Manitou Investment Management Ltd. Purchases 39,233 Shares of IDEXX Laboratories, Inc. $IDXX

Key Points

• Manitou Investment Management Ltd. has increased its stake in IDEXX Laboratories, Inc. by 69.7%, now holding 95,487 shares worth approximately $51.2 million, making it the firm's 4th largest holding.
• IDEXX Laboratories reported a 10.6% increase in quarterly revenue year-over-year, achieving $1.11 billion, and beat analysts' earnings estimates with $3.63 EPS compared to the expected $3.28.
• The stock has received several price target increases from analysts, with BTIG Research raising its target from $545 to $785 and JPMorgan Chase & Co. increasing theirs from $550 to $675.

Manitou Investment Management Ltd. increased its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 69.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,487 shares of the company's stock after buying an additional 39,233 shares during the quarter. IDEXX Laboratories accounts for 9.7% of Manitou Investment Management Ltd.'s portfolio, making the stock its 4th biggest holding. Manitou Investment Management Ltd. owned approximately 0.12% of IDEXX Laboratories worth $51,213,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. MorganRosel Wealth Management LLC acquired a new stake in IDEXX Laboratories during the first quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new stake in IDEXX Laboratories during the second quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. grew its position in IDEXX Laboratories by 55.6% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after buying an additional 30 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in IDEXX Laboratories during the second quarter worth about $36,000. Finally, WPG Advisers LLC acquired a new stake in IDEXX Laboratories during the first quarter worth about $37,000. 87.84% of the stock is owned by institutional investors and hedge funds.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX opened at $616.15 on Friday. IDEXX Laboratories, Inc. has a 1 year low of $356.14 and a 1 year high of $688.12. The firm has a 50 day moving average of $641.49 and a 200-day moving average of $542.72. The company has a current ratio of 1.11, a quick ratio of 0.79 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $49.30 billion, a P/E ratio of 51.30, a price-to-earnings-growth ratio of 3.99 and a beta of 1.58.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $3.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 in the previous year, the company posted $2.44 earnings per share. IDEXX Laboratories's quarterly revenue was up 10.6% compared to the same quarter last year. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. As a group, sell-side analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jonathan Jay Mazelsky sold 29,260 shares of IDEXX Laboratories stock in a transaction that occurred on 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 approximately $52,650,885.78. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director M Anne Szostak sold 2,187 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $647.33, for a total transaction of $1,415,710.71. Following the completion of the transaction, the director owned 262 shares of the company's stock, valued at $169,600.46. This trade represents a 89.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,057 shares of company stock valued at $34,293,468 in the last ninety days. 0.98% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on IDXX shares. BTIG Research raised their price target on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Jefferies Financial Group started coverage on shares of IDEXX Laboratories in a research note on Tuesday, July 1st. They set a "buy" rating and a $625.00 price target for the company. Morgan Stanley raised their price target on shares of IDEXX Laboratories from $722.00 to $765.00 and gave the stock an "overweight" rating in a research note on Friday, August 15th. JPMorgan Chase & Co. raised their price target on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a research note on Monday, August 4th. Finally, UBS Group started coverage on shares of IDEXX Laboratories in a research note on Wednesday, October 1st. They set a "neutral" rating and a $720.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, IDEXX Laboratories presently has a consensus rating of "Moderate Buy" and an average price target of $656.50.

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.

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