Public Sector Pension Investment Board Has $11 Million Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• The Public Sector Pension Investment Board reduced its holdings in IDEXX Laboratories by 27.8%, owning 26,194 shares valued at approximately $11 million after selling 10,075 shares in Q1.
• IDEXX Laboratories reported $3.63 earnings per share for the last quarter, exceeding analyst expectations and showing a 10.6% increase in year-over-year revenue.
• Insider transactions indicate executives have sold significant amounts of shares; EVP Sharon E. Underberg sold 5,450 shares, while EVP Nimrata Hunt sold 7,143 shares, reflecting notable decreases in their ownership.

Public Sector Pension Investment Board lessened its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 27.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,194 shares of the company's stock after selling 10,075 shares during the period. Public Sector Pension Investment Board's holdings in IDEXX Laboratories were worth $11,000,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. MorganRosel Wealth Management LLC bought a new position in IDEXX Laboratories during the 1st quarter worth $26,000. Colonial Trust Co SC increased its stake in IDEXX Laboratories by 84.8% during the 4th quarter. Colonial Trust Co SC now owns 85 shares of the company's stock worth $35,000 after acquiring an additional 39 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in IDEXX Laboratories by 55.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after acquiring an additional 30 shares during the period. Bank of Jackson Hole Trust boosted its holdings in shares of IDEXX Laboratories by 328.6% in the 1st quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock valued at $39,000 after purchasing an additional 69 shares in the last quarter. Finally, Itau Unibanco Holding S.A. boosted its holdings in shares of IDEXX Laboratories by 540.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 96 shares of the company's stock valued at $40,000 after purchasing an additional 81 shares in the last quarter. Institutional investors own 87.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IDXX shares. JPMorgan Chase & Co. raised their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a report on Monday, August 4th. Morgan Stanley raised their target price on IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a report on Friday. Jefferies Financial Group started coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 target price on the stock. Leerink Partners raised their target price on IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Finally, BTIG Research raised their target price on IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, IDEXX Laboratories currently has a consensus rating of "Moderate Buy" and a consensus target price of $649.44.

Insider Activity

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 7,143 shares of IDEXX Laboratories stock in a transaction dated 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 transaction, the executive vice president directly owned 18,007 shares of the company's stock, valued at approximately $11,352,153.01. The trade was a 28.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jonathan Jay Mazelsky sold 29,260 shares of IDEXX Laboratories stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $631.98, for a total value of $18,491,734.80. Following the transaction, the chief executive officer directly owned 83,311 shares in the company, valued at $52,650,885.78. The trade was a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 54,176 shares of company stock worth $34,060,678. 0.98% of the stock is owned by corporate insiders.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX traded down $3.11 during mid-day trading on Friday, hitting $650.84. 418,031 shares of the stock traded hands, compared to its average volume of 851,260. 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, Inc. has a twelve month low of $356.14 and a twelve month high of $688.12. The company has a market cap of $52.07 billion, a PE ratio of 54.19, a price-to-earnings-growth ratio of 4.21 and a beta of 1.49. The firm has a 50 day simple moving average of $558.44 and a two-hundred day simple moving average of $487.59.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, beating 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 company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the business posted $2.44 EPS. IDEXX Laboratories's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal year.

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.