Investors Buy Shares of IDEXX Laboratories, Inc. (IDXX) on Weakness Following Insider Selling
Traders purchased shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) on weakness during trading hours on Friday after an insider sold shares in the company. $22.53 million flowed into the stock on the tick-up and $11.95 million flowed out of the stock on the tick-down, for a money net flow of $10.58 million into the stock. Of all stocks tracked, IDEXX Laboratories had the 26th highest net in-flow for the day. IDEXX Laboratories traded down ($1.49) for the day and closed at $151.08Specifically, insider Giovani Twigge sold 2,572 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $166.90, for a total transaction of $429,266.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Rebecca M. Henderson sold 5,156 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $153.29, for a total transaction of $790,363.24. Following the sale, the director now directly owns 17,274 shares in the company, valued at approximately $2,647,931.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,306 shares of company stock worth $24,087,283. Insiders own 2.77% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Bank of America Corp raised shares of IDEXX Laboratories from a “neutral” rating to a “buy” rating and set a $175.00 price objective on the stock in a report on Wednesday. Canaccord Genuity reissued a “buy” rating and issued a $180.00 price objective on shares of IDEXX Laboratories in a report on Tuesday. Stifel Nicolaus reissued a “buy” rating and issued a $185.00 price objective on shares of IDEXX Laboratories in a report on Monday. BidaskClub downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, CL King raised shares of IDEXX Laboratories from a “neutral” rating to a “buy” rating and set a $200.00 price objective on the stock in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. IDEXX Laboratories has a consensus rating of “Hold” and a consensus target price of $174.00.
The stock has a 50-day moving average price of $159.23 and a 200-day moving average price of $157.40. The firm has a market cap of $13.19 billion, a P/E ratio of 51.97 and a beta of 0.49.
IDEXX Laboratories (NASDAQ:IDXX) last released its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.10. The business had revenue of $508.90 million for the quarter, compared to analyst estimates of $502.44 million. IDEXX Laboratories had a negative return on equity of 473.46% and a net margin of 14.13%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, analysts expect that IDEXX Laboratories, Inc. will post $3.18 EPS for the current year.
IDEXX Laboratories declared that its Board of Directors has authorized a share buyback program on Wednesday, May 3rd that allows the company to buyback 3,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of IDEXX Laboratories by 4.0% in the second quarter. Vanguard Group Inc. now owns 9,264,579 shares of the company’s stock worth $1,495,488,000 after buying an additional 354,024 shares in the last quarter. BlackRock Inc. raised its position in shares of IDEXX Laboratories by 10.5% in the second quarter. BlackRock Inc. now owns 7,100,374 shares of the company’s stock worth $1,146,142,000 after buying an additional 673,347 shares in the last quarter. State Street Corp raised its position in shares of IDEXX Laboratories by 38.6% in the first quarter. State Street Corp now owns 3,911,739 shares of the company’s stock worth $604,793,000 after buying an additional 1,089,880 shares in the last quarter. Koch Industries Inc. raised its position in shares of IDEXX Laboratories by 44,533.1% in the second quarter. Koch Industries Inc. now owns 1,399,248 shares of the company’s stock worth $1,391,000 after buying an additional 1,396,113 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of IDEXX Laboratories by 38.6% in the second quarter. Renaissance Technologies LLC now owns 1,351,900 shares of the company’s stock worth $218,224,000 after buying an additional 376,300 shares in the last quarter. 89.42% of the stock is currently owned by hedge funds and other institutional investors.
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About IDEXX Laboratories
IDEXX Laboratories, Inc develops, manufactures and distributes products and provides services for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The Company also sells a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.
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