5 Best Robotics Stocks to Buy According to Hedge Funds

4. Stryker Corporation (NYSE:SYK)

Number of Hedge Fund Holders: 34

Stryker Corporation (NYSE:SYK) is a Kalamazoo, Michigan-based medical technology company that is improving patient and hospital outcomes by developing innovative products in the field of medicine and surgery. The company is at the fourth position on our list of the best robotics stocks to buy.

One of the company’s notable products is Mako, a robotic arm that assists in surgery. Stryker Corporation (NYSE:SYK) claims to serve 100 million patients annually, spread across 75 countries. Although Stryker Corporation (NYSE:SYK) missed Q3 2022 forecasts primarily because of currency headwinds and inflation, the company has reported a stellar order book, reflecting the business’s momentum. Furthermore, Stryker Corporation (NYSE:SYK) increased its FY22 organic revenue growth forecast to a range of 8.5% to 9% from a prior guidance of 8% to 9%.

Diamond Hill Capital shared its bullish stance on Stryker Corporation (NYSE:SYK) in its Q3 2022 investor letter. Here’s what the firm said:

“Stryker Corporation (NYSE:SYK) was the only new addition to the portfolio in Q3. It is one of the largest medical device manufacturers with a track record of consistently outgrowing its end markets and competitors. Stryker has a highly performance driven culture with a decentralized operating model that results in strong incentive alignment within the company. We believe the management team has executed well, making small but meaningful decisions that have positioned the firm well among competitors. Management operates with a market share gain mentality and strives to be a category leader in the market they are in. Stryker also benefits from its broad portfolio of surgical tools, small and large cap hospital equipment, waste management products, etc., which enables it to address all the needs of a hospital operating room and be a one-stop shop for health care facilities. This is particularly appealing to hospitals, and it positions Stryker to be the supplier of all operating room equipment versus a single product, thus enabling the company to gain market share.”

As of Q3 2022, Stryker Corporation (NYSE:SYK) was held by 34 hedge funds.