Select Equity Group L.P. Buys New Stake in IDEXX Laboratories, Inc. $IDXX

Key Points

• Select Equity Group L.P. has made a significant investment of approximately $194.83 million in IDEXX Laboratories, acquiring 463,946 shares during the first quarter.
• Multiple analysts have raised their price targets for IDEXX Laboratories, with Morgan Stanley increasing its target from $722 to $765, reflecting a bullish outlook.
• Insider trading activity includes the sale of 54,057 shares by executives, indicating some executive profit-taking amid a 0.4% increase in stock price.

Select Equity Group L.P. acquired a new stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 463,946 shares of the company's stock, valued at approximately $194,834,000. Select Equity Group L.P. owned about 0.58% of IDEXX Laboratories at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new stake in shares of IDEXX Laboratories in the first quarter worth $26,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of IDEXX Laboratories by 55.6% in the first 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 last quarter. Colonial Trust Co SC grew its stake in shares of IDEXX Laboratories by 84.8% in the fourth 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 last quarter. WPG Advisers LLC purchased a new stake in shares of IDEXX Laboratories in the first quarter worth $37,000. Finally, Bank of Jackson Hole Trust grew its stake in shares of IDEXX Laboratories by 328.6% in 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 owned by hedge funds and other institutional investors.

Insider Buying and Selling at IDEXX Laboratories

In related news, EVP Nimrata Hunt sold 1,200 shares of IDEXX Laboratories stock in a transaction on Monday, August 11th. The shares were sold at an average price of $656.53, for a total transaction of $787,836.00. Following the transaction, the executive vice president owned 16,807 shares in the company, valued at approximately $11,034,299.71. The trade was a 6.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Anne Szostak sold 2,187 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $647.33, for a total value of $1,415,710.71. Following the completion of the sale, the director owned 262 shares of the company's stock, valued at $169,600.46. The trade was a 89.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,057 shares of company stock valued at $34,293,468 in the last ninety days. 0.98% of the stock is currently owned by company insiders.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX traded down $12.76 during mid-day trading on Friday, hitting $632.40. 87,210 shares of the company traded hands, compared to its average volume of 693,144. The stock's fifty day moving average price is $601.69 and its 200-day moving average price is $512.04. IDEXX Laboratories, Inc. has a one year low of $356.14 and a one year high of $688.12. The company has a quick ratio of 0.79, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. The firm has a market cap of $50.60 billion, a price-to-earnings ratio of 52.63, a price-to-earnings-growth ratio of 4.13 and a beta of 1.56.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $3.63 earnings per share (EPS) 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 business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. IDEXX Laboratories's revenue for the quarter was up 10.6% on a year-over-year basis. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. Research analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on IDXX shares. Morgan Stanley increased their target price on IDEXX Laboratories from $722.00 to $765.00 and gave the stock an "overweight" rating in a research note on Friday, August 15th. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. BTIG Research raised their price target on IDEXX Laboratories from $545.00 to $785.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Piper Sandler restated a "neutral" rating and issued a $700.00 price target (up from $510.00) on shares of IDEXX Laboratories in a research note on Monday, August 11th. Finally, Jefferies Financial Group initiated coverage on IDEXX Laboratories in a research note on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.