Novem Group Lowers Stock Holdings in IDEXX Laboratories, Inc. $IDXX

Key Points

• Novem Group has reduced its stock holdings in IDEXX Laboratories by 21.5%, owning 2,155 shares valued at approximately $1,156,000 after selling 591 shares in the second quarter.
• Insider selling activity includes EVP Sharon E. Underberg and EVP Michael Lane, who sold 5,450 and 8,411 shares, respectively, indicating significant reductions in their ownership stakes.
• Analysts have raised price targets for IDEXX Laboratories, with Morgan Stanley increasing its target from $722.00 to $765.00, while the stock currently holds a consensus rating of "Moderate Buy."

Novem Group lessened its holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 21.5% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,155 shares of the company's stock after selling 591 shares during the period. Novem Group's holdings in IDEXX Laboratories were worth $1,156,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of IDEXX Laboratories during the second quarter worth about $29,000. MorganRosel Wealth Management LLC purchased a new stake in IDEXX Laboratories during the 1st quarter valued at approximately $26,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of IDEXX Laboratories by 55.6% during the first 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. WPG Advisers LLC purchased a new position in shares of IDEXX Laboratories in the first quarter worth $37,000. Finally, Bank of Jackson Hole Trust boosted its position in shares of IDEXX Laboratories by 328.6% during the first quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock worth $39,000 after acquiring an additional 69 shares during the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at IDEXX Laboratories

In other news, EVP Sharon E. Underberg sold 5,450 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $651.60, for a total value of $3,551,220.00. Following the sale, the executive vice president owned 6,156 shares of the company's stock, valued at approximately $4,011,249.60. This represents a 46.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Lane sold 8,411 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $627.74, for a total transaction of $5,279,921.14. Following the completion of the sale, the executive vice president owned 7,132 shares of the company's stock, valued at $4,477,041.68. This trade represents a 54.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,057 shares of company stock valued at $34,293,468 over the last three months. Corporate insiders own 0.98% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Morgan Stanley lifted their price target on shares of IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a report on Friday, August 15th. Stifel Nicolaus set a $640.00 target price on IDEXX Laboratories in a report on Monday, August 4th. Jefferies Financial Group initiated coverage on IDEXX Laboratories in a research note on Tuesday, July 1st. They set a "buy" rating and a $625.00 price target for the company. Wall Street Zen raised IDEXX Laboratories from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 20th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $700.00 price objective (up from $510.00) on shares of IDEXX Laboratories in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $649.44.

IDEXX Laboratories Trading Down 1.4%

Shares of IDXX stock opened at $618.17 on Friday. The company has a market cap of $49.45 billion, a PE ratio of 51.47, a price-to-earnings-growth ratio of 4.06 and a beta of 1.56. IDEXX Laboratories, Inc. has a 1 year low of $356.14 and a 1 year high of $688.12. The stock's 50 day simple moving average is $623.25 and its two-hundred day simple moving average is $525.93. 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 announced its earnings results on Monday, August 4th. The company reported $3.63 EPS for the quarter, topping analysts' consensus estimates of $3.28 by $0.35. The firm had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 EPS. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. Research analysts predict that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

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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