Caitong International Asset Management Co. Ltd Takes Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Caitong International Asset Management Co. Ltd has acquired a new stake in IDEXX Laboratories, Inc., purchasing 410 shares valued at approximately $172,000.
• Major institutional investors have increased their holdings in IDEXX, with mutual funds like Mutual of America Capital Management and Golden State Wealth Management raising their stakes significantly during the 1st quarter of 2023.
• IDEXX Laboratories reported strong quarterly earnings, with an EPS of $3.63, surpassing analysts' expectations by $0.35 and achieving a revenue of $1.11 billion, reflecting a 10.6% increase year-over-year.

Caitong International Asset Management Co. Ltd bought a new stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 410 shares of the company's stock, valued at approximately $172,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of IDEXX Laboratories by 59,810.7% during the 1st quarter. GAMMA Investing LLC now owns 918,431 shares of the company's stock valued at $3,856,950,000 after purchasing an additional 916,898 shares in the last quarter. Nuveen LLC acquired a new stake in IDEXX Laboratories during the 1st quarter worth approximately $179,784,000. Principal Financial Group Inc. raised its holdings in IDEXX Laboratories by 58.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,126,002 shares of the company's stock worth $472,865,000 after buying an additional 414,802 shares during the period. Alyeska Investment Group L.P. bought a new position in IDEXX Laboratories in the fourth quarter valued at approximately $156,412,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of IDEXX Laboratories by 221.3% in the fourth quarter. BNP Paribas Financial Markets now owns 441,319 shares of the company's stock valued at $182,459,000 after buying an additional 303,966 shares during the period. Institutional investors own 87.84% of the company's stock.

IDEXX Laboratories Stock Performance

NASDAQ IDXX traded down $3.11 during trading on Friday, reaching $650.84. 418,031 shares of the company's stock were exchanged, compared to its average volume of 851,260. 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 moving average price of $558.44 and a 200-day moving average price of $487.59. The stock has a market capitalization of $52.07 billion, a P/E ratio of 54.19, a PEG ratio of 4.21 and a beta of 1.49. IDEXX Laboratories, Inc. has a fifty-two week low of $356.14 and a fifty-two week high of $688.12.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, topping 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 business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the firm earned $2.44 EPS. The firm's revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IDXX shares. JPMorgan Chase & Co. raised their price objective on shares of 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 price target on IDEXX Laboratories in a research note on Monday, August 4th. Piper Sandler restated a "neutral" rating and issued a $700.00 price target (up from $510.00) on shares of IDEXX Laboratories in a report on Monday, August 11th. 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 report on Friday. Finally, Jefferies Financial Group initiated coverage on IDEXX Laboratories in a research report on Tuesday, July 1st. They set a "buy" rating and a $625.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $649.44.

Insider Buying and Selling at IDEXX Laboratories

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 1,200 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $656.53, for a total transaction of $787,836.00. Following the completion of the sale, the executive vice president directly owned 16,807 shares in the company, valued at $11,034,299.71. This trade represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Lane sold 8,411 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $627.74, for a total value of $5,279,921.14. Following the completion of the sale, the executive vice president owned 7,132 shares of the company's stock, valued at $4,477,041.68. This trade represents a 54.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,176 shares of company stock worth $34,060,678 in the last ninety days. Insiders own 0.98% of the company's stock.

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.