Have $1,000 to Invest? Billionaires Are Buying These 3 Stocks

You could ask 100 different analysts what they think about buying and selling stocks during COVID-19, and you might just get 100 different opinions. That's what's great about tracking hedge funds. You can see where the smart money is being put, and you can see if managers put their money where their mouth is. If you have $1,000 to invest, now could be a great opportunity to start a new position, and billion-dollar hedge fund managers have been scooping up shares of IDEXX Laboratories (NASDAQ: IDXX), Goodyear Tire (NASDAQ: GT) and Starbucks (NASDAQ: SBUX).

You may not recognize IDEXX Laboratories, but if you're a pet owner there's a chance you've crossed paths with its products or services already. IDEXX is a leader in pet healthcare innovation, with a list of diagnostic products and services that enhance the ability of veterinarians. Here are some reasons why Bridgewater Associates, a fund with over $5 billion in portfolio value, might have scooped up shares during the first quarter.

IDEXX is one of a few stocks to outperform the S&P 500 over the past three months as COVID-19 swept the globe, but the company expects to feel some pain during the second quarter, as some people deferred animal care. That said, there is an intriguing trend taking place that could actually be a boost for IDEXX post-COVID-19. Animal adoption and fostering of shelter pets has increased during the pandemic, and these newer pet owners will almost certainly need to use pet healthcare. Already, Americans' spending on pets just hit a record high $95.7 billion in 2019, and at no point over the past 25 years has there been a year-over-year decline in U.S. pet industry expenditures.

Source Fool.com