Kornitzer Capital Management Inc. KS Trims Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Kornitzer Capital Management Inc. KS reduced its stake in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 8.5% in the 4th quarter, Holdings Channel reports. The fund owned 21,630 shares of the company’s stock after selling 2,000 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in IDEXX Laboratories were worth $12,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Patron Partners LLC increased its position in shares of IDEXX Laboratories by 2.7% in the fourth quarter. Patron Partners LLC now owns 765 shares of the company’s stock valued at $425,000 after buying an additional 20 shares in the last quarter. NewEdge Wealth LLC increased its position in shares of IDEXX Laboratories by 3.1% in the fourth quarter. NewEdge Wealth LLC now owns 659 shares of the company’s stock valued at $366,000 after buying an additional 20 shares in the last quarter. Phoenix Holdings Ltd. increased its position in shares of IDEXX Laboratories by 2.8% in the third quarter. Phoenix Holdings Ltd. now owns 769 shares of the company’s stock valued at $338,000 after buying an additional 21 shares in the last quarter. BluePath Capital Management LLC increased its position in shares of IDEXX Laboratories by 1.8% during the fourth quarter. BluePath Capital Management LLC now owns 1,197 shares of the company’s stock worth $663,000 after purchasing an additional 21 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in shares of IDEXX Laboratories by 24.1% during the fourth quarter. Harbour Investments Inc. now owns 108 shares of the company’s stock worth $44,000 after purchasing an additional 21 shares in the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Brian P. Mckeon sold 23,326 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $570.01, for a total value of $13,296,053.26. Following the transaction, the chief financial officer now owns 29,718 shares of the company’s stock, valued at approximately $16,939,557.18. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP George Fennell sold 8,198 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $573.87, for a total value of $4,704,586.26. Following the transaction, the senior vice president now owns 6,712 shares of the company’s stock, valued at approximately $3,851,815.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian P. Mckeon sold 23,326 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total value of $13,296,053.26. Following the completion of the transaction, the chief financial officer now directly owns 29,718 shares in the company, valued at approximately $16,939,557.18. The disclosure for this sale can be found here. Insiders have sold a total of 43,524 shares of company stock valued at $24,871,960 in the last quarter. Insiders own 2.11% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on IDXX. William Blair reiterated an “outperform” rating on shares of IDEXX Laboratories in a research report on Tuesday, April 9th. The Goldman Sachs Group boosted their price target on IDEXX Laboratories from $500.00 to $650.00 and gave the stock a “buy” rating in a research report on Wednesday, January 17th. Barclays boosted their price target on IDEXX Laboratories from $605.00 to $655.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. JPMorgan Chase & Co. boosted their price target on IDEXX Laboratories from $600.00 to $630.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. Finally, Piper Sandler cut IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $525.00 price target for the company. in a research report on Tuesday, January 30th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $591.50.

IDEXX Laboratories Trading Down 0.3 %

NASDAQ IDXX traded down $1.44 on Friday, reaching $476.35. 568,646 shares of the company were exchanged, compared to its average volume of 376,960. The business’s fifty day moving average price is $538.02 and its 200 day moving average price is $508.81. The stock has a market capitalization of $39.56 billion, a P/E ratio of 47.30, a price-to-earnings-growth ratio of 3.68 and a beta of 1.26. The company has a current ratio of 1.57, a quick ratio of 1.17 and a debt-to-equity ratio of 0.42. IDEXX Laboratories, Inc. has a fifty-two week low of $372.50 and a fifty-two week high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Monday, February 5th. The company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.20. The company had revenue of $901.60 million for the quarter, compared to analyst estimates of $891.88 million. IDEXX Laboratories had a return on equity of 71.66% and a net margin of 23.08%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.05 earnings per share. Analysts forecast that IDEXX Laboratories, Inc. will post 11.15 earnings per share for the current year.

IDEXX Laboratories Profile

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.