Healthcare stocks to buy are booming in the U.S. due to the nation’s aging population. Spending on healthcare in the U.S. now totals $4.4 trillion, or $13,493 per person, each year — more than any other country on earth. The U.S. continues to lead in both quality of medical care and healthcare innovations, developing cutting edge technologies, pharmaceutical products and surgical procedures.

For all these reasons, one might assume that all healthcare stocks are thriving — but not so. The S&P Health Care index has gained 9% over the last 12 months compared to a 27% gain in the benchmark S&P 500 index. Stocks of pharmaceuticals, health insurers and medical device companies have slumped over the past 12 months. Many healthcare stocks have been down since the pandemic ended. That said, there are some stocks that analysts remain bullish on and expect to see rise in coming months.

Here are Wall Street favorites: three healthcare stocks to buy in May 2024.

UnitedHealth Group (UNH)

The U.S.’s largest healthcare insurer, UnitedHealth Group (NYSE:UNH), has a consensus rating of “strong buy” among 19 analysts. The median price target on UNH stock is currently $556.94, implying 9.6% upside from current levels. Analysts seem to be looking past a recent cyberattack at UnitedHealth subsidiary Change Healthcare, and are focusing instead on the company’s recent first-quarter financial results, which were very good.

The medical insurance company announced EPS of $6.91, which beat estimates of $6.61. Revenue in the January through March quarter came in at $99.80 billion versus $99.30 billion that had been forecast on Wall Street. Sales rose 9% from a year earlier. UnitedHealth credited the growth to an increase in the number of people that it serves in the U.S., which grew by two million during Q1.

UNH stock is down 5% on the year but appears poised for a turnaround. Analysts remain bullish, making this a healthcare stock to buy.

Abbott Laboratories (ABT)

Abbott Laboratories (NYSE:ABT) is also rated a “strong buy” from 10 analysts that cover the company. The median price target on ABT stock is presently $128.60, which is 23% higher than where the shares are currently sitting. Analysts are bullish on Abbott Laboratories’ sales of its medical devices, which have been very strong. The company attributed its Q1 earnings beat to medical device sales, notably its glucose-monitoring product.

Abbott reported Q1 EPS of 98 cents, topping Wall Street forecasts of 95 cents. Revenue totaled $9.96 billion versus $9.88 billion that had been estimated among analysts. The company said that its medical device sales amounted to $4.45 billion, with sales of its glucose monitor device, FreeStyle Libre, generating $1.5 billion in revenue. That was better than the $4.30 billion in medical device sales anticipated by analysts. ABT stock is also down over 5% this year, though it too looks ready for a recovery.

GE Healthcare Technologies (GEHC)

GE Healthcare Technologies (NASDAQ:GEHC) is a relatively new company. In early 2023, industrial conglomerate General Electric (NYSE:GE) spun-off GE HealthCare Technologies, which primarily makes medical imaging devices. Since its market debut, GEHC stock has risen nearly 41%. Analysts expect a lot more gains from the company. The eight analysts tracking GE Healthcare rate the stock a strong buy with a median price target of $97.88 per share.

The price target is almost 22% higher than where GEHC stock is currently trading. Analysts remain positive towards the shares despite the fact that the company recently delivered a Q1 earnings miss. While the company has struggled to stand on its own since the separation from General Electric, analysts still like the long-term outlook for GE Healthcare Technologies, noting that there’s growing demand for its medical imaging products. Year to date, GEHC stock is up over 4%, with more gains likely.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.