment Management Ltd. purchased a new position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,500 shares of the company's stock, valued at approximately $1,877,000.

Other hedge funds have also recently added to or reduced their stakes in the company. MorganRosel Wealth Management LLC purchased a new position in IDEXX Laboratories during the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new position in IDEXX Laboratories during the 2nd quarter worth approximately $29,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in IDEXX Laboratories by 55.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after buying an additional 30 shares during the last quarter. WPG Advisers LLC purchased a new position in IDEXX Laboratories during the 1st quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust grew its stake in shares of IDEXX Laboratories by 328.6% in the 1st quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock valued at $39,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 87.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on IDXX shares. Morgan Stanley lifted their target price on IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a research note on Friday, August 15th. Piper Sandler reiterated a "neutral" rating and issued a $700.00 target price (up from $510.00) on shares of IDEXX Laboratories in a research note on Monday, August 11th. JPMorgan Chase & Co. lifted their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. Stifel Nicolaus set a $640.00 target price on IDEXX Laboratories in a research note on Monday, August 4th. Finally, Wall Street Zen downgraded IDEXX Laboratories from a "strong-buy" rating to a "buy" rating in a research note on Sunday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $656.50.

Read Our Latest Stock Analysis on IDXX

Insider Activity

In related news, EVP Nimrata Hunt sold 7,143 shares of IDEXX Laboratories stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $630.43, for a total transaction of $4,503,161.49. Following the completion of the transaction, the executive vice president directly owned 18,007 shares of the company's stock, valued at approximately $11,352,153.01. The trade was a 28.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director M Anne Szostak sold 2,187 shares of IDEXX Laboratories stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $647.33, for a total value of $1,415,710.71. Following the transaction, the director directly owned 262 shares of the company's stock, valued at approximately $169,600.46. This represents a 89.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,057 shares of company stock valued at $34,293,468 in the last 90 days. Insiders own 0.98% of the company's stock.

IDEXX Laboratories Stock Down 2.9%

IDXX opened at $620.11 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.79. The business has a 50 day simple moving average of $631.52 and a 200-day simple moving average of $531.87. The stock has a market capitalization of $49.61 billion, a P/E ratio of 51.63, a P/E/G ratio of 4.14 and a beta of 1.58. IDEXX Laboratories, Inc. has a 12 month low of $356.14 and a 12 month high of $688.12.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $3.63 EPS for the quarter, beating the consensus estimate of $3.28 by $0.35. The business had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $2.44 EPS. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. On average, equities analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

IDEXX Laboratories Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for IDEXX Laboratories (NASDAQ:IDXX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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