Truist Financial Corp Reduces Stock Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Truist Financial Corp reduced its holdings in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 16.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,225 shares of the company’s stock after selling 8,102 shares during the quarter. Truist Financial Corp’s holdings in IDEXX Laboratories were worth $22,882,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in IDXX. OFI Invest Asset Management bought a new position in IDEXX Laboratories during the 3rd quarter valued at $25,000. Valley National Advisers Inc. grew its stake in IDEXX Laboratories by 84.6% in the fourth quarter. Valley National Advisers Inc. now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 22 shares in the last quarter. Geo Capital Gestora de Recursos Ltd bought a new stake in IDEXX Laboratories in the third quarter valued at about $28,000. Covestor Ltd raised its stake in IDEXX Laboratories by 71.8% during the third quarter. Covestor Ltd now owns 67 shares of the company’s stock valued at $29,000 after buying an additional 28 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in IDEXX Laboratories by 108.6% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 73 shares of the company’s stock valued at $32,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 87.84% of the company’s stock.

Insider Activity

In related news, CFO Brian P. Mckeon sold 23,326 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total value of $13,296,053.26. Following the completion of the sale, the chief financial officer now owns 29,718 shares of the company’s stock, valued at $16,939,557.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jonathan Jay Mazelsky sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $572.61, for a total transaction of $6,871,320.00. Following the transaction, the chief executive officer now owns 79,247 shares in the company, valued at $45,377,624.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian P. Mckeon sold 23,326 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $570.01, for a total value of $13,296,053.26. Following the completion of the sale, the chief financial officer now owns 29,718 shares of the company’s stock, valued at $16,939,557.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,524 shares of company stock valued at $24,871,960. Company insiders own 2.18% of the company’s stock.

IDEXX Laboratories Price Performance

NASDAQ IDXX opened at $505.34 on Tuesday. The company has a 50-day moving average price of $530.02 and a two-hundred day moving average price of $512.17. IDEXX Laboratories, Inc. has a 52 week low of $372.50 and a 52 week high of $583.39. The stock has a market cap of $41.97 billion, a price-to-earnings ratio of 50.18, a price-to-earnings-growth ratio of 3.85 and a beta of 1.26. The company has a current ratio of 1.57, a quick ratio of 1.17 and a debt-to-equity ratio of 0.42.

IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings data on Monday, February 5th. The company reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.20. The business had revenue of $901.60 million during the quarter, compared to analyst estimates of $891.88 million. IDEXX Laboratories had a return on equity of 71.66% and a net margin of 23.08%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 EPS. Analysts forecast that IDEXX Laboratories, Inc. will post 11.14 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IDXX. Piper Sandler downgraded 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. The Goldman Sachs Group boosted their target price on shares of IDEXX Laboratories from $500.00 to $650.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Barclays raised their price target on shares of IDEXX Laboratories from $605.00 to $655.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. William Blair reaffirmed an “outperform” rating on shares of IDEXX Laboratories in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. raised their target price on shares of IDEXX Laboratories from $600.00 to $630.00 and gave the stock an “overweight” rating in a report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $591.50.

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.