3 Top Healthcare Stocks to Buy in August
StockNews
Published Aug 02, 2021 10:26AM ET
Updated Aug 02, 2021 11:30AM ET
3 Top Healthcare Stocks to Buy in August
The rapid spread of the highly transmissible COVID-19 Delta variant has attracted increased attention to the healthcare industry. Moreover, since the industry is expected to grow significantly in the coming months on the back of the integration of advanced technologies, we think it could be wise to bet on quality healthcare stocks Thermo Fisher Scientific (TMO), Novartis (NVS), and Medtronic (NYSE:MDT). They possess solid growth attributes and could continue thriving this month and beyond. Let’s discuss these names.The rapid spread of the highly contagious COVID-19 Delta variant has been driving renewed investor attention in the healthcare industry. This is evidenced by the Health Care Select Sector SPDR Fund’s (XLV) 8.9% returns over the past three months versus the SPDR S&P 500 ETF Trust’s (SPY) 5.1% gains.
The healthcare sector is expected to continue thriving with the relatively inelastic demand for healthcare products and services, along with a growing aging population. Furthermore, with the increasing integration of advanced technologies in the healthcare space, the industry could generate significant returns in the coming months. According to an IndustryResearchBiz report, the global pharma and healthcare market is expected to hit $1.58 trillion by 2027.
So, we think it could be wise to bet on quality healthcare stocks Thermo Fisher Scientific Inc. (NYSE:TMO), Novartis AG (NVS), and Medtronic plc (MDT) because they have immense growth potential. Also, these stocks have an A or B rating for Growth in our POWR Ratings system.
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