UNIVEST FINANCIAL Corp Acquires 6,193 Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• UNIVEST FINANCIAL Corp significantly increased its holdings in IDEXX Laboratories by 266.6% in the first quarter, owning 8,516 shares valued at approximately $3.58 million.
• Brokerages have raised their price targets for IDEXX Laboratories, with Morgan Stanley setting a price objective of $558.00 and others raising theirs to between $540.00 and $625.00.
• Institutional investors and hedge funds collectively own 87.84% of IDEXX Laboratories, indicating strong institutional support for the stock.

UNIVEST FINANCIAL Corp grew its holdings in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 266.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,516 shares of the company's stock after purchasing an additional 6,193 shares during the period. UNIVEST FINANCIAL Corp's holdings in IDEXX Laboratories were worth $3,576,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IDXX. MorganRosel Wealth Management LLC acquired a new stake in shares of IDEXX Laboratories in the first quarter valued at approximately $26,000. Hurley Capital LLC acquired a new position in IDEXX Laboratories during the fourth quarter worth $29,000. Colonial Trust Co SC increased its holdings in IDEXX Laboratories by 84.8% during the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company's stock worth $35,000 after buying an additional 39 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in IDEXX Laboratories by 55.6% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after buying an additional 30 shares during the last quarter. Finally, Bank of Jackson Hole Trust increased its holdings in IDEXX Laboratories by 328.6% during the first quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock worth $39,000 after buying an additional 69 shares during the last quarter. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IDXX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Leerink Partners boosted their target price on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Jefferies Financial Group initiated coverage on shares of IDEXX Laboratories in a report on Tuesday, July 1st. They set a "buy" rating and a $625.00 target price on the stock. Stifel Nicolaus boosted their target price on shares of IDEXX Laboratories from $510.00 to $540.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley boosted their target price on shares of IDEXX Laboratories from $548.00 to $558.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $557.88.

IDEXX Laboratories Stock Performance

Shares of IDXX stock traded up $1.23 on Friday, hitting $535.54. The company's stock had a trading volume of 760,497 shares, compared to its average volume of 518,616. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.81 and a current ratio of 1.16. The stock's 50 day moving average is $530.62 and its 200-day moving average is $470.66. IDEXX Laboratories, Inc. has a fifty-two week low of $356.14 and a fifty-two week high of $579.47. The company has a market capitalization of $43.07 billion, a PE ratio of 49.50, a PEG ratio of 3.80 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $2.96 EPS for the quarter, topping analysts' consensus estimates of $2.93 by $0.03. The firm had revenue of $998.43 million during the quarter, compared to analysts' expectations of $998.25 million. IDEXX Laboratories had a net margin of 22.76% and a return on equity of 57.35%. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.71 earnings per share. Equities research analysts expect that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Insider Activity at IDEXX Laboratories

In other news, Director M Anne Szostak sold 1,260 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $512.34, for a total value of $645,548.40. Following the completion of the transaction, the director owned 1,801 shares of the company's stock, valued at approximately $922,724.34. This represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.98% of the company's stock.

IDEXX Laboratories Company 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.