Top Stock to Buy in April

Well Health Technologies stock is a top stock to buy in April as it continues to transform the healthcare industry into the new age.

| More on:
Dad and son having fun outdoor. Healthy living concept

Image source: Getty Images

Are you looking for a top stock to buy? Have you been holding onto some cash, waiting for a better entry point? Well Health Technologies Corp. (TSX:WELL) stock is down almost 25% in the last month. This is a good place to start. We’re seeing some weakness in Well Health and the TSX as markets take a breather.

So why did Well Health stock fall so much? And what makes it a top stock to buy in April?

Well Health is a top stock poised for continued long term growth

Well Health Technologies is an omni-channel digital health company. It’s leading the healthcare revolution in Canada. In short, Well Health “..aims to positively impact health outcomes.” They plan to do this by “leveraging technology to empower and support patients and doctors.”

So how does this look? Well, the primary healthcare system in Canada is infamous for its archaic systems. The lack of digital records and long patient wait times have frustrated everyone involved. Well Health Technologies envisions a primary care system that is proactive in preventing disease. Today, it feels unable to effectively do so.

But with Well Health Technologies, they can step up the level of care. Virtual care will ensure quick and easy access to doctors. And waiting room automation allows for shorter wait times for patients. And there are even more significant advantages that technology can bring.

Well Health Technologies facilitates “precision medicine”

Precision medicine “…proposes customizing healthcare decisions, treatments, practices, and products to suit individual patient needs.” It essentially means identifying best approaches for each patient given genetic factors and environmental and lifestyle factors. A digital database of information on each patient compiles all of this information.

This is a more proactive approach to healthcare — an approach that attempts to prevent disease rather than just treat it after it develops. The fact is that the technology is available to take healthcare to the next level. It’s an extremely exciting time, and Well Health is aiming to make these advancements a reality.

Exceptional growth and financial strength

Well Health Technologies stock has been on a tear since last year. It’s a top stock that has rallied over 350% since the beginning of 2020. And although it has shown some weakness recently, it shows no signs of stopping its upward climb. The weakness is a reflection of the fact that markets are stretched. It’s not a reflection of any bad news from Well Health.

Top stock to buy Well Health Technologies stock

In its latest quarter, Well Health Technologies reported a 75% increase in revenue. The company continues to consolidate and modernize clinical assets within the primary healthcare industry. To this end, Well Health completed seven transactions during the quarter,  putting Well Health in an enviable position. These transactions will positively contribute to Well Health’s results. Also, they are expanding the company’s geographic reach. All of this translates to its top stock status.

The bottom line

Recent stock market weakness has given rise to some quality bargain stocks. And Well Health Technologies stock really stands out as a top stock to buy in April. The digitization trends in the healthcare sector is a strong long-term growth trend. It was way overdue and now that it has begun, there’s no stopping it. Well Health Technologies is well positioned to continue to benefit from this.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Karen Thomas has no position in any of the stocks mentioned.

More on Investing

Canadian Dollars
Stock Market

Where to Invest $5,000 in April 2024

Do you have some extra cash to spare? Here are five companies to invest $5,000 in next month.

Read more »

Plane on runway, aircraft
Stocks for Beginners

Up 53% From its 52-Week Low, Is Cargojet Stock Still a Buy?

Cargojet (TSX:CJT) stock is up a whopping 53%, nearing closer to 52-week highs from 52-week lows, so what's next for…

Read more »

Question marks in a pile
Bank Stocks

Should You Buy Canadian Western Bank for its 4.8% Dividend Yield?

Down 35% from all-time highs, Canadian Western Bank offers a tasty dividend yield of 4.8%. Is the TSX bank stock…

Read more »

Gold bars
Metals and Mining Stocks

Why Alamos Gold Jumped 7% on Wednesday

Alamos (TSX:AGI) stock and Argonaut Gold (TSX:AR) surged after the companies announced a friendly acquisition for $325 million.

Read more »

tsx today
Stock Market

TSX Today: Why Record-Breaking Rally Could Extend on Thursday, March 28

The main TSX index closed above the 22,000 level for the first time yesterday and remains on track to post…

Read more »

Nuclear power station cooling tower
Metals and Mining Stocks

If You’d Invested $1,000 in Cameco Stock 5 Years Ago, This Is How Much You’d Have Now

Cameco (TSX:CCO) stock still looks undervalued, despite a 258% rally. Can the uranium miner deliver more capital gains to shareholders?

Read more »

Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept
Dividend Stocks

TFSA Magic: Earn Enormous Passive Income That the CRA Can’t Touch

If you're seeking out passive income, with zero taxes involved, then get on board with a TFSA and this portfolio…

Read more »

potted green plant grows up in arrow shape
Stocks for Beginners

3 Growth Stocks I’m Buying in April

These three growth stocks are up in the last year, and that is likely to continue on as we keep…

Read more »