Welch & Forbes LLC Sells 1,639 Shares of IDEXX Laboratories, Inc. $IDXX

Key Points

• Welch & Forbes reduced its IDEXX Laboratories stake by 1%, selling 1,639 shares in the third quarter; it retained 166,027 shares valued at about $86.7 million.
• IDEXX reported quarterly EPS of $3.96, beating the $3.71 analyst consensus, while revenue of $1.21 billion topped estimates and rose 9.9% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $717.27; seven analysts rate the stock Buy and six rate it Hold.

Welch & Forbes LLC lowered its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 166,027 shares of the company's stock after selling 1,639 shares during the quarter. IDEXX Laboratories makes up about 1.0% of Welch & Forbes LLC's portfolio, making the stock its 28th biggest position. Welch & Forbes LLC owned approximately 0.21% of IDEXX Laboratories worth $86,698,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. J.Safra Asset Management Corp purchased a new stake in shares of IDEXX Laboratories in the 2nd quarter worth $25,000. Elevation Wealth Partners LLC grew its position in shares of IDEXX Laboratories by 188.2% during the 2nd quarter. Elevation Wealth Partners LLC now owns 49 shares of the company's stock worth $26,000 after buying an additional 32 shares in the last quarter. Pension & Wealth Management Advisors Inc. bought a new position in shares of IDEXX Laboratories during the 3rd quarter worth $29,000. Arlington Trust Co LLC increased its stake in shares of IDEXX Laboratories by 46.3% during the second quarter. Arlington Trust Co LLC now owns 60 shares of the company's stock valued at $32,000 after buying an additional 19 shares during the period. Finally, Bell Investment Advisors Inc increased its stake in shares of IDEXX Laboratories by 45.5% during the third quarter. Bell Investment Advisors Inc now owns 64 shares of the company's stock valued at $33,000 after buying an additional 20 shares during the period. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

IDEXX Laboratories Stock Up 4.5%

Shares of NASDAQ IDXX opened at $706.65 on Tuesday. The company has a current ratio of 1.19, a quick ratio of 0.87 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $55.68 billion, a PE ratio of 47.65 and a beta of 1.55. The stock's fifty day simple moving average is $549.78 and its two-hundred day simple moving average is $573.40. IDEXX Laboratories, Inc. has a 12-month low of $500.61 and a 12-month high of $769.98.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The company reported $3.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.71 by $0.25. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. IDEXX Laboratories had a return on equity of 71.04% and a net margin of 25.36%. The business's revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business posted $3.22 EPS. As a group, analysts expect that IDEXX Laboratories, Inc. will post 15.05 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on IDXX shares. Leerink Partners decreased their price objective on IDEXX Laboratories from $725.00 to $715.00 and set an "outperform" rating for the company in a report on Monday, July 13th. Weiss Ratings upgraded shares of IDEXX Laboratories from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Morgan Stanley increased their target price on shares of IDEXX Laboratories from $805.00 to $810.00 and gave the stock an "overweight" rating in a report on Tuesday, November 3rd. The Goldman Sachs Group began coverage on shares of IDEXX Laboratories in a research report on Friday, October 16th. They set a "buy" rating and a $740.00 target price on the stock. Finally, Citigroup boosted their price target on shares of IDEXX Laboratories from $650.00 to $670.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $717.27.

Insider Buying and Selling

In other IDEXX Laboratories news, Director Lawrence D. Kingsley sold 2,203 shares of IDEXX Laboratories stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $532.08, for a total value of $1,172,172.24. Following the transaction, the director owned 9,568 shares in the company, valued at $5,090,941.44. The trade was a 18.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Junius sold 1,200 shares of the business's stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $704.07, for a total transaction of $844,884.00. Following the completion of the transaction, the director owned 2,361 shares of the company's stock, valued at $1,662,309.27. This represents a 33.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 41,428 shares of company stock valued at $28,567,934 over the last three months. Corporate insiders own 0.79% of the company's stock.

About IDEXX Laboratories

IDEXX Laboratories develops and sells diagnostic, technology and software products for veterinary, livestock and water-testing markets. Its veterinary offerings include in-clinic diagnostic instruments and tests, reference laboratory services, digital imaging and practice-management software that help veterinary professionals assess animal health and manage their practices.

The company also provides diagnostic tests and related services for livestock and poultry, as well as products used to monitor water quality.

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