IDEXX Laboratories, Inc. $IDXX Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 3.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,172 shares of the company’s stock after selling 9,335 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.30% of IDEXX Laboratories worth $121,844,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Aurora Investment Managers LLC. purchased a new position in shares of IDEXX Laboratories during the 2nd quarter worth about $2,442,000. National Pension Service boosted its position in shares of IDEXX Laboratories by 5.6% in the second quarter. National Pension Service now owns 129,305 shares of the company’s stock worth $68,071,000 after acquiring an additional 6,885 shares during the last quarter. Howard Capital Management LLC purchased a new stake in IDEXX Laboratories in the third quarter valued at approximately $1,249,000. NewEdge Advisors LLC grew its holdings in IDEXX Laboratories by 60.9% in the first quarter. NewEdge Advisors LLC now owns 15,221 shares of the company’s stock valued at $8,552,000 after purchasing an additional 5,761 shares during the period. Finally, Arizona State Retirement System grew its holdings in IDEXX Laboratories by 4.9% in the second quarter. Arizona State Retirement System now owns 22,772 shares of the company’s stock valued at $11,988,000 after purchasing an additional 1,074 shares during the period. Hedge funds and other institutional investors own 87.84% of the company’s stock.

Insiders Place Their Bets

In related news, Director Lawrence D. Kingsley sold 2,203 shares of IDEXX Laboratories stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $532.08, for a total value of $1,172,172.24. Following the completion of the transaction, the director directly owned 9,568 shares in the company, valued at approximately $5,090,941.44. This trade represents a 18.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jonathan Mazelsky sold 25,140 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $703.19, for a total value of $17,678,196.60. Following the completion of the sale, the insider directly owned 83,803 shares of the company’s stock, valued at approximately $58,929,431.57. This represents a 23.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 41,428 shares of company stock valued at $28,567,934. 0.79% of the stock is owned by company insiders.

IDEXX Laboratories Price Performance

IDXX stock opened at $676.04 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.19 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average is $546.75 and its two-hundred day moving average is $573.35. The company has a market capitalization of $53.26 billion, a PE ratio of 45.59 and a beta of 1.55. IDEXX Laboratories, Inc. has a 52-week low of $500.61 and a 52-week high of $769.98.

IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings results on Monday, November 2nd. The company reported $3.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.71 by $0.25. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. IDEXX Laboratories had a net margin of 25.36% and a return on equity of 71.04%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the company posted $3.22 earnings per share. Analysts predict that IDEXX Laboratories, Inc. will post 15.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IDXX shares. UBS Group increased their price target on shares of IDEXX Laboratories from $627.00 to $700.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 3rd. Weiss Ratings upgraded shares of IDEXX Laboratories from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. KeyCorp started coverage on shares of IDEXX Laboratories in a research note on Monday, October 12th. They set a “sector weight” rating for the company. JPMorgan Chase & Co. dropped their price objective on IDEXX Laboratories from $775.00 to $750.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Finally, Wall Street Zen downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $719.55.

More IDEXX Laboratories News

Here are the key news stories impacting IDEXX Laboratories this week:

• Positive Sentiment: A Zacks article says IDEXX’s above-average financial growth could help it outperform, bolstering the growth-investment case. Zacks growth-investor article
• Positive Sentiment: Morgan Stanley raised its price target on IDXX, a potentially supportive analyst signal; the available report does not state the revised target. Morgan Stanley price-target report
• Positive Sentiment: Recent quarterly results beat expectations: IDEXX reported EPS of $3.96 versus $3.71 expected and revenue of $1.21 billion versus $1.19 billion expected. Revenue grew 9.9% year over year. IDEXX quarterly results analysis
• Negative Sentiment: Four directors and executives sold a combined 39,225 shares on November 4, worth about $27.4 million, and each reduced their reported holdings. The sales may weigh on sentiment, although insider transactions do not by themselves indicate a negative company outlook. Insider-trading report
• Negative Sentiment: A Seeking Alpha article downgraded IDXX, arguing the shares are expensive despite the company’s business quality. Valuation concerns could temper the positive effect of earnings growth. IDEXX valuation downgrade

IDEXX Laboratories Company Profile

IDEXX Laboratories develops and sells diagnostic, technology and software products for veterinary, livestock and water-testing markets. Its veterinary offerings include in-clinic diagnostic instruments and tests, reference laboratory services, digital imaging and practice-management software that help veterinary professionals assess animal health and manage their practices.

The company also provides diagnostic tests and related services for livestock and poultry, as well as products used to monitor water quality.