15 Biggest Medical Device Companies in the World

In this article, we will take a look at the 15 biggest medical device companies in the world.

The medical device market comprises companies that manufacture equipment used in diagnosing, treating and surveillance medical disorders. The market for medical devices is changing dramatically. The complicated patient demands and the COVID-19 pandemic encouraged businesses to innovate and produce new creative solutions, and the medical devices industry continued to see exceptional growth in 2020. The global market for medical equipment was worth roughly $456.8 billion in 2020, with a CAGR (Compound annual growth rate) of 3.5% from 2015. This market is expanding due to the rise in demand for high-tech medical items. There was a fall in the number of diagnoses for various diseases including cancer and TB among others as a result of the COVID-19 epidemic. However, as the pandemic wanes off, the medical device industry is continuing to get back on its growth trajectory.

The frequency of chronic diseases will significantly affect the global medical device market beyond 2022. This encourages the employment of ever-improving technology tools for early disease detection and the creation of intelligent equipment like 3D printing, robots, and the internet of things. As a result, the market for medical device technology will expand at a CAGR of 4.9% from 2022 to 2027. Growth is predicted from $465.5 billion in 2022 to $591.3 billion in 2027.

Some of the major players in the medical device industry are Boston Scientific Corporation (NYSE:BSX), Medtronic plc (NYSE:MDT), and Abbott Laboratories (NYSE:ABT).

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Our Methodology

The list includes firms that manufacture medical equipment to treat illnesses. Stocks are presented in order of market capitalization. To offer some different perspective, the analyst ratings of these companies and the most recent information about them are also reviewed. Finally, the number of hedge funds with positions in each company was determined using data from 920 elite hedge funds that Insider Monkey analyzed in the third quarter of 2022.

Biggest Medical Device Companies in the World

15. Globus Medical, Inc. (NYSE:GMED)

Market Cap as of November 18: $6.84 B

Number of Hedge Fund Holders: 20

Globus Medical, Inc. (NYSE:GMED) sells healthcare products and services to hospitals, doctors’ offices, and surgical centers. Globus Medical, Inc. (NYSE:GMED) shares have offered investors more than 6.71% in returns over the past month as of November 18.

Globus Medical, Inc. (NYSE:GMED) is rated 15th among the world’s biggest medical device companies, with a market value of $6.84 billion. On October 17, Barclays analyst Matt Miksic initiated coverage of Globus Medical, Inc. (NYSE:GMED), assigning the stock an ‘Overweight’ rating and a $69 price target.

At the end of the third quarter, 20 hedge funds in Insider Monkey’s database of 920 funds held stakes in Globus Medical, Inc. (NYSE:GMED) compared to 21 funds in the second quarter. Like Boston Scientific Corporation (NYSE:BSX), Medtronic plc (NYSE:MDT), and Abbott Laboratories (NYSE:ABT), Globus Medical, Inc. (NYSE:GMED) is one of the elite medical device stocks to monitor.

Here is what Madison Small Cap Fund has to say about Globus Medical, Inc. (NYSE:GMED) in its Q4 2020 investor letter:

“Healthcare continued its streak of underperformance in the fourth quarter. The biotech industry component of the Russell 2000 was up 34% for the quarter and 53% for the year. While we have become more open to investing in this space where appropriate, we prefer molecular diagnostics given less regulatory risk and better revenue diversification. With the new administration comes a shift in healthcare philosophy. We believe that further access to care and coverage expansion will benefit some parts of the sector. However, the risk of further reimbursement cuts, particularly in pharmaceuticals, will bear monitoring.….” (Click here to read the full text)

14. Penumbra, Inc. (NYSE:PEN)

Market Cap as of November 18: $7.34 B

Number of Hedge Fund Holders: 27

Penumbra, Inc. (NYSE:PEN) is a medical device company that manufactures products for the neurovascular and peripheral vascular industries. Penumbra, Inc. (NYSE:PEN) announced the launch of the latest REAL y-Series on November 15. Since it employs a whole body picture, it is the first hands-free, non-tethered virtual reality rehabilitation platform that can treat both the upper and lower extremities.

RBC Capital analyst Brandon Henry boosted his price objective on Penumbra, Inc. (NYSE:PEN) to $215 from $195 on November 14 and reiterated an ‘Outperform’ rating on the stock. According to the analyst, the Q3 results caused the stock to rise 13% in November.

