HomeTrending StocksTwo Promising Pet Stocks for Investment as we Head 2021

Two Promising Pet Stocks for Investment as we Head 2021

Pet stocks have seen a boom in pet ownership this year. Let’s see which Pet stocks are worthy for 2021.

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Pet stocks have recorded growth in ownership as people try to overcome the dark side of this pandemic. Where COVID-19 has affected several industries, it has also paved the way for new markets to grow. This has given investors unique investing opportunities as certain companies capitalize on the latest market trends. Pet stocks are one of them.

Americans spent more than $95.7 billion on pets in 2019. So, it’s not just that pandemic has increased the growth of the pet industry; it was strong even before the global health crisis. However, the numbers have spiked significantly this year.

According to a survey held by Bank of America, around 37% of Americans have adopted pets in the last six months. This is quite stunning for the pet industry. Analysts believe that the surge in pet ownership will likely continue. This makes pet stocks suitable for investment as they could be big winners over the next five years.

Here are the two pet stocks to buy before the pet market sees another boom.

Church & Dwight Co. (CHD)

Church & Dwight is a leading producer of household and personal care products. The company owns popular brands including Trojan, Arm & Hammer, and OxiClean.

In the latest quarterly earnings announced on Oct. 29, 2020, CHD reported upbeat earnings per share of $0.70 from Thomson Reuters’ consensus estimate of $0.67. Also, the company earned $1.24 billion beating analysts’ estimate of $1.20 billion. The revenue increased up to 14% from the prior-year quarter.

Bank of America’s analyst, Olivia Tong believes that the uptick in demand from the pet boom will increase the sales of the company. CHD stock has surged over 30% in 2020 so far. Tong sees more upside potential as the pet boom is yet to reach its peak. Bank of America rates CHD stock as a buy with a price target of $105. CHD stock is trading around $86.16, as of close on Dec. 15.

Idexx Laboratories (IDXX)

Idexx Laboratories, a pet deity with a market cap of almost 40 billion, is a member of the S&P 500. IDXX stock has soared up to 74% so far in 2020. The company provides pet diagnostics and veterinary practice software services all over the world. Idexx has managed to create a competitive advantage in the market by providing various animal diagnostic tests. The company is continuously evolving and innovating its testing system.

Idexx has had strong growth this year. The company managed to score 36% ESP growth in its third quarter. The revenue was recorded at $722 million, up by 19%.

Due to increasing veterinary practices in the U.S., Idexx is likely to experience much stronger growth in 2021. Ryskin rates Idexx as a pure-play investment in the pet industry.

Analysts also rate Idexx stock as a buy. Zacks’ rates Idexx stock as a Zacks Rank 2 (Buy). The recent price changes and earnings outlook revision makes this stock a good investment for momentum investors in particular.

IDXX stock is trading around $467 compared to the 52-week high of $485. The stock will cross the 52-week mark in 2021 and potentially move for $500 per share.

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