7 Best Medical Device Stocks To Buy Right Now

4. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 80 

Johnson & Johnson (NYSE:JNJ) is a global healthcare giant that operates across three main segments: pharmaceuticals, medical devices, and consumer health products. The company develops and manufactures a wide range of products, from everyday items like Band-Aids and baby shampoo to advanced medical devices and life-saving drugs. Johnson & Johnson also has stake in several subsidiaries including Janssen Pharmaceuticals, Ethicon Inc., Abiomed, and Johnson & Johnson Vision, among others.

In Q2 2024, Johnson & Johnson (NYSE:JNJ) reported sales of $22.4 billion, reflecting a 4.3% increase year-over-year. The company achieved regulatory approvals for several medications and broadened its biotechnology presence. In April, Johnson & Johnson acquired Shockwave Medical, a company specializing in cardiovascular medical devices, strengthening its role in cardiovascular intervention and medical technology.

As of Q2 2024, 80 hedge funds tracked by Insider Monkey held stake in the stock with Fisher Asset Management being the largest stakeholder from among these with shares worth $1,024,499,855. The stock holds a Moderate Buy rating and 14 Wall Street analysts have set a 12-month average price target of $171.83 for Johnson & Johnson, indicating a potential 6.99% increase from the current price of $160.60.