Royal Bank of Canada Has $142.65 Million Stake in IDEXX Laboratories, Inc. $IDXX

Key Points

• Royal Bank of Canada reduced its stake in IDEXX Laboratories by 29.4%, now holding approximately 0.42% of the company, valued at $142.65 million after selling 141,452 shares.
• Recent insider selling included significant transactions from EVP Michael Lane and Director M Anne Szostak, who reduced their positions by 54.11% and 89.30% respectively.
• IDEXX Laboratories reported quarterly earnings of $3.63 per share, exceeding analysts' expectations, and has a market capitalization of $51.16 billion with a P/E ratio of 53.24.

Royal Bank of Canada cut its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 29.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 339,688 shares of the company's stock after selling 141,452 shares during the quarter. Royal Bank of Canada owned about 0.42% of IDEXX Laboratories worth $142,652,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cura Wealth Advisors LLC raised its position in IDEXX Laboratories by 1.0% during the first quarter. Cura Wealth Advisors LLC now owns 8,116 shares of the company's stock worth $3,408,000 after acquiring an additional 77 shares in the last quarter. Brasada Capital Management LP increased its stake in shares of IDEXX Laboratories by 11.2% during the 1st quarter. Brasada Capital Management LP now owns 32,837 shares of the company's stock worth $13,790,000 after purchasing an additional 3,314 shares during the last quarter. Vident Advisory LLC increased its stake in shares of IDEXX Laboratories by 35.3% during the 1st quarter. Vident Advisory LLC now owns 2,745 shares of the company's stock worth $1,153,000 after purchasing an additional 716 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in shares of IDEXX Laboratories in the 1st quarter valued at about $312,000. Finally, WPG Advisers LLC acquired a new stake in IDEXX Laboratories in the 1st quarter valued at about $37,000. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on IDXX shares. JPMorgan Chase & Co. lifted their price target on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Jefferies Financial Group initiated coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They set a "buy" rating and a $625.00 target price on the stock. Piper Sandler restated a "neutral" rating and issued a $700.00 price target (up previously from $510.00) on shares of IDEXX Laboratories in a research note on Monday, August 11th. Finally, Morgan Stanley lifted their price objective on shares of IDEXX Laboratories from $722.00 to $765.00 and gave the stock an "overweight" rating in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $649.44.

Insider Activity

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 1,200 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $656.53, for a total value of $787,836.00. Following the sale, the executive vice president owned 16,807 shares of the company's stock, valued at approximately $11,034,299.71. This trade represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael G. Erickson sold 406 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $649.96, for a total value of $263,883.76. Following the completion of the sale, the executive vice president directly owned 11,287 shares in the company, valued at $7,336,098.52. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,057 shares of company stock valued at $34,293,468. Corporate insiders own 0.98% of the company's stock.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX traded up $2.55 during mid-day trading on Friday, reaching $642.99. The company had a trading volume of 370,390 shares, compared to its average volume of 413,114. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 1.11. IDEXX Laboratories, Inc. has a one year low of $356.14 and a one year high of $688.12. The firm has a market cap of $51.44 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 4.16 and a beta of 1.56. The business's 50-day simple moving average is $593.22 and its 200 day simple moving average is $507.11.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its quarterly 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. 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%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 EPS. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. On average, research analysts predict that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal 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.