Penobscot Wealth Management Decreases Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Penobscot Wealth Management trimmed its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,219 shares of the company’s stock after selling 100 shares during the period. IDEXX Laboratories makes up approximately 1.6% of Penobscot Wealth Management’s holdings, making the stock its 17th biggest holding. Penobscot Wealth Management’s holdings in IDEXX Laboratories were worth $2,342,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Blair William & Co. IL lifted its stake in shares of IDEXX Laboratories by 0.7% in the 3rd quarter. Blair William & Co. IL now owns 1,199,945 shares of the company’s stock worth $524,700,000 after acquiring an additional 7,812 shares during the period. Brown Advisory Inc. raised its stake in shares of IDEXX Laboratories by 2.2% during the third quarter. Brown Advisory Inc. now owns 1,161,124 shares of the company’s stock valued at $507,725,000 after purchasing an additional 24,741 shares during the period. Morgan Stanley increased its stake in shares of IDEXX Laboratories by 4.7% in the third quarter. Morgan Stanley now owns 1,064,514 shares of the company’s stock worth $465,482,000 after buying an additional 48,095 shares during the last quarter. Northern Trust Corp increased its stake in shares of IDEXX Laboratories by 7.7% in the third quarter. Northern Trust Corp now owns 919,191 shares of the company’s stock worth $401,935,000 after buying an additional 65,891 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of IDEXX Laboratories by 1.4% in the third quarter. Principal Financial Group Inc. now owns 815,863 shares of the company’s stock worth $356,753,000 after buying an additional 11,315 shares during the last quarter. Hedge funds and other institutional investors own 87.84% of the company’s stock.

Wall Street Analysts Forecast Growth

IDXX has been the subject of a number of research analyst reports. Barclays lifted their price target on shares of IDEXX Laboratories from $605.00 to $655.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 6th. William Blair restated an “outperform” rating on shares of IDEXX Laboratories in a research note on Tuesday, April 9th. The Goldman Sachs Group boosted their target price on shares of IDEXX Laboratories from $500.00 to $650.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. JPMorgan Chase & Co. boosted their target price on shares of IDEXX Laboratories from $600.00 to $630.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Finally, Piper Sandler lowered shares of IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $525.00 target price for the company. in a research note on Tuesday, January 30th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $591.50.

IDEXX Laboratories Price Performance

IDXX stock traded down $5.02 during trading on Thursday, hitting $489.24. The company had a trading volume of 358,456 shares, compared to its average volume of 430,629. The firm has a market capitalization of $40.63 billion, a price-to-earnings ratio of 48.58, a P/E/G ratio of 3.80 and a beta of 1.26. The business has a 50 day moving average of $532.15 and a 200 day moving average of $510.35. IDEXX Laboratories, Inc. has a fifty-two week low of $372.50 and a fifty-two week high of $583.39. The company has a current ratio of 1.57, a quick ratio of 1.17 and a debt-to-equity ratio of 0.42.

IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings data on Monday, February 5th. The company reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.20. The business had revenue of $901.60 million during the quarter, compared to the consensus estimate of $891.88 million. IDEXX Laboratories had a net margin of 23.08% and a return on equity of 71.66%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.05 earnings per share. As a group, research analysts predict that IDEXX Laboratories, Inc. will post 11.15 earnings per share for the current year.

Insider Buying and Selling at IDEXX Laboratories

In other IDEXX Laboratories news, CEO Jonathan Jay Mazelsky sold 12,000 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $572.61, for a total value of $6,871,320.00. Following the completion of the transaction, the chief executive officer now directly owns 79,247 shares in the company, valued at $45,377,624.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jonathan Jay Mazelsky sold 12,000 shares of IDEXX Laboratories stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $572.61, for a total value of $6,871,320.00. Following the completion of the transaction, the chief executive officer now directly owns 79,247 shares in the company, valued at $45,377,624.67. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian P. Mckeon sold 23,326 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total value of $13,296,053.26. Following the transaction, the chief financial officer now directly owns 29,718 shares of the company’s stock, valued at approximately $16,939,557.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,524 shares of company stock worth $24,871,960. Corporate insiders own 2.11% of the company’s stock.

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.