Bourne Lent Asset Management Inc. Has $13.36 Million Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Bourne Lent Asset Management Inc. cut its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 19.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,802 shares of the company’s stock after selling 7,715 shares during the quarter. IDEXX Laboratories makes up approximately 5.7% of Bourne Lent Asset Management Inc.’s investment portfolio, making the stock its 6th largest holding. Bourne Lent Asset Management Inc.’s holdings in IDEXX Laboratories were worth $13,355,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in IDXX. Hurley Capital LLC bought a new position in IDEXX Laboratories in the fourth quarter worth about $29,000. Rialto Wealth Management LLC purchased a new stake in shares of IDEXX Laboratories during the fourth quarter worth about $30,000. Colonial Trust Co SC grew its stake in shares of IDEXX Laboratories by 84.8% during the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company’s stock worth $35,000 after acquiring an additional 39 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of IDEXX Laboratories during the fourth quarter worth about $38,000. Finally, Itau Unibanco Holding S.A. grew its stake in shares of IDEXX Laboratories by 540.0% during the fourth quarter. Itau Unibanco Holding S.A. now owns 96 shares of the company’s stock worth $40,000 after acquiring an additional 81 shares during the last quarter. 87.84% of the stock is currently owned by institutional investors.

IDEXX Laboratories Trading Up 0.5%

Shares of NASDAQ:IDXX opened at $524.91 on Friday. IDEXX Laboratories, Inc. has a 12-month low of $356.14 and a 12-month high of $530.73. The company has a market capitalization of $42.21 billion, a PE ratio of 49.19, a PEG ratio of 3.41 and a beta of 1.55. The business has a 50 day moving average of $460.16 and a two-hundred day moving average of $440.88. The company has a current ratio of 1.31, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings results on Thursday, May 1st. The company reported $2.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.93 by $0.03. IDEXX Laboratories had a return on equity of 55.82% and a net margin of 22.78%. The company had revenue of $998.43 million during the quarter, compared to the consensus estimate of $998.25 million. During the same period in the previous year, the company posted $2.71 earnings per share. IDEXX Laboratories’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, analysts forecast that IDEXX Laboratories, Inc. will post 11.93 EPS for the current year.

Wall Street Analyst Weigh In

IDXX has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Morgan Stanley boosted their price target on IDEXX Laboratories from $548.00 to $558.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Stifel Nicolaus boosted their price target on IDEXX Laboratories from $460.00 to $510.00 and gave the stock a “hold” rating in a research note on Monday, May 19th. Finally, Wall Street Zen lowered IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $536.00.

Insider Transactions at IDEXX Laboratories

In other news, Director M Anne Szostak sold 1,260 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $512.34, for a total transaction of $645,548.40. Following the completion of the transaction, the director now directly owns 1,801 shares of the company’s stock, valued at $922,724.34. This represents a 41.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.98% of the company’s stock.

About IDEXX Laboratories

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.