Covenant Asset Management LLC Purchases 3,127 Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Covenant Asset Management LLC boosted its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 89.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,631 shares of the company’s stock after acquiring an additional 3,127 shares during the period. Covenant Asset Management LLC’s holdings in IDEXX Laboratories were worth $3,330,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Avalon Trust Co bought a new stake in shares of IDEXX Laboratories during the 1st quarter valued at about $25,000. Ridgewood Investments LLC bought a new stake in shares of IDEXX Laboratories during the 1st quarter valued at about $28,000. Altshuler Shaham Ltd bought a new stake in shares of IDEXX Laboratories during the 4th quarter valued at about $26,000. Raleigh Capital Management Inc. bought a new stake in shares of IDEXX Laboratories during the 1st quarter valued at about $33,000. Finally, Pacifica Partners Inc. bought a new stake in shares of IDEXX Laboratories during the 1st quarter valued at about $33,000. Institutional investors own 86.85% of the company’s stock.

IDEXX Laboratories Stock Down 0.8 %

IDEXX Laboratories stock traded down $3.65 during trading hours on Tuesday, hitting $446.62. The stock had a trading volume of 36,855 shares, compared to its average volume of 449,554. The company has a quick ratio of 0.89, a current ratio of 1.33 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $37.07 billion, a P/E ratio of 47.80, a price-to-earnings-growth ratio of 2.61 and a beta of 1.20. IDEXX Laboratories, Inc. has a 12-month low of $317.06 and a 12-month high of $564.73. The stock’s 50-day moving average price is $510.75 and its 200-day moving average price is $490.76.

IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Tuesday, August 1st. The company reported $2.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.24. IDEXX Laboratories had a net margin of 22.52% and a return on equity of 104.84%. The business had revenue of $943.63 million during the quarter, compared to analysts’ expectations of $927.84 million. Equities research analysts anticipate that IDEXX Laboratories, Inc. will post 9.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IDXX shares. JPMorgan Chase & Co. lifted their target price on shares of IDEXX Laboratories from $550.00 to $600.00 and gave the company an “overweight” rating in a research note on Wednesday, August 2nd. Atlantic Securities lowered shares of IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $610.00 price objective on the stock. in a research note on Wednesday, August 2nd. StockNews.com initiated coverage on shares of IDEXX Laboratories in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Morgan Stanley boosted their price objective on shares of IDEXX Laboratories from $590.00 to $600.00 and gave the stock an “overweight” rating in a research note on Thursday, August 3rd. Finally, Stifel Nicolaus dropped their price objective on shares of IDEXX Laboratories from $525.00 to $500.00 and set a “hold” rating on the stock in a research note on Friday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, IDEXX Laboratories has an average rating of “Moderate Buy” and a consensus price target of $571.67.

Insider Activity

In related news, EVP James F. Polewaczyk sold 22,909 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $510.56, for a total transaction of $11,696,419.04. Following the completion of the sale, the executive vice president now directly owns 10,038 shares in the company, valued at $5,125,001.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Jonathan Jay Mazelsky sold 13,424 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $512.01, for a total transaction of $6,873,222.24. Following the completion of the sale, the chief executive officer now directly owns 72,925 shares in the company, valued at $37,338,329.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James F. Polewaczyk sold 22,909 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $510.56, for a total transaction of $11,696,419.04. Following the sale, the executive vice president now owns 10,038 shares of the company’s stock, valued at $5,125,001.28. The disclosure for this sale can be found here. Insiders sold 52,360 shares of company stock valued at $26,743,411 over the last three months. Insiders own 2.11% of the company’s stock.

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 worldwide. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.