Patton Fund Management Inc. Makes New $269,000 Investment in IDEXX Laboratories, Inc. $IDXX

Key Points

• Patton Fund Management Inc. made a new investment of $269,000 in IDEXX Laboratories, acquiring 502 shares during the second quarter.
• Research analysts have varying ratings for IDEXX Laboratories, with one Strong Buy, six Buy ratings, and three Hold ratings, along with a consensus target price of $649.44.
• IDEXX Laboratories' recent earnings report revealed an earnings per share of $3.63, exceeding estimates, with quarterly revenue up by 10.6% year-over-year.

Patton Fund Management Inc. bought a new position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 502 shares of the company's stock, valued at approximately $269,000.

A number of other institutional investors also recently bought and sold shares of the company. Red Spruce Capital LLC boosted its position in IDEXX Laboratories by 1.1% during the second quarter. Red Spruce Capital LLC now owns 1,701 shares of the company's stock worth $912,000 after purchasing an additional 19 shares in the last quarter. Rise Advisors LLC boosted its position in IDEXX Laboratories by 3.9% during the second quarter. Rise Advisors LLC now owns 562 shares of the company's stock worth $301,000 after purchasing an additional 21 shares in the last quarter. Sage Mountain Advisors LLC raised its holdings in shares of IDEXX Laboratories by 3.8% in the first quarter. Sage Mountain Advisors LLC now owns 635 shares of the company's stock worth $267,000 after acquiring an additional 23 shares during the last quarter. Great Lakes Advisors LLC lifted its position in shares of IDEXX Laboratories by 0.9% in the first quarter. Great Lakes Advisors LLC now owns 2,567 shares of the company's stock valued at $1,078,000 after acquiring an additional 23 shares in the last quarter. Finally, PDS Planning Inc lifted its position in shares of IDEXX Laboratories by 3.9% in the first quarter. PDS Planning Inc now owns 641 shares of the company's stock valued at $269,000 after acquiring an additional 24 shares in the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IDXX has been the topic of several recent research reports. Stifel Nicolaus set a $640.00 price objective on IDEXX Laboratories in a research report on Monday, August 4th. Leerink Partners upped their price objective on IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. Piper Sandler restated a "neutral" rating and issued a $700.00 price objective (up from $510.00) on shares of IDEXX Laboratories in a research report on Monday, August 11th. Jefferies Financial Group initiated coverage on IDEXX Laboratories in a research report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $649.44.

IDEXX Laboratories Stock Performance

NASDAQ IDXX opened at $632.22 on Friday. The business's 50-day moving average price is $625.60 and its 200 day moving average price is $528.15. IDEXX Laboratories, Inc. has a twelve month low of $356.14 and a twelve month high of $688.12. The company has a market capitalization of $50.58 billion, a PE ratio of 52.64, a price-to-earnings-growth ratio of 4.09 and a beta of 1.56. The company has a current ratio of 1.11, a quick ratio of 0.79 and a debt-to-equity ratio of 0.31.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the business posted $2.44 earnings per share. The firm's revenue for the quarter 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. On average, research analysts predict that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

Insider Activity at IDEXX Laboratories

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 1,200 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $656.53, for a total transaction of $787,836.00. Following the completion of the sale, the executive vice president directly owned 16,807 shares in the company, valued at $11,034,299.71. This represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael G. Erickson sold 406 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $649.96, for a total value of $263,883.76. Following the sale, the executive vice president owned 11,287 shares of the company's stock, valued at $7,336,098.52. This represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,057 shares of company stock valued at $34,293,468 over the last three months. Insiders own 0.98% of the company's stock.

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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