Sectors & IndustriesHealthcareMedical Devices

Best Medical Device Stocks to Buy Now (2024)

Top medical device stocks in 2024 ranked by overall Zen Score. See the best medical device stocks to buy now, according to analyst forecasts for the medical devices industry.

According to Zen Score, the 3 best medical equipment stocks to buy right now are:

Semler Scientific (NASDAQ:SMLR) is the top medical device stock with a Zen Score of 68, which is 41 points higher than the medical device industry average of 27. It passed 21 out of 33 due diligence checks and has strong fundamentals. Semler Scientific has seen its stock return 0.83% over the past year, overperforming other medical device stocks by 17 percentage points.

Inmode (NASDAQ:INMD) is the second best medical device stock with a Zen Score of 65, which is 38 points higher than the medical device industry average of 27. It passed 20 out of 33 due diligence checks and has strong fundamentals. Inmode has seen its stock lose -52.22% over the past year, underperforming other medical device stocks by -36 percentage points.

Inmode has an average 1 year price target of $27.00, an upside of 55.71% from Inmode's current stock price of $17.34.

Inmode stock has a consensus Buy recommendation according to Wall Street analysts. Of the 3 analysts covering Inmode, 33.33% have issued a Strong Buy rating, 0% have issued a Buy, 66.67% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Tactile Systems Technology (NASDAQ:TCMD) is the third best medical device stock with a Zen Score of 60, which is 33 points higher than the medical device industry average of 27. It passed 19 out of 33 due diligence checks and has strong fundamentals. Tactile Systems Technology has seen its stock lose -20.11% over the past year, underperforming other medical device stocks by -4 percentage points.

Out of 9 medical device stocks that have issued dividends in the past year, the 3 medical device stocks with the highest dividend yields are:

Medtronic (NYSE:MDT) has an annual dividend yield of 3.49%, which is 2 percentage points higher than the medical device industry average of 1.59%. Medtronic's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Medtronic's dividend has shown consistent growth over the last 10 years.

Medtronic's dividend payout ratio of 87.3% indicates that its dividend yield is sustainable for the long-term.

Smith & Nephew (NYSE:SNN) has an annual dividend yield of 3.12%, which is 2 percentage points higher than the medical device industry average of 1.59%. Smith & Nephew's dividend payout is not stable, having dropped more than 10% ten times in the last 10 years. Smith & Nephew's dividend has not shown consistent growth over the last 10 years.

Smith & Nephew's dividend payout ratio of 124.2% indicates that its dividend yield might not be sustainable for the long-term.

Abbott Laboratories (NYSE:ABT) has an annual dividend yield of 2.01%, which is the same as the medical device industry average of 1.59%. Abbott Laboratories's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Abbott Laboratories's dividend has shown consistent growth over the last 10 years.

Abbott Laboratories's dividend payout ratio of 63.4% indicates that its dividend yield is sustainable for the long-term.

Medical device stocks were down -1.04% in the last day, and down -5.04% over the last week.

We couldn't find a catalyst for why medical device stocks are down.

Based on WallStreetZen's Valuation Score, the 3 most undervalued medical device stocks right now are:

Inmode (NASDAQ:INMD) is the most undervalued medical device stock based on WallStreetZen's Valuation Score. Inmode has a valuation score of 100, which is 85 points higher than the medical device industry average of 15. It passed 7 out of 7 valuation due diligence checks.

Inmode's stock has dropped -52.22% in the past year. It has underperformed other stocks in the medical device industry by -36 percentage points.

Semler Scientific (NASDAQ:SMLR) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Semler Scientific has a valuation score of 100, which is 85 points higher than the medical device industry average of 15. It passed 7 out of 7 valuation due diligence checks.

Semler Scientific's stock has gained 0.83% in the past year. It has overperformed other stocks in the medical device industry by 17 percentage points.

Tactile Systems Technology (NASDAQ:TCMD) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Tactile Systems Technology has a valuation score of 86, which is 71 points higher than the medical device industry average of 15. It passed 6 out of 7 valuation due diligence checks.

Tactile Systems Technology's stock has dropped -20.11% in the past year. It has underperformed other stocks in the medical device industry by -4 percentage points.