Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Is Boston Scientific (BSX) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Boston Scientific is a member of our Medical group, which includes 1109 different companies and currently sits at #6 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Boston Scientific is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for BSX's full-year earnings has moved 2.3% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, BSX has gained about 16.3% so far this year. Meanwhile, the Medical sector has returned an average of -5.6% on a year-to-date basis. This means that Boston Scientific is performing better than its sector in terms of year-to-date returns.
Another stock in the Medical sector, Conmed (CNMD), has outperformed the sector so far this year. The stock's year-to-date return is 15.1%.
In Conmed's case, the consensus EPS estimate for the current year increased 1.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Boston Scientific belongs to the Medical - Products industry, a group that includes 97 individual stocks and currently sits at #78 in the Zacks Industry Rank. On average, stocks in this group have lost 5.4% this year, meaning that BSX is performing better in terms of year-to-date returns.
Conmed, however, belongs to the Medical - Dental Supplies industry. Currently, this 17-stock industry is ranked #72. The industry has moved +13.5% so far this year.
Investors with an interest in Medical stocks should continue to track Boston Scientific and Conmed. These stocks will be looking to continue their solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report