In this article, we discuss 5 of the best medical device stocks to buy now. If you want to go through our detailed medical technology industry discussion, head directly to the 14 Best Medical Device Stocks To Buy Now.
5. Boston Scientific Corporation (NYSE:BSX)
Number of Hedge Fund Holders: 71
Boston Scientific Corporation (NYSE:BSX), headquartered in Delaware, functions as a biomedical and biotechnology engineering company, as well as a multinational producer of medical devices utilized across diverse interventional medical specialties. These specialties include interventional radiology, interventional cardiology, peripheral interventions, and oncology, among others.
A top contender in its sector, Boston Scientific Corporation (NYSE:BSX) successfully secured billions of dollars in debt within a week in February 2024. Moreover, the company’s shares are on average rated as Strong Buy.
As of Q4 2023 end, 71 out of the 933 hedge funds profiled by Insider Monkey had held a stake in Boston Scientific Corporation (NYSE:BSX). Ken Griffin’s Citadel Investment Group was the biggest Boston Scientific Corporation (NYSE:BSX) shareholder through its $519 million investment.
4. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Holders: 81
Johnson & Johnson (NYSE:JNJ) is a global healthcare company committed to researching, developing, manufacturing, and distributing healthcare products worldwide. On November 7, 2023, Johnson & Johnson’s (NYSE:JNJ) MedTech unit announced its plan to submit an application to the U.S. Food & Drug Administration in the second half of 2024 to initiate clinical trials for its robotic surgical system, Ottava. This surgical robot integrates four robotic arms into a standard-sized surgical table and has the ability to seamlessly reposition a patient without interrupting the ongoing surgical procedure, according to the company’s statement.
81 out of the 933 hedge funds covered by Insider Monkey’s Q4 2023 research had bought Johnson & Johnson (NYSE:JNJ)’s shares. Ken Fisher’s Fisher Asset Management was the biggest investor, owning 6.3 million shares that are worth $996 million.
3. Intuitive Surgical, Inc. (NASDAQ:ISRG)
Number of Hedge Fund Holders: 82
Intuitive Surgical, Inc. (NASDAQ:ISRG), headquartered in the United States, is dedicated to developing, manufacturing, and promoting robotic products aimed at improving clinical outcomes for patients through minimally invasive surgery, notably through its flagship product, the da Vinci Surgical System. This system comprises a surgeon’s console, a patient-side cart equipped with four robotic arms, a 3D vision system, and proprietary instruments.
In the fourth quarter of 2023, the company continued its growth trajectory, with procedures performed using the DaVinci platform increasing by 21%.
According to Insider Monkey’s tracking of 933 hedge funds for their fourth-quarter 2023 investments, 82 held shares in Intuitive Surgical, Inc. (NASDAQ: ISRG). The largest hedge fund investor in Intuitive Surgical, Inc. (NASDAQ:ISRG) is Ken Fisher’s Fisher Asset Management, holding a stake valued at $1.5 billion.
2. Danaher Corporation (NYSE:DHR)
Number of Hedge Fund Holders: 90
Founded in 1984 by brothers Steven and Mitchell Rales, Danaher Corporation (NYSE: DHR) is a diversified American conglomerate with a significant global presence. Based in Washington, D.C., the company specializes in designing, manufacturing, and marketing medical, industrial, and commercial products and services. Danaher Corporation (NYSE: DHR) operates through three distinct segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions.
Insider Monkey dug through 933 hedge fund Q4 2023 shareholdings to find 90 Danaher Corporation (NYSE:DHR) investors. Ken Fisher’s Fisher Asset Management owned the largest stake which was worth $977 million.
1. Thermo Fisher Scientific Inc. (NYSE:TMO)
Number of Hedge Fund Holders: 109
Headquartered in Waltham, Massachusetts, Thermo Fisher Scientific Inc. (NYSE:TMO). is a leading American provider of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical, and biotechnology services. The company was formed in 2006 through the merger of Thermo Electron and Fisher Scientific.
On February 1, RBC Capital analysts reaffirmed an Outperform rating and set a $642 price target for Thermo Fisher Scientific Inc. (NYSE:TMO).
In the fourth quarter, a total of 111 hedge funds held long positions in Thermo Fisher Scientific Inc. (NYSE:TMO), with a combined stake value reaching $10.3 billion.
Disclosure: None. You can also take a look at 12 Best News and Digital Media Stocks To Buy and 11 Best Brewery and Distillery Stocks to Buy Now.
