3 ASX 300 healthcare share winners on Wednesday

Three S&P/ASX 300 Index (ASX: XKO) healthcare shares were flying higher than their peers this afternoon.

This may be surprising as the S&P/ASX 200 Health Care Index (ASX: XHJ) spent a great deal of its trading session in the red today, even notching the title of worst performing sector at one stage. However, a late rally saw the index close lightly in the green, up 0.17%.

On a broader level, the S&P/ASX 300 Index also struggled, closing 1.4% lower at the end of trading.

Healthcare and other defensive shares, such as consumer staples, tend to outperform other sectors during an economic downturn.

So it’s possible that shares of healthcare companies may rise higher in the months ahead following anticipated interest rate hikes in Australia and inflation predicted to surge higher in the United States.

But for now, let’s recap the healthcare shares that performed strongly on Wednesday.

Ramsay Health Care (ASX: RHC)

Ramsay managed to outperform the Health Care Index and ASX 300 today, closing 0.35% higher for the day at $71 apiece.

The company was featured in a Foolish article this morning in which a Shaw and Partners senior investment advisor said that its outlook looks bright after beating off headwinds of COVID-19.

Shares in the private hospital operator are down 1.21% year to date.

Resmed CDI (ASX: RMD)

The Resmed share price had a cracker of a day today, closing a hefty 4.23% higher at $33.51 and snatching poll position as today’s top performing ASX 200 share. Earlier, shares in the medical equipment company lifted to an intraday high of $33.86 apiece.

Resmed also received some positive coverage from a broker this morning. Morgans said that the outlook for the company was positive, stating:

While we expect the next few quarters to be volatile as COVID-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.

The company’s shares are down 7.38% year to date.

Polynovo Ltd (ASX: PNV)

Polynovo shares were up 0.77%, trading at $1.31 apiece at the close on Wednesday. The company produces medical devices.

There has been no news from Polynovo today, nor has a broker covered the company recently. The most recent announcement was made on 26 August, when the company announced its results for FY22.

Polynovo reported a surge in revenues for the reporting period as it grew 42.8%. However, investors sent its shares plummeting 15% on the day of the announcement.

Polynovo plans to expand its presence in the United States, New Zealand, and Australian markets.

The company’s shares are down 16% year to date.

The post 3 ASX 300 healthcare share winners on Wednesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Matthew Farley has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO and ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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