Commerce Bank Lowers Holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Commerce Bank has reduced its stake in IDEXX Laboratories by 54.2% during the first quarter, now holding shares worth $2.38 million.
• Several institutional investors increased their positions in IDEXX Laboratories, with notable boosts from Bank of Jackson Hole Trust by 328.6% and Bayforest Capital Ltd by 77.1%.
• IDEXX Laboratories reported a quarterly earnings per share of $3.63, exceeding analysts' expectations and showing a 10.6% increase in revenue compared to the previous year.

Commerce Bank lowered its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 54.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,673 shares of the company's stock after selling 6,715 shares during the quarter. Commerce Bank's holdings in IDEXX Laboratories were worth $2,382,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. MorganRosel Wealth Management LLC bought a new position in shares of IDEXX Laboratories in the first quarter valued at $26,000. Colonial Trust Co SC raised its stake 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 purchasing an additional 39 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in IDEXX Laboratories by 55.6% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after acquiring an additional 30 shares during the period. Bank of Jackson Hole Trust raised its position in IDEXX Laboratories by 328.6% in the first quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock worth $39,000 after acquiring an additional 69 shares during the period. Finally, Itau Unibanco Holding S.A. raised its position in IDEXX Laboratories by 540.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 96 shares of the company's stock worth $40,000 after acquiring an additional 81 shares during the period. Institutional investors own 87.84% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Stifel Nicolaus set a $640.00 target price on IDEXX Laboratories in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a research note on Monday. Wall Street Zen raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Morgan Stanley set a $722.00 price target on shares of IDEXX Laboratories and gave the company an "overweight" rating in a research report on Tuesday. Finally, Leerink Partners boosted their target price on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Three 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, IDEXX Laboratories currently has a consensus rating of "Moderate Buy" and a consensus price target of $623.56.

IDEXX Laboratories Price Performance

Shares of IDEXX Laboratories stock traded down $17.75 on Wednesday, hitting $624.19. 816,294 shares of the company traded hands, compared to its average volume of 740,817. The company has a market cap of $50.20 billion, a P/E ratio of 51.97, a P/E/G ratio of 4.71 and a beta of 1.49. The company has a current ratio of 1.11, a quick ratio of 0.81 and a debt-to-equity ratio of 0.31. IDEXX Laboratories, Inc. has a 12-month low of $356.14 and a 12-month high of $688.12. The firm's 50-day simple moving average is $537.43 and its 200 day simple moving average is $475.11.

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 (EPS) for the quarter, beating analysts' consensus estimates of $3.28 by $0.35. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the previous year, the company earned $2.44 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Insider Activity at IDEXX Laboratories

In other news, Director M Anne Szostak sold 1,260 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $512.34, for a total transaction of $645,548.40. Following the sale, the director owned 1,801 shares in the company, valued at $922,724.34. This represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.98% of the company's stock.

IDEXX Laboratories Company 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.