IDEXX Laboratories, Inc. (NASDAQ:IDXX) Shares Sold by Bourne Lent Asset Management Inc.

Bourne Lent Asset Management Inc. reduced its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 19.5% in the 1st quarter, Holdings Channel reports. The firm owned 31,802 shares of the company’s stock after selling 7,715 shares during the quarter. IDEXX Laboratories accounts for about 5.7% of Bourne Lent Asset Management Inc.’s portfolio, making the stock its 6th largest position. Bourne Lent Asset Management Inc.’s holdings in IDEXX Laboratories were worth $13,355,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in IDXX. Pine Haven Investment Counsel Inc increased its stake in shares of IDEXX Laboratories by 7.4% in the 1st quarter. Pine Haven Investment Counsel Inc now owns 1,155 shares of the company’s stock worth $485,000 after acquiring an additional 80 shares during the last quarter. Gateway Investment Advisers LLC increased its stake in shares of IDEXX Laboratories by 7.7% in the 1st quarter. Gateway Investment Advisers LLC now owns 13,296 shares of the company’s stock worth $5,584,000 after acquiring an additional 947 shares during the last quarter. Blue Zone Wealth Advisors LLC increased its stake in shares of IDEXX Laboratories by 18.0% in the 1st quarter. Blue Zone Wealth Advisors LLC now owns 11,301 shares of the company’s stock worth $4,746,000 after acquiring an additional 1,727 shares during the last quarter. KFG Wealth Management LLC increased its stake in shares of IDEXX Laboratories by 27.4% in the 1st quarter. KFG Wealth Management LLC now owns 1,391 shares of the company’s stock worth $584,000 after acquiring an additional 299 shares during the last quarter. Finally, Procyon Advisors LLC increased its stake in shares of IDEXX Laboratories by 50.3% in the 1st quarter. Procyon Advisors LLC now owns 2,119 shares of the company’s stock worth $890,000 after acquiring an additional 709 shares during the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

IDEXX Laboratories Stock Performance

Shares of IDEXX Laboratories stock opened at $524.91 on Friday. The business has a 50-day moving average of $460.16 and a 200 day moving average of $440.88. IDEXX Laboratories, Inc. has a 12 month low of $356.14 and a 12 month high of $530.73. The stock has a market capitalization of $42.21 billion, a price-to-earnings ratio of 49.19, a price-to-earnings-growth ratio of 3.41 and a beta of 1.55. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.31 and a quick ratio of 0.95.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Thursday, May 1st. The company reported $2.96 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.03. IDEXX Laboratories had a return on equity of 55.82% and a net margin of 22.78%. The company had revenue of $998.43 million during the quarter, compared to analysts’ expectations of $998.25 million. During the same period last year, the business posted $2.71 EPS. IDEXX Laboratories’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

Wall Street Analyst Weigh In

IDXX has been the subject of a number of recent research reports. Stifel Nicolaus raised their target price on IDEXX Laboratories from $460.00 to $510.00 and gave the stock a “hold” rating in a research note on Monday, May 19th. Morgan Stanley increased their price target on IDEXX Laboratories from $548.00 to $558.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Piper Sandler increased their price target on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Wall Street Zen cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $536.00.

Insider Activity at IDEXX Laboratories

In other news, Director M Anne Szostak sold 1,260 shares of IDEXX Laboratories stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $512.34, for a total value of $645,548.40. Following the completion of the transaction, the director now owns 1,801 shares in the company, valued at approximately $922,724.34. This trade represents a 41.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is currently owned by company insiders.

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.