Among the hedge funds tracked by Insider Monkey, 27 reported owning stakes worth $549.89 million in Penumbra, Inc. (NYSE:PEN) at the end of September 2022, compared to 21 funds in the prior quarter worth $224.66 million. Rock Springs Capital Management is the most notable stakeholder of the company, with nearly 476,000 shares worth $90.25 million.

ClearBridge Investments mentioned Penumbra, Inc. (NYSE:PEN) in its Q4 2021 investor letter. Here is what the fund said:

“Our aversion toward early-stage biotech proved productive as did our approach of emphasizing the enablers and selected, profitable medical technology companies. Strong contributors during the fourth quarter included Penumbra, a developer of stents and related products to treat aneurysms that saw it shares recover from a product recall earlier in the year.”

13. ShockWave Medical, Inc. (NASDAQ:SWAV)

Market Cap as of November 18: $8.96 B

Number of Hedge Fund Holders: 34

ShockWave Medical, Inc. (NADAQ:SWAV) is focused on designing and marketing products that will transform how calcified cardiovascular disease is treated. Calcified plaque is treated using the business’s intravascular lithotripsy method.

On November 8, Wells Fargo analyst Larry Biegelsen raised his price target on ShockWave Medical, Inc. (NADAQ:SWAV) from $255 to $300 and reiterated an ‘Overweight’ rating on the stock in light of the company’s improved 2022 projection and Q3 outperformance.

According to Insider Monkey’s data, 34 hedge funds were long ShockWave Medical, Inc. (NADAQ:SWAV) at the end of the third quarter of 2022, compared to 27 funds in the prior quarter. Jim Simons’ Renaissance Technologies held the biggest stake in the company, with approximately 322,700 shares valued at $89.73 million.

Artisan Partners mentioned ShockWave Medical, Inc. (NADAQ:SWAV) in its Q3 2022 investor letter, outlining that:

“ShockWave Medical, Inc. (NASDAQ:SWAV) is an early stage medical device company developing and commercializing products to treat calcified cardiovascular disease. The company’s recent quarter of +116% YoY revenue growth was well ahead of expectations. The beat was driven primarily by the C2 coronary intravascular lithotripsy catheter—used to break up hard materials that restrict blood flow to the heart—as it makes solid progress capturing share from stenting cases. We believe the profit cycle opportunity for C2 is meaningful given its large addressable market ($4 billion).”

12. Bruker Corporation (NASDAQ:BRKR)

Market Cap as of November 18: $9.74 B

Number of Hedge Fund Holders: 28

Bruker Corporation (NASDAQ:BRKR) manufactures scientific equipment and diagnostic tests for the life sciences, pharmaceutical, and biotechnology sectors. The company’s four operational sectors are Bruker BioSpin Group, Bruker Calid Group, Bruker Scientific Instruments Nano, and Bruker Energy & Supercon Technologies. On October 21, UBS analyst John Sourbeer initiated coverage of Bruker Corporation (NASDAQ:BRKR), rating the stock as ‘Buy’ and a price objective of $70.

On November 14, Bruker Corporation announced the execution of a formal agreement to acquire all of Neurescence Inc.’s shares for concurrent multi-region, optical functional neuroimaging. The biotechnology company Neurescence Inc. is a creative manufacturer of portable fiber-bundle multi-scope.

At the end of the third quarter, 28 hedge funds in Insider Monkey’s database held stakes in Bruker Corporation (NASDAQ:BRKR), compared to 25 funds in the second quarter. Millennium Management, with 1.44 million shares, is the most significant stakeholder in the company.

11. Smith & Nephew plc (NYSE:SNN)

Market Cap as of November 18: $11.01 B

Number of Hedge Fund Holders: 12

Smith & Nephew plc (NYSE:SNN) develops, produces, and sells orthopedic devices, arthroscopic and sports medicine technology, and wound-care products. The ROCE for Smith & Nephew plc (NYSE:SNN) stands at 9.0%. Although it’s a poor return in absolute terms, it’s close to the 9.9% industry average for medical equipment.

Robert Davies, an analyst at Morgan Stanley, initiated coverage of Smith & Nephew plc (NYSE:SNN) on October 18, rating the stock as an ‘Equal Weight’ and a 1,229 GBp price objective.

