While the pandemic highlighted the importance of healthcare and medical businesses, the sector has been somewhat of a recession-resistant one even before 2020. Within the healthcare sector, there are sub-sectors like pharmaceuticals, hospitals, healthcare REITs, and medical device companies. One well-known medical device company is Stryker Corporation. It is known for its surgical equipment and implants used in trauma and joint-replacement surgeries. Stryker is among the leaders in the orthopedic implants market. If investors are looking for healthcare stocks and wish to look more closely at the medical device sector, then Stryker Corporation is among the top medical stocks to buy right now.
Stryker History And Other Background Information
Stryker Corporation is headquartered in Kalamazoo, Michigan. The company was founded in 1941 by Dr. Homer Stryker, an orthopedist. At the time of its founding, the company was known as The Orthopedic Frame Company. In its initial years, The Orthopedic Frame Company specialized in making mobile hospital beds that allowed repositioning of patients and a degree of mobility. The company changed its name to Stryker Corporation in 1964 and went public in 1979. Stryker’s most important acquisition happened to post its IPO when it acquired Osteonics Corporation. This acquisition allowed Stryker to enter the orthopedic implants business, which is what it is best known for today. The company is one of the best healthcare stocks to buy now.
Medical stocks did reasonably well during the pandemic. Stryker Corporation’s stock has gone up by more than 83% on a one-year basis. It last closed at $232.08 on 22nd March 2021, trading at a dividend yield of 1.09%. The stock has fallen by close to 6% over the preceding 30 days. Stryker Corporation has performed reasonably well over a five year period, more than doubling from its 2016 price of $108 in March-end 2016.