5 Medical Technology Stocks to Buy

2. Johnson & Johnson (NYSE: JNJ)

Number of Hedge Fund Holders: 81

Johnson & Johnson (NYSE: JNJ) ranks 2nd on the list of 10 medical technology stocks to buy. The New Jersey-based healthcare company offers medical devices, pharmaceutical products, and healthy consumer products. Johnson & Johnson (NYSE: JNJ) produced a single-shot COVID-19 vaccine that has strong action against the Delta variant and is extremely prevalent in all existing COVID-19 variants.

After the vaccine manufacturer obtained positive data for its single-shot COVID-19 vaccine, Cantor Fitzgerald analyst Louise Chen maintained an Overweight rating on Johnson & Johnson (NYSE: JNJ) with a price target of $200 per share on July 2nd.

The company has a market cap of $444 billion. In the second quarter of 2021, Johnson & Johnson (NYSE: JNJ) had an EPS of $2.35, an increase of 72.8% year over year, and beating estimates by $0.24. The company’s second-quarter revenue came in at $23.3 billion, an increase of 27.1% from $18.3 billion in the same period in 2020, and beating revenue estimates by $660 million. On July 19th, Johnson & Johnson (NYSE: JNJ) declared a quarterly dividend of $1.06 per share. The stock has gained 13% in the last twelve months. Shares of Johnson & Johnson (NYSE: JNJ) also increased 8% year to date. 

By the end of the first quarter of 2021, 81 hedge funds followed by Insider Monkey held stakes in Johnson & Johnson (NYSE: JNJ) with a total value of $5.79 billion.