5 Best Pet Stocks To Buy Now

3. IDEXX Laboratories, Inc. (NASDAQ:IDXX)

No of HFs: 46

Total Value of HF Holdings: $26.6 Billion

Headquartered in Westbrook, IDEXX Laboratories, Inc. distributes products and services to veterinaries, dairy markets and livestock poultry. The company first listed on NASDAQ in 1991. Shares of IDXX soared 93% over the last twelve months. During the fourth quarter of 2020, the company reported a 19% growth in revenue driven by steady growth in their livestock products.

As of the end of the fourth quarter, 46 hedge funds in Insider Monkey’s database of 887 funds held stakes in IDXX, compared to 41 in the third quarter. Terry Smith’s Fundsmith LLP is the biggest stakeholder of IDEXX Laboratories, Inc. with 4.2 million shares, worth $2.11 billion. An insider purchased 375 shares worth $266 in August 2019. The stock is up 85% since then.

Baron Partners Fund mentioned IDEXX Laboratories, Inc. in its Q3 2020 investor letter. 

Here is what Baron Partners Fund had to say about IDEXX:

“Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. contributed to performance in the quarter. Veterinary visits continued to exhibit a “V” shaped recovery from the initial pandemic-related slowdown, with visits growing at double-digit rates. IDEXX’s competitive trends are outstanding, and we expect new proprietary innovations and field sales force expansion to be meaningful contributors to growth. Margins are increasing significantly. We believe margins can exceed 30% over time.”