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

Kornitzer Capital Management Inc. KS lessened its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 28.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of IDXX. Alps Advisors Inc. boosted its stake in IDEXX Laboratories by 10.1% in the 3rd quarter. Alps Advisors Inc. now owns 1,956 shares of the company’s stock worth $1,021,000 after purchasing an additional 180 shares during the period. Ashton Thomas Private Wealth LLC increased its holdings in 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 purchasing an additional 70 shares in the last quarter. Alta Advisers Ltd acquired a new stake in shares of IDEXX Laboratories in the 3rd quarter valued at about $288,000. Legacies Wealth LLC acquired a new stake in shares of IDEXX Laboratories in the 3rd quarter valued at about $176,000. Finally, Pine Haven Investment Counsel Inc raised its stake in shares of IDEXX Laboratories by 3.7% in the 3rd quarter. Pine Haven Investment Counsel Inc now owns 1,439 shares of the company’s stock valued at $751,000 after purchasing an additional 51 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about IDEXX Laboratories

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 news, 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 owned 83,803 shares of the company’s stock, valued at approximately $58,929,431.57. The trade was a 23.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel Junius sold 1,200 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $704.07, for a total transaction of $844,884.00. Following the completion of the sale, the director directly owned 2,361 shares of the company’s stock, valued at $1,662,309.27. This represents a 33.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 41,428 shares of company stock worth $28,567,934 over the last three months. 0.79% of the stock is currently owned by corporate insiders.

IDEXX Laboratories Stock Performance

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

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, topping the consensus estimate of $3.71 by $0.25. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. IDEXX Laboratories had a net margin of 25.36% and a return on equity of 71.04%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.22 earnings per share. As a group, sell-side analysts expect that IDEXX Laboratories, Inc. will post 15.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IDXX shares. Morgan Stanley upped their price objective on IDEXX Laboratories from $805.00 to $810.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 3rd. Jefferies Financial Group dropped their target price on IDEXX Laboratories from $795.00 to $705.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. The Goldman Sachs Group started coverage on IDEXX Laboratories in a research note on Friday, October 16th. They issued a “buy” rating and a $740.00 target price on the stock. UBS Group boosted their target price on IDEXX Laboratories from $627.00 to $700.00 and gave the company a “neutral” rating in a research note on Tuesday, November 3rd. Finally, JPMorgan Chase & Co. reduced their price target on IDEXX Laboratories from $775.00 to $750.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, IDEXX Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $719.55.

About IDEXX Laboratories

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.