For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Has American Well Corporation (AMWL) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
American Well Corporation is one of 1001 individual stocks in the Medical sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. American Well Corporation is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for AMWL's full-year earnings has moved 5.7% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that AMWL has returned about 0.8% since the start of the calendar year. At the same time, Medical stocks have lost an average of 2.4%. This means that American Well Corporation is performing better than its sector in terms of year-to-date returns.
Another stock in the Medical sector, Claritev Corporation (CTEV), has outperformed the sector so far this year. The stock's year-to-date return is 44.6%.
In Claritev Corporation's case, the consensus EPS estimate for the current year increased 0.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, American Well Corporation belongs to the Medical Info Systems industry, a group that includes 38 individual stocks and currently sits at #69 in the Zacks Industry Rank. Stocks in this group have gained about 8.4% so far this year, so AMWL is slightly underperforming its industry this group in terms of year-to-date returns. Claritev Corporation is also part of the same industry.
Investors interested in the Medical sector may want to keep a close eye on American Well Corporation and Claritev Corporation as they attempt 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
American Well Corporation (AMWL): Free Stock Analysis Report Claritev Corporation (CTEV): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
