5 Best Medical Technology Stocks To Buy Now

3. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 88

Johnson & Johnson (NYSE:JNJ) is a worldwide healthcare company dedicated to the research, development, manufacturing, and distribution of healthcare products globally. On November 7, Johnson & Johnson’s (NYSE:JNJ) MedTech unit announced its intention to submit an application to the U.S. Food & Drug Administration in the second half of 2024 to commence clinical trials for its robotic surgical system, Ottava. This surgical robot integrates four robotic arms into a standard-sized surgical table and possesses the capability to reposition a patient seamlessly without disrupting the ongoing surgical procedure, as stated by the company.

On October 17, Johnson & Johnson (NYSE:JNJ) unveiled adjusted earnings and revenue that surpassed expectations, prompting an upward revision of its full-year guidance. This was fueled by strong sales in both its pharmaceutical and medical devices divisions. The company also revealed a net income of $4.31 billion, translating to $1.69 per share, aligning with the net income of $4.31 billion, or $1.62 per share, reported for the same period in the preceding year.

In the third quarter of 2023, the number of hedge funds tracked by Insider Monkey with holdings in Johnson & Johnson (NYSE:JNJ) declined to 84, down from 88 in the prior quarter. The collective investments by these hedge funds surpass a total value of $4.15 billion. A leading hedge fund investor in Johnson & Johnson (NYSE:JNJ) is Bridgewater Associates, managed by Ray Dalio, with a substantial stake valued at approximately $424.3 million.