Sovereign Financial Group Inc. Makes New Investment in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Sovereign Financial Group Inc. acquired a new stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 434 shares of the company’s stock, valued at approximately $241,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in IDEXX Laboratories by 4.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 7,650 shares of the company’s stock worth $3,345,000 after acquiring an additional 302 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of IDEXX Laboratories by 0.8% in the 3rd quarter. Mackenzie Financial Corp now owns 43,678 shares of the company’s stock worth $18,572,000 after buying an additional 326 shares during the last quarter. Strs Ohio grew its position in IDEXX Laboratories by 1.0% during the third quarter. Strs Ohio now owns 19,558 shares of the company’s stock valued at $8,552,000 after buying an additional 196 shares during the period. IFM Investors Pty Ltd increased its holdings in IDEXX Laboratories by 6.3% during the third quarter. IFM Investors Pty Ltd now owns 19,298 shares of the company’s stock worth $8,438,000 after buying an additional 1,149 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in IDEXX Laboratories by 16.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 92,971 shares of the company’s stock worth $40,653,000 after acquiring an additional 13,062 shares during the period. 87.84% of the stock is owned by institutional investors.

IDEXX Laboratories Stock Up 0.7 %

Shares of NASDAQ IDXX traded up $3.39 on Wednesday, reaching $487.07. 603,273 shares of the company’s stock traded hands, compared to its average volume of 443,853. The company has a quick ratio of 1.16, a current ratio of 1.57 and a debt-to-equity ratio of 0.40. The business’s 50 day simple moving average is $519.60 and its two-hundred day simple moving average is $514.34. IDEXX Laboratories, Inc. has a 12 month low of $372.50 and a 12 month high of $583.39. The company has a market cap of $40.23 billion, a price-to-earnings ratio of 46.23, a price-to-earnings-growth ratio of 3.78 and a beta of 1.27.

IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Monday, February 5th. The company reported $2.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.20. IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. The firm had revenue of $901.60 million for the quarter, compared to the consensus estimate of $891.88 million. During the same quarter in the prior year, the firm posted $2.05 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts forecast that IDEXX Laboratories, Inc. will post 11.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. StockNews.com cut shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. William Blair reaffirmed an “outperform” rating on shares of IDEXX Laboratories in a report on Tuesday, April 9th. JPMorgan Chase & Co. increased their target price on IDEXX Laboratories from $600.00 to $630.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. Piper Sandler lowered IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $525.00 price target for the company. in a report on Tuesday, January 30th. Finally, Barclays dropped their price target on IDEXX Laboratories from $655.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $580.88.

Insiders Place Their Bets

In other IDEXX Laboratories news, SVP George Fennell sold 8,198 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $573.87, for a total transaction of $4,704,586.26. Following the completion of the sale, the senior vice president now directly owns 6,712 shares in the company, valued at approximately $3,851,815.44. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.11% of the stock is owned by insiders.

IDEXX Laboratories Company 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.