IDEXX Laboratories, Inc. $IDXX Position Trimmed by Inscription Capital LLC

Key Points

• Inscription Capital cut its IDEXX stake by 74.7% in the third quarter, selling 2,774 shares and retaining 938 shares valued at about $490,000.
• IDEXX beat quarterly expectations, reporting EPS of $3.96 versus $3.71 expected and revenue of $1.21 billion versus $1.19 billion; revenue rose 9.9% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $719.55. Company insiders sold 41,428 shares worth about $28.6 million over the prior 90 days.

Inscription Capital LLC lessened its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 74.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 938 shares of the company's stock after selling 2,774 shares during the period. Inscription Capital LLC's holdings in IDEXX Laboratories were worth $490,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IDXX. J.Safra Asset Management Corp bought a new position in shares of IDEXX Laboratories during the second quarter worth about $25,000. Elevation Wealth Partners LLC raised its stake in IDEXX Laboratories by 188.2% during the second quarter. Elevation Wealth Partners LLC now owns 49 shares of the company's stock valued at $26,000 after buying an additional 32 shares in the last quarter. Pension & Wealth Management Advisors Inc. acquired a new stake in IDEXX Laboratories during the third quarter valued at approximately $29,000. Arlington Trust Co LLC lifted its holdings in IDEXX Laboratories by 46.3% during the 2nd quarter. Arlington Trust Co LLC now owns 60 shares of the company's stock worth $32,000 after buying an additional 19 shares during the last quarter. Finally, Bell Investment Advisors Inc lifted its holdings in IDEXX Laboratories by 45.5% during the 3rd quarter. Bell Investment Advisors Inc now owns 64 shares of the company's stock worth $33,000 after buying an additional 20 shares during the last quarter. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Michael Lane sold 3,979 shares of the business's stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $688.64, for a total transaction of $2,740,098.56. Following the sale, the executive vice president owned 4,076 shares in the company, valued at $2,806,896.64. The trade was a 49.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lawrence D. Kingsley sold 2,203 shares of the company's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $532.08, for a total transaction of $1,172,172.24. Following the completion of the sale, the director owned 9,568 shares of the company's stock, valued at approximately $5,090,941.44. This trade represents a 18.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 41,428 shares of company stock valued at $28,567,934 over the last 90 days. 0.79% of the stock is owned by corporate insiders.

IDEXX Laboratories Trading Up 0.8%

NASDAQ:IDXX opened at $676.04 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.19 and a debt-to-equity ratio of 0.16. IDEXX Laboratories, Inc. has a 1-year low of $500.61 and a 1-year high of $769.98. The firm has a market capitalization of $53.27 billion, a price-to-earnings ratio of 45.59 and a beta of 1.55. The stock has a fifty day simple moving average of $546.75 and a 200 day simple moving average of $573.35.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.71 by $0.25. IDEXX Laboratories had a return on equity of 71.04% and a net margin of 25.36%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the company earned $3.22 EPS. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. Sell-side analysts forecast that IDEXX Laboratories, Inc. will post 15.05 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Leerink Partners decreased their price objective on shares of IDEXX Laboratories from $725.00 to $715.00 and set an "outperform" rating for the company in a report on Monday, July 13th. The Goldman Sachs Group began coverage on IDEXX Laboratories in a research report on Friday, October 16th. They issued a "buy" rating and a $740.00 target price for the company. JPMorgan Chase & Co. decreased their price target on IDEXX Laboratories from $775.00 to $750.00 and set an "overweight" rating for the company in a research note on Friday, October 16th. Weiss Ratings upgraded IDEXX Laboratories from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Finally, Morgan Stanley raised their target price on IDEXX Laboratories from $805.00 to $810.00 and gave the company an "overweight" rating in a research note on Tuesday, November 3rd. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $719.55.

Trending Headlines about IDEXX Laboratories

Here are the key news stories impacting IDEXX Laboratories this week:

• Positive Sentiment: A Zacks article says IDEXX’s above-average financial growth could help it outperform, bolstering the growth-investment case. Zacks growth-investor article
• Positive Sentiment: Morgan Stanley raised its price target on IDXX, a potentially supportive analyst signal; the available report does not state the revised target. Morgan Stanley price-target report
• Positive Sentiment: Recent quarterly results beat expectations: IDEXX reported EPS of $3.96 versus $3.71 expected and revenue of $1.21 billion versus $1.19 billion expected. Revenue grew 9.9% year over year. IDEXX quarterly results analysis
• Negative Sentiment: Four directors and executives sold a combined 39,225 shares on November 4, worth about $27.4 million, and each reduced their reported holdings. The sales may weigh on sentiment, although insider transactions do not by themselves indicate a negative company outlook. Insider-trading report
• Negative Sentiment: A Seeking Alpha article downgraded IDXX, arguing the shares are expensive despite the company’s business quality. Valuation concerns could temper the positive effect of earnings growth. IDEXX valuation downgrade

IDEXX Laboratories Profile

IDEXX Laboratories develops and sells diagnostic, technology and software products for veterinary, livestock and water-testing markets. Its veterinary offerings include in-clinic diagnostic instruments and tests, reference laboratory services, digital imaging and practice-management software that help veterinary professionals assess animal health and manage their practices.

The company also provides diagnostic tests and related services for livestock and poultry, as well as products used to monitor water quality.

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