Traders Sell Shares of IDEXX Laboratories, Inc. (IDXX) on Strength Following Insider Selling

Investors sold shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) on strength during trading on Wednesday after an insider sold shares in the company. $11.96 million flowed into the stock on the tick-up and $46.00 million flowed out of the stock on the tick-down, for a money net flow of $34.04 million out of the stock. Of all companies tracked, IDEXX Laboratories had the 0th highest net out-flow for the day. IDEXX Laboratories traded up $0.54 for the day and closed at $155.21Specifically, insider Giovani Twigge sold 2,572 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The stock was 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence D. Kingsley bought 2,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average price of $151.76 per share, with a total value of $303,520.00. Following the completion of the purchase, the director now directly owns 3,344 shares of the company’s stock, valued at $507,485.44. The disclosure for this purchase can be found here. Insiders sold 151,572 shares of company stock worth $23,715,597 over the last three months. 2.77% of the stock is currently owned by corporate insiders.

IDXX has been the subject of several recent analyst reports. BidaskClub downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research upgraded IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $181.00 target price for the company in a research note on Tuesday, April 25th. Canaccord Genuity restated a “buy” rating and set a $180.00 target price (up from $165.00) on shares of IDEXX Laboratories in a research note on Friday, April 28th. Finally, Stifel Nicolaus restated a “buy” rating and set a $185.00 target price on shares of IDEXX Laboratories in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $173.80.

The firm has a market capitalization of $13.26 billion, a P/E ratio of 52.25 and a beta of 0.49. The firm’s 50 day moving average is $160.43 and its 200 day moving average is $156.59.

IDEXX Laboratories (NASDAQ:IDXX) last released its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.10. The firm had revenue of $508.90 million during the quarter, compared to analyst estimates of $502.44 million. IDEXX Laboratories had a net margin of 14.13% and a negative return on equity of 473.46%. The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 EPS. Analysts predict that IDEXX Laboratories, Inc. will post $3.18 EPS for the current fiscal year.

IDEXX Laboratories declared that its board has authorized a share buyback program on Wednesday, May 3rd that permits the company to buyback 3,000,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IDXX. Vanguard Group Inc. raised its position in 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 owned by hedge funds and other institutional investors.

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IDEXX Laboratories Company Profile

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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