Concurrent Investment Advisors Boosts Stake in IDEXX Laboratories by 8.7%
Concurrent Investment Advisors LLC has increased its investment in IDEXX Laboratories, Inc. by 8.7% during the second quarter of 2023. This move, revealed in the firm’s recent 13F filing with the Securities and Exchange Commission, indicates that Concurrent now holds a total of 1,489 shares of IDEXX, having acquired an additional 119 shares in this period. The value of these holdings reached approximately $799,000 at the end of the quarter.
A variety of other institutional investors have also engaged in trading IDEXX shares. Notably, MorganRosel Wealth Management LLC purchased a new position valued at around $26,000 in the first quarter, while Opal Wealth Advisors LLC acquired shares worth approximately $29,000 in the second quarter. Additionally, Migdal Insurance & Financial Holdings Ltd. significantly increased its shareholding by 55.6%, owning 84 shares worth about $35,000 after buying 30 shares recently. Other investors include Ameritas Advisory Services LLC, which bought shares valued at $36,000, and WPG Advisers LLC, which purchased a stake worth around $37,000. Overall, hedge funds and institutional investors collectively own 87.84% of IDEXX Laboratories stock.
Stock Performance and Insider Transactions
As of the market close on August 11, 2023, shares of IDEXX Laboratories (NASDAQ:IDXX) traded at $637.34, marking a slight decline of 0.3% for the day. The stock has a 50-day moving average of $640.44 and a 200-day moving average of $547.86. With a market capitalization of $50.99 billion, IDEXX has a price-to-earnings (P/E) ratio of 53.07 and a P/E growth (PEG) ratio of 4.14. The company also reports a debt-to-equity ratio of 0.31 and a current ratio of 1.11.
In terms of insider activity, Executive Vice President Michael Lane sold 8,411 shares on August 6, 2023, for an average price of $627.74, totaling approximately $5.28 million. Post-sale, he retains 7,132 shares, valued at around $4.48 million. This transaction resulted in a 54.11% decrease in his ownership. Similarly, on August 8, 2023, EVP Sharon E. Underberg sold 5,450 shares at an average price of $651.60, generating a total of about $3.55 million. Following this sale, Underberg holds 6,156 shares, valued at approximately $4.01 million. In total, company insiders sold 54,057 shares worth about $34.29 million in the last quarter, with 0.98% of the stock owned by corporate insiders.
Analysts’ Perspectives and Future Outlook
Recent analyses from various equity research firms have provided insight into IDEXX’s stock prospects. On August 11, 2023, Piper Sandler maintained a “neutral” rating while raising its price target for the stock from $510.00 to $700.00. Stifel Nicolaus also set a price objective of $640.00 on August 4, 2023. In a notable move, Morgan Stanley increased its price target from $722.00 to $765.00, assigning the stock an “overweight” rating on August 15, 2023. Currently, one analyst rates IDEXX with a Strong Buy, seven offer a Buy rating, and four suggest a Hold. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of approximately $656.50.
IDEXX Laboratories, Inc. specializes in developing, manufacturing, and distributing products primarily aimed at the companion animal veterinary, livestock and poultry, dairy, and water testing markets across multiple regions, including Africa, the Asia-Pacific, Canada, Europe, and Latin America. The company operates through three segments: the Companion Animal Group, Water Quality Products, and Livestock, Poultry, and Dairy.
For those interested in the latest developments regarding IDEXX Laboratories, regular updates are available through financial news platforms and investment analysis websites.
