Weitz Investment Management Inc. Acquires New Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Key Points

• Weitz Investment Management Inc. invested approximately $25.32 million in IDEXX Laboratories, acquiring 60,300 shares of the stock in the first quarter.
• Analysts have raised their price targets for IDEXX Laboratories, with a consensus average target price now at $557.88 and several firms issuing "buy" ratings.
• IDEXX Laboratories reported a quarterly EPS of $2.96, surpassing analysts' expectations, with a revenue increase of 3.6% year-over-year.

Weitz Investment Management Inc. purchased a new position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 60,300 shares of the company's stock, valued at approximately $25,323,000. IDEXX Laboratories comprises approximately 1.3% of Weitz Investment Management Inc.'s investment portfolio, making the stock its 29th largest holding. Weitz Investment Management Inc. owned 0.07% of IDEXX Laboratories at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in IDXX. MorganRosel Wealth Management LLC acquired a new position in shares of IDEXX Laboratories in the 1st quarter valued at about $26,000. Hurley Capital LLC acquired a new stake in IDEXX Laboratories during the 4th quarter worth $29,000. Colonial Trust Co SC lifted its stake in IDEXX Laboratories by 84.8% in the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company's stock valued at $35,000 after buying an additional 39 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of IDEXX Laboratories by 55.6% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock valued at $35,000 after acquiring an additional 30 shares during the period. Finally, Bank of Jackson Hole Trust raised its holdings in 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 acquiring an additional 69 shares in 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 several research 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 lifted their target price on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Jefferies Financial Group assumed coverage on shares of IDEXX Laboratories in a research note on Tuesday, July 1st. They set a "buy" rating and a $625.00 target price on the stock. Morgan Stanley set a $722.00 price target on IDEXX Laboratories and gave the stock an "overweight" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upped their target price on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a report on Monday. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $623.56.

IDEXX Laboratories Stock Performance

Shares of IDXX stock traded down $17.75 during midday trading on Wednesday, hitting $624.19. The company had a trading volume of 816,294 shares, compared to its average volume of 770,026. The company's 50 day simple moving average is $537.43 and its 200 day simple moving average is $475.11. IDEXX Laboratories, Inc. has a 52-week low of $356.14 and a 52-week high of $688.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.81. The stock has a market cap of $50.20 billion, a price-to-earnings ratio of 51.97, a PEG ratio of 4.32 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $3.63 earnings per share (EPS) 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 analyst estimates of $1.06 billion. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.44 EPS. Research analysts anticipate that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Insider Transactions at IDEXX Laboratories

In related news, Director M Anne Szostak sold 1,260 shares of the firm's stock in a transaction on 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 directly owned 1,801 shares of the company's stock, valued at approximately $922,724.34. This trade represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a 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.