According to the third quarter database of Insider Monkey, 12 hedge funds were bullish on Smith & Nephew plc (NYSE:SNN). The stakes of these funds are valued at $92.13 million. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital is the most prominent position holder in the company, with approximately 1.74 million shares worth $40.31 million.

Here is what Palm Valley Capital Management has to say about Smith & Nephew plc (NYSE:SNN) in its Q3 2022 investor letter:

“We bought Smith & Nephew plc (NYSE:SNN) toward the end of the quarter. Smith & Nephew is a Londonbased medical device company that specializes in knee and hip replacements, sports medicine, and wound management. We purchased the ADR, which has declined meaningfully (-31% year-to-date) along with the British pound. While Smith & Nephew’s stock is priced in pounds, its revenues are in other major currencies, such as the dollar, euro, and yen. In 2021, 51% of its revenues were generated in the United States, while 31% were in other developed markets. We believe Smith & Nephew is a high-quality business that generates above average profit margins and abundant free cash flow. We were pleased the turmoil in the British pound provided us with the opportunity to purchase its shares at a discount to our calculated valuation.”

10. Bio-Rad Laboratories, Inc. (NYSE:BIO)

Market Cap as of November 18: $11.75 B

Number of Hedge Fund Holders: 45

Bio-Rad Laboratories, Inc. (NYSE:BIO) currently has an $11.75 billion market capitalization and is placed tenth on the list of the 15 biggest medical device companies in the world. The company is located in Hercules, California, and it develops, produces, and markets clinical diagnostics and life sciences products and solutions.

On August 24, Credit Suisse analyst Dan Leonard initiated coverage of Bio-Rad Laboratories, Inc. (NYSE:BIO), assigning the stock an ‘Outperform’ rating and a $715 price target. The analyst had positive opinions on both the digital PCR, or dPCR, product cycle and the company’s forecasts for margin growth.

By the end of the third quarter, Insider Monkey found Bio-Rad Laboratories, Inc. (NYSE:BIO) to be a part of 45 hedge fund portfolios, compared to 43 positions in the previous quarter. Israel Englander’s Millennium Management is the company’s largest stakeholder, with 458,645 shares worth over $191.32 million.

9. Align Technology, Inc. (NASDAQ:ALGN)

Market Cap as of November 18: $15.23 B

Number of Hedge Fund Holders: 38

Align Technology, Inc. (NASDAQ:ALGN) is the maker of transparent dental aligners. In addition, the firm makes intraoral scanners (iTero), which are utilized in orthodontic therapy and restorative dental operations. According to the third quarter database of Insider Monkey, 38 hedge funds were long Align Technology, Inc. (NASDAQ:ALGN), compared to 33 funds in the prior quarter.

On October 27, Baird analyst Jeff Johnson maintained an ‘Outperform’ rating on Align Technology, Inc. (NASDAQ:ALGN) and reduced his price objective to $260 from $310. The analyst attributed the company’s issues to this year’s economic turbulence and last year’s unfavorable stimulus-spending comparison.

Brian Bares’ Bares Capital Management is the most prominent position holder in Align Technology, Inc. (NASDAQ:ALGN), with approximately 913,324 shares worth $189.16 million.

Polen Capital mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

“Align Technology shares declined significantly during the second quarter when management reported a meaningful deceleration in growth. Management cited a host of challenges, including COVID19 impacts, especially in China with restrictions and lockdowns under their zero-COVID policy, a weaker economic environment, inflationary pressures, supply chain disruptions, and the war in Ukraine, to name a few. Tough comparisons were also a reality— Invisalign case starts in 1Q22 were roughly flat, having lapped the 66% growth from the prior year. It’s not completely surprising that growth is slowing on such tough comparisons, but the company’s shares declined on the news..….” (Click here to read the full text)

8. Abiomed, Inc. (NASDAQ:ABMD)

Market Cap as of November 18: $16.99 B

Number of Hedge Fund Holders: 34

Abiomed, Inc. (NASDAQ:ABMD) is a company that conducts research, develops, and sells medical devices that help or take the place of a failing heart’s pumping action. The company offers the Impella CP, a tool used by cardiac surgeons and interventional cardiologists to help patients in cath labs, and the Impella 2.5, a percutaneous micro heart pump with an inbuilt motor and sensors.

