LGT Fund Management Co Ltd. Takes $248,000 Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• LGT Fund Management Co Ltd. acquired 590 shares of IDEXX Laboratories, valued at approximately $248,000, during the first quarter.
• CEO Jonathan Jay Mazelsky sold 29,260 shares at an average price of $631.98, reducing his ownership by 25.99%.
• Wall Street analysts hold a Moderate Buy rating for IDEXX with an average target price of $644.67, reflecting optimism for the company's growth.

LGT Fund Management Co Ltd. acquired a new stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 590 shares of the company's stock, valued at approximately $248,000.

Several other hedge funds also recently bought and sold shares of IDXX. Rockefeller Capital Management L.P. grew its position in IDEXX Laboratories by 0.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 52,973 shares of the company's stock valued at $21,910,000 after acquiring an additional 229 shares during the last quarter. Townsquare Capital LLC grew its position in IDEXX Laboratories by 8.3% in the 4th quarter. Townsquare Capital LLC now owns 5,478 shares of the company's stock valued at $2,265,000 after acquiring an additional 420 shares during the last quarter. Summit Investment Advisors Inc. grew its position in IDEXX Laboratories by 2.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,403 shares of the company's stock valued at $1,407,000 after acquiring an additional 92 shares during the last quarter. Belpointe Asset Management LLC bought a new position in IDEXX Laboratories in the 4th quarter valued at $703,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in IDEXX Laboratories in the 4th quarter valued at $547,000. Institutional investors own 87.84% of the company's stock.

IDEXX Laboratories Stock Down 0.5%

Shares of NASDAQ IDXX traded down $3.11 during mid-day trading on Friday, reaching $650.84. 418,031 shares of the company were exchanged, compared to its average volume of 732,214. The company has a quick ratio of 0.79, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. The stock has a market cap of $52.07 billion, a price-to-earnings ratio of 54.19, a P/E/G ratio of 4.30 and a beta of 1.49. IDEXX Laboratories, Inc. has a 1 year low of $356.14 and a 1 year high of $688.12. The firm has a 50-day moving average of $555.92 and a 200 day moving average of $485.51.

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

Insider Buying and Selling

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 1,200 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $656.53, for a total value of $787,836.00. Following the completion of the sale, the executive vice president directly owned 16,807 shares in the company, valued at approximately $11,034,299.71. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sharon E. Underberg sold 5,450 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $651.60, for a total value of $3,551,220.00. Following the completion of the sale, the executive vice president owned 6,156 shares of the company's stock, valued at approximately $4,011,249.60. This trade represents a 46.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,176 shares of company stock valued at $34,060,678 in the last 90 days. 0.98% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Stifel Nicolaus set a $640.00 target price on IDEXX Laboratories in a report on Monday, August 4th. Jefferies Financial Group assumed coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 target price for the company. BTIG Research upped their target price on IDEXX Laboratories from $545.00 to $785.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $700.00 target price (up from $510.00) on shares of IDEXX Laboratories in a report on Monday. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $649.44.

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.