10 Best Medical Stocks to Buy Now

2. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Fund Holders: 108 

Thermo Fisher Scientific Inc. (NYSE:TMO), a prominent American company in biotech and life sciences, offers a diverse range of products and services. The company has seen significant expansion, largely fueled by key acquisitions such as Life Technologies and Affymetrix. Among its notable investors are billionaires Ken Fisher, Ken Griffin, and Israel Englander.

The company’s Q2 2024 revenue of $10.5 billion represented a 1.3% year-over-year reduction, although it was still $23.4 million higher than analysts had predicted. Thermo Fisher’s free cash flow increased to $1.7 billion from $1.26 billion, while operating cash flow improved to $1.96 billion from $1.54 billion in the prior year.

Regarding Thermo Fisher Scientific Inc. (NYSE:TMO), Polen Focus Growth Strategy made the following statement in its investor letter for the first quarter of 2024:

“We increased our positions in Thermo Fisher Scientific Inc. (NYSE:TMO), Visa, Zoetis, Nike, and Abbott Labs. Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”

As of Q2 2024, 108 hedge funds out of the total number we tracked held stakes in the stock with Fisher Asset Management being the largest one of these with shares worth $1,421,748,082. The stock holds a Strong Buy rating. 17 Wall Street analysts set a 12-month average price target of $658.94 for Thermo Fisher, with forecasts ranging from $600.00 to $767.00, indicating a potential 9.86% increase from the current price of $599.78.