Following the declaration that Johnson & Johnson (NYSE:JNJ) has acquired all the outstanding shares of Abiomed, Inc. (NASDAQ:ABMD), Morgan Stanley analyst Cecilia Furlong upgraded the stock of Abiomed (ABMD) to ‘Equal Weight’ on November 2 from ‘Underweight’ with a $380 price target, up from $235.

Hedge fund interest in Abiomed, Inc. (NASDAQ:ABMD) increased in September 2022. 34 hedge funds in our database reported owning stakes in the company at the end of the third quarter, compared to 30 in the previous quarter.

7. Insulet Corporation (NASDAQ:PODD)

Market Cap as of November 18: $20.66 B

Number of Hedge Fund Holders: 39

Insulet Corporation (NASDAQ:PODD) manufactures insulin delivery devices for people with diabetes. It provides a wireless companion, portable personal diabetes management, and the Omnipod System. This self-adhesive disposable tubeless Omnipod gadget is worn on the body and is sustainable for up to three days at a time.

Following Insulet Corporation (NASDAQ:PODD)’s Q3 earnings beat and revised FY22 projection, BTIG analyst Marie Thibault increased his price objective on the stock to $320 from $285 on November 11 and retained a ‘Buy’ rating. In addition, as of the end of the third quarter, 39 hedge funds tracked by Insider Monkey had owned stakes in Insulet Corporation (NASDAQ:PODD), compared to just 34 funds in the previous quarter.

In its Q1 2022 investor letter, ClearBridge Investments mentioned Insulet Corporation (NASDAQ:PODD). Here is what the firm said:

“Health care has always been a core foundation of the portfolio and we have been diversifying our health care exposure to include services and solutions beyond our traditional overweight to biopharmaceuticals and managed care. We first purchased Insulet Corporation (NASDAQ:PODD), a leading provider of insulin pumps for diabetes patients, in the fourth quarter of 2021, and we have aggressively added to the position since then. The company is currently the only meaningful manufacturer of patch pumps, the preferred form factor for many patients as compared to traditional tubed pumps. We believe Insulet has a long runway for growth given its large and underpenetrated market, which is only one-third penetrated in Type 1 diabetes and low-single-digit penetrated in the insulin- intensive Type 2 diabetes population. Additionally, we see the launch of the company’s next generation offering, Omnipod 5, which received FDA clearance in January, as an accelerant to growth. Insulet has strong gross margins and is profitable today, though we still see room for significant operating margin expansion ahead.”

6. Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Market Cap as of November 18: $23.53 B

Number of Hedge Fund Holders: 37

Zimmer Biomet Holdings, Inc. (NYSE:ZBH) develops, produces, and sells orthopedic reconstructive implants, orthopedic supplies and surgical equipment. The majority of the reconstructive market in the US, Europe, and Japan is presently owned by Zimmer as a result of the acquisitions of Centerpulse in 2003 and Biomet in 2015.

On November 3, Citi analyst Joanne Wuensch retained a ‘Neutral’ rating on the shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH) and cut her price objective from $119 to $116. Wuensch claimed that the orthopedic industry was among the most hit by the pandemic since elective procedures were put off and recovery was challenging.

At the end of the third quarter of this year, 37 hedge funds tracked by Insider Monkey had stakes in Zimmer Biomet Holdings, Inc. (NYSE:ZBH), compared to 41 funds in the previous quarter. Boston Scientific Corporation (NYSE:BSX), Medtronic plc (NYSE:MDT) and Abbott Laboratories (NYSE:ABT) are met by Zimmer Biomet Holdings, Inc. (NYSE:ZBH) in our list of biggest medical devices stocks.

In its Q4 2021 investor letter, Ariel Investments mentioned Zimmer Biomet Holdings, Inc. (NYSE:ZBH). Here is what the fund said:

“A reopening of the global economy with a reduction in the severity of the pandemic has led us to invest in companies that would perform well with an end to Covid restrictions such as canceled sports and entertainment events or companies that would benefit from pent-up demand for consumer products. Healthcare holdings such as Zimmer Biomet Holdings Inc. (ZBH) saw demand for their “elective” healthcare services decline sharply as hospitals lost capacity for non-essential surgeries or orthotics. We believed those companies should see a rebound in their business as cases decline. Unfortunately, two new Covid variants turned this theme from a tailwind to a headwind in the second half of the year. First, Delta then Omicron sent Covid cases higher and both companies saw their businesses slow again. Zimmer’s stock lost -13.04% in the fourth quarter. As we write, we believe Omicron cases could be nearing a peak which would allow our thesis to better play out this year.”

