Progressive Investment Management Corp Sells 401 Shares of IDEXX Laboratories, Inc. $IDXX

Key Points

• Progressive Investment Management Corp has reduced its stake in IDEXX Laboratories by 1.9%, holding 20,911 shares, which represents about 2.5% of their total investment portfolio.
• Insider selling occurred recently at IDEXX, with two executives offloading a total of 1,606 shares valued at over $1 million, indicating potential changes in confidence among company insiders.
• IDEXX Laboratories' stock has seen significant analyst attention, with multiple firms issuing upgraded price targets, reflecting a consensus rating of "Moderate Buy" and an average target price of $649.44.

Progressive Investment Management Corp decreased its holdings in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,911 shares of the company's stock after selling 401 shares during the period. IDEXX Laboratories makes up approximately 2.5% of Progressive Investment Management Corp's holdings, making the stock its 19th largest position. Progressive Investment Management Corp's holdings in IDEXX Laboratories were worth $8,782,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in IDXX. United Capital Financial Advisors LLC increased its stake in shares of IDEXX Laboratories by 0.9% during the 4th quarter. United Capital Financial Advisors LLC now owns 2,446 shares of the company's stock worth $1,011,000 after purchasing an additional 22 shares in the last quarter. Sage Mountain Advisors LLC grew its stake in shares of IDEXX Laboratories by 3.8% during the 1st quarter. Sage Mountain Advisors LLC now owns 635 shares of the company's stock valued at $267,000 after buying an additional 23 shares during the period. PDS Planning Inc grew its stake in shares of IDEXX Laboratories by 3.9% during the 1st quarter. PDS Planning Inc now owns 641 shares of the company's stock valued at $269,000 after buying an additional 24 shares during the period. King Luther Capital Management Corp grew its stake in shares of IDEXX Laboratories by 0.5% during the 1st quarter. King Luther Capital Management Corp now owns 4,896 shares of the company's stock valued at $2,056,000 after buying an additional 24 shares during the period. Finally, Gabelli Funds LLC lifted its holdings in shares of IDEXX Laboratories by 5.3% during the 4th quarter. Gabelli Funds LLC now owns 500 shares of the company's stock valued at $207,000 after acquiring an additional 25 shares in the last quarter. Institutional investors and hedge funds own 87.84% of the company's stock.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX traded up $3.4130 during trading on Wednesday, reaching $640.1230. The company had a trading volume of 235,145 shares, compared to its average volume of 725,007. IDEXX Laboratories, Inc. has a 52 week low of $356.14 and a 52 week high of $688.12. The stock has a market cap of $51.21 billion, a PE ratio of 53.19, a PEG ratio of 4.13 and a beta of 1.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 1.11. The business's 50 day moving average price is $563.04 and its 200-day moving average price is $490.56.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, topping analysts' consensus estimates of $3.28 by $0.35. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The company's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 earnings per share. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. Analysts expect that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

Insider Activity

In other news, EVP Michael Lane sold 8,411 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $627.74, for a total value of $5,279,921.14. Following the completion of the transaction, the executive vice president owned 7,132 shares in the company, valued at $4,477,041.68. This represents a 54.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nimrata Hunt sold 7,143 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $630.43, for a total transaction of $4,503,161.49. Following the completion of the sale, the executive vice president directly owned 18,007 shares in the company, valued at approximately $11,352,153.01. This represents a 28.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,870 shares of company stock valued at $32,877,757. 0.98% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. BTIG Research lifted their target price on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Piper Sandler restated a "neutral" rating and issued a $700.00 target price (up previously from $510.00) on shares of IDEXX Laboratories in a research report on Monday, August 11th. Stifel Nicolaus set a $640.00 price target on shares of IDEXX Laboratories in a research note 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 note on Thursday, July 17th. Finally, Jefferies Financial Group started coverage on shares of IDEXX Laboratories in a research report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, IDEXX Laboratories presently has a consensus rating of "Moderate Buy" and a consensus target price of $649.44.

About IDEXX Laboratories

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.