Conning Inc. Invests $213,000 in IDEXX Laboratories, Inc. $IDXX

Conning Inc. bought a new position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 398 shares of the company’s stock, valued at approximately $213,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Red Spruce Capital LLC lifted its position in IDEXX Laboratories by 1.1% in the second quarter. Red Spruce Capital LLC now owns 1,701 shares of the company’s stock valued at $912,000 after purchasing an additional 19 shares during the period. Rise Advisors LLC lifted its position in IDEXX Laboratories by 3.9% in the second quarter. Rise Advisors LLC now owns 562 shares of the company’s stock valued at $301,000 after purchasing an additional 21 shares during the period. Blue Trust Inc. lifted its position in IDEXX Laboratories by 14.2% in the second quarter. Blue Trust Inc. now owns 177 shares of the company’s stock valued at $95,000 after purchasing an additional 22 shares during the period. Sage Mountain Advisors LLC lifted its position in shares of IDEXX Laboratories by 3.8% during the 1st quarter. Sage Mountain Advisors LLC now owns 635 shares of the company’s stock valued at $267,000 after acquiring an additional 23 shares during the period. Finally, Great Lakes Advisors LLC lifted its position in shares of IDEXX Laboratories by 0.9% during the 1st quarter. Great Lakes Advisors LLC now owns 2,567 shares of the company’s stock valued at $1,078,000 after acquiring an additional 23 shares during the period. Institutional investors and hedge funds own 87.84% of the company’s stock.

Insider Activity

In related news, EVP Michael Lane sold 8,411 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $627.74, for a total transaction of $5,279,921.14. Following the completion of the sale, the executive vice president directly owned 7,132 shares of the company’s stock, valued at approximately $4,477,041.68. This represents a 54.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sharon E. Underberg sold 5,450 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $651.60, for a total transaction of $3,551,220.00. Following the sale, the executive vice president directly owned 6,156 shares of the company’s stock, valued at approximately $4,011,249.60. This trade represents a 46.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,057 shares of company stock worth $34,293,468 in the last quarter. Insiders own 0.98% of the company’s stock.

IDEXX Laboratories Stock Down 2.0%

IDXX stock opened at $616.15 on Monday. IDEXX Laboratories, Inc. has a one year low of $356.14 and a one year high of $688.12. The company has a 50 day moving average price of $641.49 and a two-hundred day moving average price of $543.56. The stock has a market capitalization of $49.29 billion, a P/E ratio of 51.30, a PEG ratio of 3.99 and a beta of 1.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 1.11.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings data on Monday, August 4th. The company reported $3.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the company earned $2.44 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. As a group, sell-side analysts expect that IDEXX Laboratories, Inc. will post 11.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IDXX. Piper Sandler reiterated a “neutral” rating and set a $700.00 price target (up from $510.00) on shares of IDEXX Laboratories in a research report on Monday, August 11th. Wall Street Zen cut shares of IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 28th. Jefferies Financial Group initiated coverage on shares of IDEXX Laboratories in a research note on Tuesday, July 1st. They set a “buy” rating and a $625.00 price objective for the company. Stifel Nicolaus set a $640.00 price objective on shares of IDEXX Laboratories in a research note on Monday, August 4th. Finally, BTIG Research raised their price objective on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $656.50.

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.