5. Edwards Lifesciences Corporation (NYSE:EW)

Market Cap as of November 18: $45.58 B
Number of Hedge Fund Holders: 57

Edwards Lifesciences Corporation (NYSE:EW) places a high premium on patient-centered medical advancements for heart disease and critical care monitoring. The company’s products are divided into three categories: Transcatheter Heart Valves, Surgical Structural Heart, and Critical Care.

On October 28, Cowen analyst Joshua Jennings maintained an ‘Outperform’ rating and trimmed his price objective on Edwards Lifesciences Corporation (NYSE:EW) to $100 from $125. According to the analyst, ongoing issues with the company’s employees, a spike in COVID in Japan, and a higher yen caused the company’s TAVR for the third quarter to fall short of forecasts.

At the end of Q3, Fisher Asset Management was the leading shareholder of Edwards Lifesciences Corporation (NYSE:EW), holding over 7.54 million shares. Overall, 57 hedge funds in Insider Monkey’s database were bullish on Edwards Lifesciences Corporation (NYSE:EW) in Q3, up from 39 in the previous quarter.

Here is what Wedgewood Partners said about Edwards Lifesciences Corporation (NYSE:EW) in its Q3 2022 investor letter:

“Edwards Lifesciences Corporation (NYSE:EW) reported just +5% growth in revenue (foreign exchange adjusted) compared to a year ago. While this quarter represented a deceleration in revenue growth from earlier this year, much of that was due to hospital staffing shortages and the vagaries of global healthcare systems emerging from pandemic disruptions. The Company received FDA approval for its minimally invasive mitral valve repair system, PASCAL, and also presented compelling related clinical data, which should help support accelerating growth over the next few years. As for Edwards’ core TAVR system, there continues to be a (unfortunately) pent-up, untreated population suffering from severe aortic stenosis that will finally be able to find their way back into healthcare systems as labor market pressures ease.”

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4. Boston Scientific Corporation (NYSE:BSX)

Market Cap as of November 18: $60.44 B
Number of Hedge Fund Holders: 53

Boston Scientific Corporation (NYSE:BSX) creates, produces, and sells medical equipment. The company’s business divisions include Cardiovascular, Rhythm and Neuro, and MedSurg. With a market cap of $60.44 billion, Boston Scientific Corporation (NYSE:BSX) stands fourth on the list of 15 biggest medical device companies in the world.

Canaccord analyst William Plovanic retained a ‘Buy’ rating on Boston Scientific Corporation (NYSE:BSX) shares on October 27 and raised his price target from $45 to $48. The analyst thought the conditions for 2023 were favorable given that organic growth was solid.

According to Insider Monkey’s data, Boston Scientific Corporation (NYSE:BSX) was part of 53 hedge fund portfolios at the end of Q3 2022, compared to 56 funds in the second quarter.

Artisan Partners mentioned Boston Scientific Corporation (NYSE:BSX) in its Q2 2022 investor letter. Here is what the firm has to say:

“We took advantage of Boston Scientific Corporation (NYSE:BSX)’s share price pullback during the quarter. We believe the company is well-positioned to benefit from an expected return of elective medical procedures and several innovative product profit cycles in the periods ahead. Meanwhile, the company’s health care end market could prove relatively resilient in a recession scenario.”

3. Stryker Corporation (NYSE:SYK)

Market Cap as of November 18: $82.87 B
Number of Hedge Fund Holders: 34

Stryker Corporation (NYSE:SYK) is a global medical technology corporation based in the United States. Stryker Corporation (NYSE:SYK)’s shares rallied 1.89% last month, resulting in an $82.87 billion market capitalization.

Due to inflation and currency challenges, Stryker Corporation (NYSE:SYK)’s third-quarter results fell short of expectations. As a result, on November 1, analyst Shagun Singh from RBC Capital decreased his price objective on Stryker Corporation (NYSE:SYK) from $255 to $240 while maintaining a ‘Sector Perform’ rating on the stock.

Among the hedge funds tracked by Insider Monkey, 34 were long Stryker Corporation (NYSE:SYK) at the end of Q3 2022, compared to 46 funds in the last quarter. Terry Smith’s Fundsmith LLP is the leading stakeholder of Stryker Corporation (NYSE:SYK), with 5.63 million shares worth $1.14 billion.

