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Are Medical Stocks Lagging Haemonetics (HAE) This Year?

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The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Haemonetics (HAE - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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.

Haemonetics is a member of our Medical group, which includes 1114 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. Haemonetics is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for HAE's full-year earnings has moved 7.4% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, HAE has gained about 14.1% so far this year. In comparison, Medical companies have returned an average of -3.8%. As we can see, Haemonetics is performing better than its sector in the calendar year.

Another stock in the Medical sector, Ayr Wellness Inc. (AYRWF - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 15%.

Over the past three months, Ayr Wellness Inc.'s consensus EPS estimate for the current year has increased 9.6%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Haemonetics belongs to the Medical - Products industry, a group that includes 99 individual stocks and currently sits at #96 in the Zacks Industry Rank. Stocks in this group have lost about 1.7% so far this year, so HAE is performing better this group in terms of year-to-date returns. Ayr Wellness Inc. is also part of the same industry.

Investors interested in the Medical sector may want to keep a close eye on Haemonetics and Ayr Wellness Inc. as they attempt to continue their solid performance.

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