IDEXX Laboratories, Inc. $IDXX Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lowered its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 28.7% during the third quarter, Holdings Channel reports. The firm owned 9,054 shares of the company’s stock after selling 3,650 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in IDEXX Laboratories were worth $4,728,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Alps Advisors Inc. raised its position in shares of IDEXX Laboratories by 10.1% in the 3rd quarter. Alps Advisors Inc. now owns 1,956 shares of the company’s stock valued at $1,021,000 after buying an additional 180 shares in the last quarter. Ashton Thomas Private Wealth LLC lifted its holdings in shares of IDEXX Laboratories by 12.5% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 632 shares of the company’s stock worth $330,000 after acquiring an additional 70 shares during the period. Alta Advisers Ltd acquired a new stake in shares of IDEXX Laboratories during the 3rd quarter worth approximately $288,000. Legacies Wealth LLC acquired a new stake in shares of IDEXX Laboratories during the 3rd quarter worth approximately $176,000. Finally, Pine Haven Investment Counsel Inc boosted its position in shares of IDEXX Laboratories by 3.7% during the 3rd quarter. Pine Haven Investment Counsel Inc now owns 1,439 shares of the company’s stock worth $751,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 87.84% of the company’s stock.

Key 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

Insiders Place Their Bets

In other IDEXX Laboratories news, Director Daniel Junius sold 1,200 shares of the company’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $704.07, for a total transaction of $844,884.00. Following the sale, the director owned 2,361 shares of the company’s stock, valued at approximately $1,662,309.27. This represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sharon Underberg sold 8,906 shares of the company’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $688.59, for a total transaction of $6,132,582.54. Following the sale, the executive vice president directly owned 7,169 shares in the company, valued at $4,936,501.71. This trade represents a 55.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 41,428 shares of company stock valued at $28,567,934 over the last quarter. Company insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

IDXX has been the subject of several recent analyst reports. The Goldman Sachs Group assumed coverage on IDEXX Laboratories in a research report on Friday, October 16th. They set a “buy” rating and a $740.00 price objective for the company. Leerink Partners decreased their target price on IDEXX Laboratories from $725.00 to $715.00 and set an “outperform” rating on the stock in a research report on Monday, July 13th. Weiss Ratings upgraded IDEXX Laboratories from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Barclays lowered their target price on IDEXX Laboratories from $800.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Finally, KeyCorp initiated coverage on shares of IDEXX Laboratories in a report on Monday, October 12th. They issued a “sector weight” rating for the company. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, IDEXX Laboratories has a consensus rating of “Moderate Buy” and an average target price of $719.55.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX opened at $676.04 on Monday. The company’s 50 day moving average price is $546.75 and its 200-day moving average price is $573.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 1.19. IDEXX Laboratories, Inc. has a 52-week low of $500.61 and a 52-week high of $769.98. The company has a market capitalization of $53.27 billion, a P/E ratio of 45.59 and a beta of 1.55.

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

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.