Diamond Hill Capital mentioned Stryker Corporation (NYSE:SYK) in its Q3 2022 investor letter. Here is what the firm has to say:

“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.”

2. Medtronic plc (NYSE:MDT)

Market Cap as of November 18: $106.25 B
Number of Hedge Fund Holders: 55

Medtronic plc (NYSE:MDT) is a global company that develops, produces, and distributes device-based medical therapies to healthcare systems. On November 15, Medtronic plc (NYSE:MDT) unveiled the Medtronic Extended infusion set in the United States, the first and only infusion set with a label allowing for up to seven-day wear.

Pito Chickering, an analyst at Deutsche Bank, downgraded Medtronic plc (NYSE:MDT) from ‘Buy’ to ‘Hold’ on November 16 with a price objective of $85, down from $121. According to Chickering, the firm had a challenging year due to several product difficulties in Q4 of 2021 and economic headwinds that influenced earnings growth in fiscal 2023.

By the end of the third quarter of 2022, Insider Monkey identified 55 hedge funds that had stakes in Medtronic plc (NYSE:MDT). The total value of these stakes was over $2.65 billion. As of September 30, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital is the lead stakeholder in Medtronic plc (NYSE:MDT). The fund owns more than 7.16 million shares of stock, which are worth $578.31 million.

Artisan Partners shared its outlook on Medtronic plc (NYSE:MDT) in its Q2 2022 investor letter. Here’s what the firm said:

“While Medtronic plc (NYSE:MDT)’s procedure volumes recovered to pre-COVID levels, foreign exchange headwinds overshadowed underlying business value growth, and supply chain issues, including those related to China’s lockdowns, impacted the surgical innovations business. The downdraft in the market during the quarter led to a pile-on. We are being patient with our investment in Medtronic because the company continues to be a strong free cash flow generator and is attractively priced, with a FCF yield of 5% on trailing one-year numbers and a dividend yield of 3%. Medtronic is under new management that is focused on growing the company’s top line, reinvesting in R&D, returning cash to shareholders and growing operating profits. We like new management’s strategy and believe new product launches, increased surgery visits, sound M&A transactions and a shareholder returns focus, should reinvigorate the business. We added to our positions in these health care names during the quarter.”

1. Abbott Laboratories (NYSE:ABT)

Market Cap as of November 18: $178.82 B
Number of Hedge Fund Holders: 62

Abbott Laboratories (NYSE:ABT) tops the list of the 15 biggest medical device companies in the world. It is involved in researching, developing, producing, and marketing a vast and varied range of medical goods. Currently, Abbott Laboratories (NYSE:ABT) sells branded generic drugs, food nutritional items, medical devices, equipment, and diagnostics.

Mizuho analyst Anthony Petrone commenced coverage of Abbott Laboratories (NYSE:ABT) on October 26, rating it as ‘Neutral’ with a price objective of $105. Among the hedge funds tracked by Insider Monkey, Ken Fisher’s Fisher Asset Management is the leading position holder in Abbott Laboratories (NYSE:ABT), with 9.13 million shares worth about $883.29 million. Overall, 62 hedge funds were long Abbott Laboratories (NYSE:ABT) at the end of September 2022, down from 61 funds in the earlier quarter.

Here’s what Diamond Hill Capital said about Abbott Laboratories (NYSE:ABT) in its Q3 2022 investor letter:

“Also among our bottom contributors were health care products manufacturer Abbott Laboratories (NYSE:ABT), global pharmaceutical company Pfizer, media and technology giant Alphabet, and insurance company American International Group (AIG).

Abbott has been working through a recall of its infant formula brand Similac in the US, which has continued to pressure its share price. Although the recall will impact near-term revenues, we are not concerned about any long-term impacts. We remain optimistic about the company given it is one of the highest quality names in health care, in our view, with a talented management team that makes smart capital allocation decisions. Abbott also has leading health care and consumer franchises with a particularly strong competitive position in its medical device business. The company continues to launch innovative products in key strategic areas (such as diabetes, structural heart, and diagnostics), which should help drive not only revenue growth but margin expansion.”

You can also take a peek at 10 Stocks to Buy According to Mark T. Gallogly’s Centerbridge Partners and 8 Stocks to Buy According to Alexander Captain’s Cat Rock Capital

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Disclosure: None. 15 Biggest Medical Device Companies in the World is originally published on Insider Monkey.