Bank of Nova Scotia Increases Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Bank of Nova Scotia increased its stake in IDEXX Laboratories, Inc. by 261.3% in the first quarter, now owning 87,027 shares valued at approximately $36.5 million.
• IDEXX Laboratories reported earnings of $2.96 EPS for the last quarter, exceeding analyst expectations and showing a 3.6% revenue increase year-over-year.
• Wall Street analysts have a consensus rating of "Moderate Buy" for IDEXX Laboratories, with an average price target of $557.88.

Bank of Nova Scotia boosted its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 261.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,027 shares of the company's stock after acquiring an additional 62,938 shares during the period. Bank of Nova Scotia owned 0.11% of IDEXX Laboratories worth $36,547,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. MorganRosel Wealth Management LLC bought a new stake in IDEXX Laboratories in the first quarter valued at approximately $26,000. Hurley Capital LLC bought a new position in shares of IDEXX Laboratories during the 4th quarter worth approximately $29,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of 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 in the last quarter. Colonial Trust Co SC boosted its holdings in shares of IDEXX Laboratories by 84.8% during the 4th quarter. Colonial Trust Co SC now owns 85 shares of the company's stock worth $35,000 after buying an additional 39 shares in the last quarter. Finally, Bank of Jackson Hole Trust boosted its holdings in shares of IDEXX Laboratories by 328.6% during the 1st quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock worth $39,000 after buying an additional 69 shares in the last quarter. 87.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director M Anne Szostak sold 1,260 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $512.34, for a total transaction of $645,548.40. Following the completion of the sale, the director directly owned 1,801 shares of the company's stock, valued at $922,724.34. This trade represents a 41.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

IDXX has been the topic of a number of research analyst reports. Leerink Partners increased their price target on IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Jefferies Financial Group began coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 target price on the stock. JPMorgan Chase & Co. increased their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a report on Monday. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Finally, Stifel Nicolaus increased their target price on IDEXX Laboratories from $510.00 to $540.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $594.22.

IDEXX Laboratories Stock Down 4.2%

NASDAQ IDXX traded down $28.65 on Tuesday, reaching $654.13. The company had a trading volume of 421,359 shares, compared to its average volume of 729,499. The stock has a market capitalization of $52.61 billion, a P/E ratio of 61.30, a P/E/G ratio of 3.81 and a beta of 1.49. The company's fifty day moving average is $534.93 and its 200 day moving average is $473.95. IDEXX Laboratories, Inc. has a 52-week low of $356.14 and a 52-week high of $688.12. The company has a quick ratio of 0.81, a current ratio of 1.16 and a debt-to-equity ratio of 0.31.

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 57.35% and a net margin of 22.76%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the firm posted $2.44 EPS. IDEXX Laboratories's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

IDEXX Laboratories Profile

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.