Progressive Investment Management Corp Cuts Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Progressive Investment Management Corp reduced its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,911 shares of the company’s stock after selling 401 shares during the period. IDEXX Laboratories accounts for about 2.5% of Progressive Investment Management Corp’s investment portfolio, making the stock its 19th largest position. Progressive Investment Management Corp’s holdings in IDEXX Laboratories were worth $8,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new position in IDEXX Laboratories in the first quarter valued at approximately $26,000. Colonial Trust Co SC raised its holdings 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 during the period. Migdal Insurance & Financial Holdings Ltd. raised its holdings in IDEXX Laboratories by 55.6% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company’s stock valued at $35,000 after buying an additional 30 shares during the period. Bank of Jackson Hole Trust raised its holdings in IDEXX Laboratories by 328.6% in the first quarter. Bank of Jackson Hole Trust now owns 90 shares of the company’s stock valued at $39,000 after buying an additional 69 shares during the period. Finally, Itau Unibanco Holding S.A. raised its holdings in IDEXX Laboratories by 540.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 96 shares of the company’s stock valued at $40,000 after buying an additional 81 shares during the period. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at IDEXX Laboratories

In related news, EVP Nimrata Hunt sold 1,200 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $656.53, for a total transaction of $787,836.00. Following the transaction, the executive vice president directly owned 16,807 shares in the company, valued at $11,034,299.71. This trade represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael G. Erickson sold 406 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $649.96, for a total value of $263,883.76. Following the transaction, the executive vice president owned 11,287 shares in the company, valued at $7,336,098.52. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,176 shares of company stock valued at $34,060,678. Corporate insiders own 0.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on IDXX. Stifel Nicolaus set a $640.00 price target on shares of IDEXX Laboratories in a report on Monday, August 4th. Jefferies Financial Group began coverage on shares of IDEXX Laboratories in a research report on Tuesday, July 1st. They issued a “buy” rating and a $625.00 price objective for the company. BTIG Research increased their price objective on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Piper Sandler reaffirmed a “neutral” rating and issued a $700.00 price objective (up previously from $510.00) on shares of IDEXX Laboratories in a research report on Monday. Finally, Morgan Stanley increased their price objective on shares of IDEXX Laboratories from $722.00 to $765.00 and gave the company an “overweight” rating in a research report on Friday. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, IDEXX Laboratories presently has a consensus rating of “Moderate Buy” and an average target price of $649.44.

IDEXX Laboratories Stock Down 0.5%

IDXX stock opened at $650.84 on Friday. IDEXX Laboratories, Inc. has a twelve month low of $356.14 and a twelve month high of $688.12. The company has a current ratio of 1.11, a quick ratio of 0.79 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $52.07 billion, a P/E ratio of 54.19, a PEG ratio of 4.23 and a beta of 1.49. The firm has a 50 day simple moving average of $558.44 and a 200-day simple moving average of $487.11.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings results on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, topping analysts’ consensus estimates of $3.28 by $0.35. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the company earned $2.44 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

About IDEXX Laboratories

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.