Beacon Investment Advisory Services Inc. Has $26.08 Million Stake in IDEXX Laboratories, Inc. $IDXX

Key Points

• Beacon Investment Advisory Services Inc. reduced its stake in IDEXX Laboratories by 25.5%, now holding 48,625 shares valued at approximately $26.08 million, which constitutes about 1.2% of its portfolio.
• Multiple brokerages increased their price targets for IDEXX Laboratories, with JPMorgan Chase raising it to $675.00 and others following suit, indicating an overall positive outlook for the stock.
• IDEXX Laboratories stock has a market capitalization of $50.17 billion and recently saw a quarterly earnings report exceeding analyst expectations, with a reported EPS of $3.63 against a consensus estimate of $3.28.

Beacon Investment Advisory Services Inc. trimmed its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 25.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,625 shares of the company's stock after selling 16,653 shares during the period. IDEXX Laboratories comprises about 1.2% of Beacon Investment Advisory Services Inc.'s portfolio, making the stock its 29th largest position. Beacon Investment Advisory Services Inc. owned about 0.06% of IDEXX Laboratories worth $26,080,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Red Spruce Capital LLC raised its holdings in shares of IDEXX Laboratories by 1.1% during the second quarter. Red Spruce Capital LLC now owns 1,701 shares of the company's stock worth $912,000 after acquiring an additional 19 shares during the period. Rise Advisors LLC raised its holdings in shares of IDEXX Laboratories by 3.9% during the second quarter. Rise Advisors LLC now owns 562 shares of the company's stock worth $301,000 after acquiring an additional 21 shares during the period. Sage Mountain Advisors LLC raised its holdings in shares of IDEXX Laboratories by 3.8% during the first quarter. Sage Mountain Advisors LLC now owns 635 shares of the company's stock worth $267,000 after acquiring an additional 23 shares during the period. Great Lakes Advisors LLC raised its holdings in shares of IDEXX Laboratories by 0.9% during the first quarter. Great Lakes Advisors LLC now owns 2,567 shares of the company's stock worth $1,078,000 after acquiring an additional 23 shares during the period. Finally, PDS Planning Inc raised its holdings in shares of IDEXX Laboratories by 3.9% during the first quarter. PDS Planning Inc now owns 641 shares of the company's stock worth $269,000 after acquiring an additional 24 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IDXX. JPMorgan Chase & Co. lifted their price target on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. Leerink Partners lifted their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Stifel Nicolaus set a $640.00 price target on shares of IDEXX Laboratories in a research note on Monday, August 4th. Morgan Stanley lifted their price target on shares of IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a research note on Friday, August 15th. Finally, Jefferies Financial Group began coverage on shares of IDEXX Laboratories in a research note on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, IDEXX Laboratories has an average rating of "Moderate Buy" and an average target price of $649.44.

IDEXX Laboratories Stock Down 3.3%

IDEXX Laboratories stock opened at $627.17 on Thursday. The firm has a market capitalization of $50.17 billion, a PE ratio of 52.22, a P/E/G ratio of 4.20 and a beta of 1.56. The company's 50-day moving average is $621.26 and its 200-day moving average is $524.68. IDEXX Laboratories, Inc. has a fifty-two week low of $356.14 and a fifty-two week high of $688.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.79.

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

Insider Activity at IDEXX Laboratories

In other news, Director M Anne Szostak sold 2,187 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $647.33, for a total transaction of $1,415,710.71. Following the transaction, the director directly owned 262 shares in the company, valued at $169,600.46. The trade was a 89.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nimrata Hunt sold 7,143 shares of the stock in a transaction dated Wednesday, August 6th. The shares were 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 in the company, valued at approximately $11,352,153.01. This represents a 28.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,057 shares of company stock worth $34,293,468 over the last ninety days. Company insiders own 0.98% of the company's stock.

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.

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