Durable Capital Partners LP Purchases New Position in IDEXX Laboratories, Inc. $IDXX

Key Points

• Durable Capital Partners LP has acquired a new position in IDEXX Laboratories, purchasing 364,757 shares valued at approximately $153.18 million, making it the firm's 28th largest holding.
• Multiple institutional investors increased their stakes in IDEXX, with significant increases from Mutual of America Capital Management LLC by 79.6% and Golden State Wealth Management LLC by 3,766.7% in the first quarter.
• IDEXX Laboratories reported an earnings per share (EPS) of $3.63 for the last quarter, exceeding analysts' expectations, with a revenue of $1.11 billion, marking a 10.6% year-over-year increase.

Durable Capital Partners LP purchased a new stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 364,757 shares of the company's stock, valued at approximately $153,180,000. IDEXX Laboratories accounts for about 1.4% of Durable Capital Partners LP's portfolio, making the stock its 28th largest position. Durable Capital Partners LP owned about 0.45% of IDEXX Laboratories as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in IDXX. GAMMA Investing LLC raised its stake in shares of IDEXX Laboratories by 59,810.7% in the 1st quarter. GAMMA Investing LLC now owns 918,431 shares of the company's stock valued at $3,856,950,000 after acquiring an additional 916,898 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of IDEXX Laboratories by 71.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,988,912 shares of the company's stock valued at $835,244,000 after purchasing an additional 825,965 shares in the last quarter. Nuveen LLC acquired a new position in shares of IDEXX Laboratories in the first quarter valued at approximately $179,784,000. Principal Financial Group Inc. grew its holdings in shares of IDEXX Laboratories by 58.3% in the first quarter. Principal Financial Group Inc. now owns 1,126,002 shares of the company's stock valued at $472,865,000 after purchasing an additional 414,802 shares in the last quarter. Finally, BNP Paribas Financial Markets grew 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 purchasing an additional 303,966 shares in the last quarter. 87.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Nimrata Hunt sold 7,143 shares of the company's 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 completion of the transaction, the executive vice president owned 18,007 shares in the company, valued at approximately $11,352,153.01. This represents a 28.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jonathan Jay Mazelsky sold 29,260 shares of IDEXX Laboratories stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $631.98, for a total transaction of $18,491,734.80. Following the sale, the chief executive officer owned 83,311 shares in the company, valued at $52,650,885.78. This represents a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,057 shares of company stock worth $34,293,468. 0.98% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IDXX. Jefferies Financial Group began coverage on shares of IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price objective for the company. BTIG Research lifted their price objective on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Wall Street Zen upgraded shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Piper Sandler restated a "neutral" rating and issued a $700.00 price objective (up previously from $510.00) on shares of IDEXX Laboratories in a report on Monday, August 11th. Finally, Stifel Nicolaus set a $640.00 price objective on shares of IDEXX Laboratories in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, IDEXX Laboratories presently has an average rating of "Moderate Buy" and a consensus target price of $649.44.

IDEXX Laboratories Stock Up 0.4%

NASDAQ IDXX traded up $2.55 on Friday, hitting $642.99. 370,390 shares of the stock were exchanged, compared to its average volume of 413,114. The company has a quick ratio of 0.79, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. 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 market cap of $51.44 billion, a PE ratio of 53.54, a PEG ratio of 4.15 and a beta of 1.56. The company has a 50-day moving average price of $593.22 and a 200-day moving average price of $506.72.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $3.63 EPS for the quarter, topping the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The firm's revenue was up 10.6% on a year-over-year basis. 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 EPS 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.