Baird Financial Group Inc. Reduces Position in IDEXX Laboratories, Inc. $IDXX

Key Points

• Baird Financial Group Inc. has reduced its stake in IDEXX Laboratories by 69.8%, now owning approximately 0.06% of the company.
• Insider selling was notable, with two executives selling a combined 13,861 shares valued at around $8.83 million, indicating decreased confidence in their ownership.
• IDEXX Laboratories beat analysts' earnings expectations, reporting $3.63 EPS for the last quarter against a forecast of $3.28, with a revenue increase of 10.6% year-over-year.

Baird Financial Group Inc. trimmed its holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 69.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 49,323 shares of the company's stock after selling 114,022 shares during the period. Baird Financial Group Inc. owned 0.06% of IDEXX Laboratories worth $20,713,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. MorganRosel Wealth Management LLC acquired a new position in IDEXX Laboratories in the first quarter valued at $26,000. Colonial Trust Co SC boosted its holdings in IDEXX Laboratories by 84.8% in the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company's stock valued at $35,000 after acquiring an additional 39 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in IDEXX Laboratories by 55.6% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock valued at $35,000 after acquiring an additional 30 shares during the last quarter. WPG Advisers LLC acquired a new position in IDEXX Laboratories in the first quarter valued at $37,000. Finally, Bank of Jackson Hole Trust boosted its holdings in IDEXX Laboratories by 328.6% in the first quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock valued at $39,000 after acquiring an additional 69 shares during the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at IDEXX Laboratories

In other news, EVP Michael G. Erickson sold 406 shares of IDEXX Laboratories stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $649.96, for a total transaction of $263,883.76. Following the sale, the executive vice president directly owned 11,287 shares of the company's stock, valued at approximately $7,336,098.52. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director M Anne Szostak sold 2,187 shares of IDEXX Laboratories stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $647.33, for a total value of $1,415,710.71. Following the sale, the director directly owned 262 shares in the company, valued at approximately $169,600.46. The trade was a 89.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,057 shares of company stock valued at $34,293,468. Company insiders own 0.98% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on IDXX shares. Morgan Stanley lifted their target price on IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a report on Friday, August 15th. BTIG Research lifted their target price on IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Jefferies Financial Group started coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 target price on the stock. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Finally, Leerink Partners boosted their price objective on IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $649.44.

IDEXX Laboratories Stock Up 0.4%

Shares of IDXX traded up $2.55 during midday trading on Friday, reaching $642.99. 370,390 shares of the company were exchanged, compared to its average volume of 413,114. The stock has a 50-day moving average price of $593.22 and a 200-day moving average price of $506.72. The company has a market cap of $51.44 billion, a price-to-earnings ratio of 53.54, a P/E/G ratio of 4.15 and a beta of 1.56. IDEXX Laboratories, Inc. has a 1-year low of $356.14 and a 1-year high of $688.12. The company has a current ratio of 1.11, a quick ratio of 0.79 and a debt-to-equity ratio of 0.31.

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 for the quarter, compared to analysts' expectations of $1.06 billion. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The firm's quarterly revenue was up 10.6% on a year-over-year basis. 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. Research analysts expect that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

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.