Canada Pension Plan Investment Board Reduces Position in IDEXX Laboratories, Inc. $IDXX

Key Points

• The Canada Pension Plan Investment Board reduced its stake in IDEXX Laboratories by 37.3%, now holding 81,564 shares worth approximately $34.25 million.
• Recent analyst reports have set new price targets for IDEXX Laboratories, with Morgan Stanley raising its target from $722 to $765 and JPMorgan Chase increasing theirs from $550 to $675.
• In the last ninety days, insiders sold 54,057 shares of IDEXX stock, totaling approximately $34.29 million in sales, reflecting significant insider activity.

Canada Pension Plan Investment Board lessened its holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 37.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 81,564 shares of the company's stock after selling 48,536 shares during the period. Canada Pension Plan Investment Board owned 0.10% of IDEXX Laboratories worth $34,253,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. MorganRosel Wealth Management LLC purchased a new position in shares of IDEXX Laboratories during the first quarter valued at about $26,000. Colonial Trust Co SC grew its position in shares of IDEXX Laboratories by 84.8% during the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company's stock valued at $35,000 after purchasing an additional 39 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of IDEXX Laboratories by 55.6% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock valued at $35,000 after purchasing an additional 30 shares in the last quarter. WPG Advisers LLC purchased a new position in shares of IDEXX Laboratories during the first quarter valued at about $37,000. Finally, Bank of Jackson Hole Trust grew its position in shares of IDEXX Laboratories by 328.6% during the first 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 in the last quarter. Hedge funds and other institutional investors own 87.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IDXX. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. raised their target price 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. Leerink Partners lifted their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Stifel Nicolaus set a $640.00 price objective on shares of IDEXX Laboratories in a research note on Monday, August 4th. Finally, BTIG Research raised their price objective on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $649.44.

IDEXX Laboratories Stock Up 1.0%

NASDAQ:IDXX traded up $6.49 during trading hours on Thursday, reaching $640.44. The company's stock had a trading volume of 440,527 shares, compared to its average volume of 706,554. The company has a market capitalization of $51.24 billion, a P/E ratio of 53.33, a price-to-earnings-growth ratio of 4.19 and a beta of 1.56. IDEXX Laboratories, Inc. has a 12 month low of $356.14 and a 12 month high of $688.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 1.11. The stock has a 50 day moving average price of $588.74 and a two-hundred day moving average price of $504.04.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $3.63 EPS for the quarter, topping analysts' consensus estimates of $3.28 by $0.35. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $2.44 earnings per share. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. Equities analysts predict that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 7,143 shares of IDEXX Laboratories stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $630.43, for a total value of $4,503,161.49. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $1,415,710.71. Following the completion of the transaction, the director directly owned 262 shares in the company, valued at $169,600.46. This represents a 89.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,057 shares of company stock valued at $34,293,468. 0.98% of the stock is currently owned by company insiders.

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.