IDEXX Laboratories, Inc. (IDXX): Are Hedge Funds Right About This Stock?

As industrywide interest jumped, key money managers were leading the bulls’ herd. Navellier & Associates, managed by Louis Navellier, initiated the largest position in IDEXX Laboratories, Inc. (NASDAQ:IDXX). According to regulatory filings, the fund had $4.7 million invested in the company at the end of the quarter. Peter Algert and Kevin Coldiron’s Algert Coldiron Investors also made a $2.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Simon Sadler’s Segantii Capital, Ken Griffin’s Citadel Investment Group, and Matthew Tewksbury’s Stevens Capital Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as IDEXX Laboratories, Inc. (NASDAQ:IDXX) but similarly valued. We will take a look at The Cooper Companies, Inc. (NYSE:COO), The WhiteWave Foods Co (NYSE:WWAV), LG Display Co Ltd. (ADR) (NYSE:LPL), and Ally Financial Inc (NYSE:ALLY). All of these stocks’ market caps are closest to IDXX’s market cap.

As you can see these stocks had an average of 32 hedge funds with bullish positions and the average amount invested in these stocks was $1.12 billion. That figure was $740 million in IDXX’s case. Ally Financial Inc (NYSE:ALLY) is the most popular stock in this table. On the other hand LG Display Co Ltd. (ADR) (NYSE:LPL) is the least popular one with only 12 bullish hedge fund positions. IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ALLY might be a better candidate to consider a long position.

Disclosure: none.