Stock splits seem to be all the rage on Wall Street these days. Amazon, Shopify, and now Tesla are just some of the big names that either have split, or plan to split, their shares. Although it doesn't fundamentally change your investment in any way, it almost seems like an attention-grabbing move that companies are deploying right now to try to stir up some excitement in a beaten-up stock market.

And there could be even more potential stock splits out there. A couple of stocks that may be overdue for a split include Thermo Fisher Scientific (TMO -1.32%) and Microsoft (MSFT -0.66%).

1. Thermo Fisher Scientific

Thermo Fisher trades at more than $500 per share. Even at a 2-for-1 split, its price would still be high at around $250. The company can easily justify making a large stock split and jump on the bandwagon. And with its shares down 23% since the start of the year (slightly worse than the S&P 500's 20% drop), a little bit of the spotlight could potentially help it gain some traction.

It has been decades since Thermo Fisher last did a stock split. The last time that happened was in 1996, when it was still known as Thermo Electron, and before the merger with Fisher Scientific took place in 2006. Between 1983 and 1996, it was a stock-splitting machine, deploying the move six times within a span of just 13 years.

Since then, however, there haven't been any stock splits. The main advantages for deploying a split would be simply to bring the share price down and to make it easier for investors to own a piece of it, especially if they aren't able to purchase fractional shares of the business. 

Although it may appear as though Thermo Fisher is overdue for a stock split, that's only based on its track record from decades ago. That trend of stock splitting hasn't carried over into the current century, and at this point it doesn't seem as though Thermo Fisher will deploy it anytime soon.

Plus, unlike popular tech stocks that often garner more attention from retail investors than safe and boring stocks like Thermo Fisher do, it may not benefit from a rising price or more trading activity even if it were to announce a split. The benefits of doing a split for Thermo Fisher are negligible for the business.

The good news is that the fundamentals won't change either way, and they suggest that the healthcare stock is a solid, long-term buy. Thermo Fisher's profit margins of at least 10% over the past five years coupled with the company's appetite for growth (its top line has risen by 61% over the past three years) make the stock a buy whether a split happens or not.

2. Microsoft

One notably quiet tech stock when it comes to stock splits is Microsoft. Like Thermo Fisher, it used to be aggressive in splitting its shares. In 2003, when Windows XP was the company's hot new operating system, Microsoft announced its most recent stock split. It was its ninth since going public in 1986. 

Microsoft's share price today is around $240. It's not as high as Thermo Fisher's, but it could still warrant a 2-for-1 split like the one it deployed nearly two decades ago. That would cut its price in half, putting it a little higher than where Amazon's stock trades today, at just over $100 per share.

However, one reason the tech giant may not want to do a split right now is because it isn't seeming to have a positive effect of late. Amazon's stock split came into effect a week ago and the stock has nosedived more than 15% since then. Although it would take time for a stock split to take effect after it is announced, the current conditions in the market certainly don't suggest it will generate the positive hype a company might otherwise hope to see.

Shares of Microsoft have fallen more than 27% year to date. Recently, the company cut its guidance for the current quarter due to foreign exchange, which hasn't helped the stock. But with a robust business that includes software, hardware, and gaming, its future looks as solid as ever. Plus, its pending acquisition of Activision Blizzard, the gaming company behind the popular Call of Duty franchise, could unlock even more growth opportunities ahead.

With nearly $200 billion in revenue over the past 12 months and a profit margin of more than 37%, Microsoft doesn't need a stock split or hype to make it a good investment.