Jensen Investment Management Inc. Sells 830 Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Jensen Investment Management Inc. reduced its stake in IDEXX Laboratories by 9.2%, holding 8,190 shares worth $3.44 million following a sale of 830 shares in the first quarter.
• IDEXX Laboratories reported a 10.6% increase in quarterly revenue year-over-year, totaling $1.11 billion, and earnings per share of $3.63, surpassing estimates.
• Recent analyst ratings for IDEXX have been predominantly bullish, with several firms upgrading their price targets, reflecting a consensus target of $594.22.

Jensen Investment Management Inc. reduced its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,190 shares of the company's stock after selling 830 shares during the quarter. Jensen Investment Management Inc.'s holdings in IDEXX Laboratories were worth $3,439,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in IDEXX Laboratories by 1.5% in the first quarter. Vanguard Group Inc. now owns 9,855,937 shares of the company's stock valued at $4,139,001,000 after purchasing an additional 146,427 shares during the last quarter. Investidor Profissional Gestao de Recursos Ltda. grew its stake in IDEXX Laboratories by 206.0% during the 1st quarter. Investidor Profissional Gestao de Recursos Ltda. now owns 3,635 shares of the company's stock worth $1,527,000 after buying an additional 2,447 shares during the last quarter. Wealthspire Advisors LLC boosted its stake in IDEXX Laboratories by 2.0% during the 1st quarter. Wealthspire Advisors LLC now owns 4,058 shares of the company's stock valued at $1,704,000 after purchasing an additional 79 shares during the period. Atria Wealth Solutions Inc. increased its holdings in shares of IDEXX Laboratories by 2.3% during the first quarter. Atria Wealth Solutions Inc. now owns 5,048 shares of the company's stock valued at $2,120,000 after purchasing an additional 115 shares during the period. Finally, Middleton & Co. Inc. MA raised its position in shares of IDEXX Laboratories by 2.5% during the 1st quarter. Middleton & Co. Inc. MA now owns 12,612 shares of the company's stock worth $5,296,000 after buying an additional 307 shares in the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director M Anne Szostak sold 1,260 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $512.34, for a total transaction of $645,548.40. Following the completion of the sale, the director directly owned 1,801 shares in the company, valued at approximately $922,724.34. This represents a 41.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.98% of the company's stock.

IDEXX Laboratories Stock Up 4.1%

Shares of NASDAQ:IDXX traded up $25.87 during trading on Thursday, hitting $650.06. 798,751 shares of the company's stock traded hands, compared to its average volume of 789,096. The company has a 50-day moving average price of $542.32 and a 200-day moving average price of $477.73. 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 52 week low of $356.14 and a 52 week high of $688.12. The company has a market cap of $52.00 billion, a price-to-earnings ratio of 54.13, a price-to-earnings-growth ratio of 4.03 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $3.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.28 by $0.35. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%. The company had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the prior year, the business posted $2.44 EPS. The business's revenue was up 10.6% compared to the same quarter last year. As a group, research analysts forecast that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on IDXX shares. Jefferies Financial Group assumed coverage on shares of IDEXX Laboratories in a research report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target on the stock. Leerink Partners increased their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Morgan Stanley set a $722.00 price target on shares of IDEXX Laboratories and gave the company an "overweight" rating in a report on Tuesday. Wall Street Zen raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, BTIG Research increased their price objective on IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a report on Tuesday. 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $623.56.

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.