State of New Jersey Common Pension Fund D Reduces Stake in IDEXX Laboratories, Inc. $IDXX

Key Points

• The State of New Jersey Common Pension Fund D decreased its holdings in IDEXX Laboratories by 8.1%, owning 27,451 shares worth approximately $11.5 million after selling 2,430 shares.
• Multiple hedge funds have recently altered their stakes in IDEXX Laboratories, with increases noted, including PDS Planning Inc and Sage Mountain Advisors LLC, contributing to a total hedge fund ownership of 87.84%.
• IDEXX Laboratories reported a 10.6% increase in revenue year-over-year, with an earnings per share of $3.63, surpassing analysts' expectations, indicating strong financial performance.

State of New Jersey Common Pension Fund D reduced its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 8.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 27,451 shares of the company's stock after selling 2,430 shares during the period. State of New Jersey Common Pension Fund D's holdings in IDEXX Laboratories were worth $11,528,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in IDEXX Laboratories by 59,810.7% during the 1st quarter. GAMMA Investing LLC now owns 918,431 shares of the company's stock valued at $3,856,950,000 after acquiring an additional 916,898 shares in the last quarter. Nuveen LLC purchased a new stake in shares of IDEXX Laboratories in the first quarter valued at about $179,784,000. Principal Financial Group Inc. lifted its position in shares of IDEXX Laboratories by 58.3% during the first quarter. Principal Financial Group Inc. now owns 1,126,002 shares of the company's stock valued at $472,865,000 after purchasing an additional 414,802 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of IDEXX Laboratories during the fourth quarter valued at about $156,412,000. Finally, BNP Paribas Financial Markets boosted its holdings in IDEXX Laboratories by 221.3% during the fourth quarter. BNP Paribas Financial Markets now owns 441,319 shares of the company's stock worth $182,459,000 after purchasing an additional 303,966 shares during the last quarter. Institutional investors own 87.84% of the company's stock.

Wall Street Analyst Weigh In

IDXX has been the subject of several analyst reports. Wall Street Zen upgraded shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. 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 for the company. Morgan Stanley increased their price target on IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a research report on Friday, August 15th. JPMorgan Chase & Co. boosted their price objective on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a research report on Monday, August 4th. Finally, BTIG Research upped their price objective on IDEXX Laboratories from $545.00 to $785.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, IDEXX Laboratories has a consensus rating of "Moderate Buy" and a consensus target price of $649.44.

Insider Buying and Selling at IDEXX Laboratories

In other IDEXX Laboratories news, EVP Michael Lane sold 8,411 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $627.74, for a total transaction 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 trade represents a 54.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael G. Erickson sold 406 shares of IDEXX Laboratories stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $649.96, for a total transaction of $263,883.76. Following the completion of the transaction, the executive vice president owned 11,287 shares of the company's stock, valued at $7,336,098.52. The trade was a 3.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,870 shares of company stock valued at $32,877,757. Insiders own 0.98% of the company's stock.

IDEXX Laboratories Stock Performance

NASDAQ IDXX traded up $3.14 on Wednesday, hitting $639.85. 525,226 shares of the stock traded hands, compared to its average volume of 726,979. 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 fifty day moving average is $563.04 and its two-hundred day moving average is $490.56. IDEXX Laboratories, Inc. has a 12 month low of $356.14 and a 12 month high of $688.12. The firm has a market capitalization of $51.19 billion, a price-to-earnings ratio of 53.28, a PEG ratio of 4.13 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its 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. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The business's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.44 earnings per share. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. As a group, equities analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 EPS for the current fiscal year.

IDEXX Laboratories 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.