5 Best Medical Technology Stocks to Buy

1. Danaher Corporation (NYSE:DHR)

Number of Hedge Fund Holders: 89

Danaher Corporation (NYSE:DHR) is a Washington-based company that designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company operates through three segments – Life Sciences, Diagnostics, and Environmental & Applied Solutions. On December 6, Danaher Corporation (NYSE:DHR) declared a $0.25 per share quarterly dividend, in line with previous. The dividend is payable on January 27, 2023 to shareholders of record on December 30. It is one of the premier medical technology stocks to invest in. 

On December 13, Deutsche Bank analyst Justin Bowers initiated coverage of Danaher Corporation (NYSE:DHR) with a Buy rating and a $310 price target. The stocks that outperform in 2023 “will provide downside protection or are idiosyncratic,” the analyst told investors in a research note. He recommends “captains of culture” Danaher Corporation (NYSE:DHR) for more defensive posturing.

According to Insider Monkey’s data, 89 hedge funds were long Danaher Corporation (NYSE:DHR) at the end of September 2022, compared to 82 funds in the prior quarter. Dan Loeb’s Third Point is the biggest position holder in the company, with 2.70 million shares worth $697.3 million. 

Here is what Stewart Asset Management has to say about Danaher Corporation (NYSE:DHR) in its Q3 2022 investor letter:

“We also need to point out one global consequence of the rapid rise in interest rates: an irrepressibly strong dollar. This hurts the reported earnings of U.S. companies who sell their goods and services overseas. Foreign currency earnings translate into fewer dollars and thus lower earnings. Most of the companies in your portfolios gain a notable amount of earnings from their international operations. While the strength or weakness of a currency doesn’t change the quality of a business or its longer-term earnings power, it can change the reported earnings of a company over short periods of time. It is difficult to forecast this effect accurately because many of our companies manufacture where they sell, which to some extent dulls the sharp negative effect of a surging dollar. Danaher (NYSE:DHR), among others, is a good example.”

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