7 Best Medical Device Stocks To Buy Right Now

3. Boston Scientific Corporation (NYSE:BSX)

Number of Hedge Fund Holders: 82 

Boston Scientific Corporation (NYSE:BSX) is a leading global medical device manufacturer, offering products like stents, catheters, and cardiac monitors, with an annual revenue of $15.2 billion. Operating in over 100 countries, the company excels in technologies such as pulsed-field ablation (FPA), which allows targeted treatment while preserving organ structure. The launch of its Farapulse FPA product in January contributed to a 17% revenue growth in the U.S. in Q2. Global regulatory approval for Farapulse could further benefit Boston Scientific, whose shares have risen 44% year to date.

Boston Scientific Corporation (NYSE:BSX) was mentioned by Artisan Partners in their investor letter dated Q2 2024. The fund said as follows:

“Boston Scientific is a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties. The company develops cardiovascular and cardiac rhythm management products, including imaging catheters, imaging systems, and guidewires. It also makes devices used for electrophysiology, endoscopy, pain management (neuromodulation), urology, and pelvic health, including laser systems, hydrogel systems, and brain stimulation systems. Boston Scientific markets its products in about 130 countries; the U.S. generates about 60% of its revenue.

We believe Boston Scientific, as a leader in medical devices, is benefiting from the strong utilization trends coming out of COVID-19, positive demographic trends with aging patients, and new product innovation to gain market share. The company has executed well against the long-range plan issued last fall, which calls for organic sales growth in the range of 8%-10%, 150 basis points of operating margin expansion, and category leadership over the period 2024 through 2026. Additionally, we see a consistent track record of accelerating organic sales growth and a track record of accretive M&A.”

In Q2 2024, 82 hedge funds tracked by Insider Monkey held stakes in the stock with Citadel Investment Group being the largest hedge fund holder among these with 12,499,867 shares worth $962,614,757. Analysts are bullish on BSX giving it a Strong Buy rating. Also, 19 Wall Street analysts have set a 12-month average price target of $88.06 for Boston Scientific, with estimates ranging from $78.00 to $100.00, indicating a potential 5.46% increase from the current price of $83.50.