JPMorgan Chase & Co. Reduces Holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• JPMorgan Chase & Co. has reduced its stake in IDEXX Laboratories, Inc. by 17.6%, leaving it with approximately 443,065 shares valued at $186 million as of the end of the first quarter.
• Institutional investors own nearly **88%** of IDEXX's stock, with several funds increasing their investments, including **Principal Financial Group**, which raised its stake by 58.3%.
• Analysts have a consensus rating of **"Moderate Buy"** for IDEXX Laboratories, with price targets ranging up to **$785**, indicating positive sentiment about the company's future performance.

JPMorgan Chase & Co. cut its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 17.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 443,065 shares of the company's stock after selling 94,373 shares during the period. JPMorgan Chase & Co. owned 0.55% of IDEXX Laboratories worth $186,065,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $26,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of IDEXX Laboratories by 55.6% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock valued at $35,000 after buying an additional 30 shares during the last quarter. Colonial Trust Co SC grew its position in shares of IDEXX Laboratories by 84.8% in the 4th quarter. Colonial Trust Co SC now owns 85 shares of the company's stock valued at $35,000 after buying an additional 39 shares during the last quarter. Bank of Jackson Hole Trust grew its position in shares of IDEXX Laboratories by 328.6% in the 1st quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock valued at $39,000 after buying an additional 69 shares during the last quarter. Finally, Itau Unibanco Holding S.A. grew its position in shares of IDEXX Laboratories by 540.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 96 shares of the company's stock valued at $40,000 after buying an additional 81 shares during the last quarter. 87.84% of the stock is owned by hedge funds and other institutional investors.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX traded down $3.11 during trading hours on Friday, reaching $650.84. 418,031 shares of the company's stock were exchanged, compared to its average volume of 851,260. The firm has a market capitalization of $52.07 billion, a price-to-earnings ratio of 54.19, a P/E/G ratio of 4.21 and a beta of 1.49. The company has a 50-day moving average of $558.44 and a 200 day moving average of $487.59. The company has a quick ratio of 0.79, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. IDEXX Laboratories, Inc. has a 1-year low of $356.14 and a 1-year high of $688.12.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $3.63 EPS for the quarter, topping the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter last year, the business earned $2.44 EPS. The business's revenue was up 10.6% on a year-over-year basis. Research analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 EPS for the current year.

Analyst Upgrades and Downgrades

IDXX has been the topic of a number of recent analyst reports. Morgan Stanley increased their target price on shares of IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. increased their target price on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Leerink Partners increased their target price on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. BTIG Research increased their target price on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Wall Street Zen raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $649.44.

Insider Buying and Selling

In other news, CEO Jonathan Jay Mazelsky sold 29,260 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $631.98, for a total value of $18,491,734.80. Following the completion of the transaction, the chief executive officer owned 83,311 shares in the company, valued at $52,650,885.78. This trade represents a 25.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Lane sold 8,411 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 7,132 shares of the company's stock, valued at $4,477,041.68. This represents a 54.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,176 shares of company stock worth $34,060,678. 0.98% of the stock is currently owned by 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.