Institute for Wealth Management LLC. Takes Position in IDEXX Laboratories, Inc. $IDXX

Key Points

• The Institute for Wealth Management LLC acquired a new stake in IDEXX Laboratories, purchasing 408 shares valued at approximately $219,000 during the second quarter.
• Analysts have issued positive forecasts for IDEXX, with price targets increased by several brokerage firms, including BTIG Research raising it from $545.00 to $785.00.
• IDEXX Laboratories reported a 10.6% increase in revenue compared to the previous year, with quarterly earnings exceeding expectations, posting $3.63 EPS against a consensus estimate of $3.28 EPS.

Institute for Wealth Management LLC. bought a new stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 408 shares of the company's stock, valued at approximately $219,000.

Other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. acquired a new stake in IDEXX Laboratories in the 1st quarter worth about $221,000. Merit Financial Group LLC boosted its holdings in IDEXX Laboratories by 148.9% in the 1st quarter. Merit Financial Group LLC now owns 1,894 shares of the company's stock worth $795,000 after buying an additional 1,133 shares during the last quarter. Whipplewood Advisors LLC raised its stake in IDEXX Laboratories by 700.0% in the 1st quarter. Whipplewood Advisors LLC now owns 152 shares of the company's stock valued at $64,000 after purchasing an additional 133 shares during the last quarter. West Coast Financial LLC lifted its holdings in IDEXX Laboratories by 6.5% in the 1st quarter. West Coast Financial LLC now owns 954 shares of the company's stock valued at $401,000 after purchasing an additional 58 shares in the last quarter. Finally, Unique Wealth LLC purchased a new position in IDEXX Laboratories in the 1st quarter valued at $218,000. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IDXX. BTIG Research raised their price objective 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 began coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price objective on the stock. Leerink Partners raised their price objective on IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Finally, UBS Group began coverage on IDEXX Laboratories in a report on Wednesday. They set a "neutral" rating and a $720.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $656.50.

IDEXX Laboratories Trading Up 2.2%

Shares of IDEXX Laboratories stock opened at $633.84 on Friday. The stock has a market cap of $50.71 billion, a P/E ratio of 52.78, a P/E/G ratio of 4.02 and a beta of 1.58. The stock's 50 day simple moving average is $633.20 and its 200-day simple moving average is $533.33. IDEXX Laboratories, Inc. has a 1-year low of $356.14 and a 1-year high of $688.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.79.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $3.63 EPS for the quarter, beating the consensus estimate of $3.28 by $0.35. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.44 EPS. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. Analysts predict that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal year.

Insider Activity

In other news, EVP Michael Lane sold 8,411 shares of IDEXX Laboratories stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $627.74, for a total transaction of $5,279,921.14. Following the sale, the executive vice president owned 7,132 shares of the company's stock, valued at approximately $4,477,041.68. The trade was a 54.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael G. Erickson sold 406 shares of IDEXX Laboratories stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 in the company, valued at approximately $7,336,098.52. The trade was a 3.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,057 shares of company stock worth $34,293,468. 0.98% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.