Principal Financial Group Inc. Has $655.56 Million Stock Position in IDEXX Laboratories, Inc. $IDXX

Key Points

• Principal Financial Group reduced its stake in IDEXX by 26.4% in Q4, selling 346,776 shares and retaining 968,946 shares valued at about $655.56 million (roughly 1.21% of the company).
• Several analysts have trimmed price targets and ratings (e.g., Barclays, UBS, Piper Sandler, Wall Street Zen), but the consensus remains a Moderate Buy with an average target of $751.
• Insiders sold a total of 45,957 shares (~$29.86 million) over the last three months, and the company’s latest quarter missed EPS estimates at $3.30 versus a $3.42 consensus while revenue slightly beat expectations.

Principal Financial Group Inc. reduced its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 26.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 968,946 shares of the company's stock after selling 346,776 shares during the quarter. Principal Financial Group Inc. owned about 1.21% of IDEXX Laboratories worth $655,562,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IDXX. Virtus Advisers LLC acquired a new position in IDEXX Laboratories in the third quarter valued at approximately $26,000. Park Place Capital Corp acquired a new position in IDEXX Laboratories in the fourth quarter valued at approximately $29,000. WealthCollab LLC acquired a new position in IDEXX Laboratories in the second quarter valued at approximately $30,000. J.Safra Asset Management Corp acquired a new position in IDEXX Laboratories in the third quarter valued at approximately $31,000. Finally, Salomon & Ludwin LLC acquired a new position in IDEXX Laboratories in the third quarter valued at approximately $35,000. 87.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Barclays dropped their price target on IDEXX Laboratories from $850.00 to $800.00 and set an "overweight" rating on the stock in a research note on Thursday, February 5th. Citigroup assumed coverage on IDEXX Laboratories in a research note on Wednesday, April 15th. They issued a "neutral" rating and a $650.00 price target on the stock. UBS Group dropped their price target on IDEXX Laboratories from $730.00 to $640.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 28th. Wall Street Zen lowered IDEXX Laboratories from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Finally, Piper Sandler dropped their price target on IDEXX Laboratories from $775.00 to $750.00 and set a "neutral" rating on the stock in a research note on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and four have assigned 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 target price of $751.00.

Insider Buying and Selling at IDEXX Laboratories

In related news, EVP Nimrata Hunt sold 1,758 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $634.57, for a total value of $1,115,574.06. Following the completion of the sale, the executive vice president directly owned 18,141 shares of the company's stock, valued at approximately $11,511,734.37. This represents a 8.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sophie V. Vandebroek sold 1,464 shares of the stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $628.62, for a total value of $920,299.68. Following the completion of the sale, the director directly owned 648 shares of the company's stock, valued at $407,345.76. The trade was a 69.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 45,957 shares of company stock valued at $29,862,109 in the last three months. Insiders own 0.79% of the company's stock.

IDEXX Laboratories Price Performance

Shares of NASDAQ:IDXX opened at $563.12 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. IDEXX Laboratories, Inc. has a twelve month low of $465.00 and a twelve month high of $769.98. The stock's 50 day moving average is $589.55 and its 200-day moving average is $651.34. The firm has a market capitalization of $44.73 billion, a price-to-earnings ratio of 43.08, a PEG ratio of 3.45 and a beta of 1.58.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $3.30 earnings per share for the quarter, missing analysts' consensus estimates of $3.42 by ($0.12). IDEXX Laboratories had a return on equity of 69.78% and a net margin of 24.62%.The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. Sell-side analysts forecast that IDEXX Laboratories, Inc. will post 14.54 EPS for the current fiscal year.

IDEXX Laboratories Profile

IDEXX Laboratories, Inc NASDAQ: IDXX is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX's product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

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