Should You Invest in Medtronic plc (MDT)?
Appleseed Fund, an investment management company released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund’s Investor Class returned 5.42% over the six months that ended March 31, 2023, and outperformed the Morningstar Global Small/Midcap Index, which generated a 3.57% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Appleseed Fund highlighted stocks like Medtronic plc (NYSE:MDT) in the first quarter 2023 investor letter. Headquartered in Dublin, Ireland, Medtronic plc (NYSE:MDT) develops and manufactures device-based medical therapies. On May 30, 2023, Medtronic plc (NYSE:MDT) stock closed at $82.50 per share. One-month return of Medtronic plc (NYSE:MDT) was -9.35%, and its shares lost 15.92% of their value over the last 52 weeks. Medtronic plc (NYSE:MDT) has a market capitalization of $109.339 billion.
Appleseed Fund made the following comment about Medtronic plc (NYSE:MDT) in its Q1 2023 investor letter:
"During the most recent quarter, Appleseed Fund added three new equity holdings: Medtronic plc (NYSE:MDT), Stanley Black & Decker (SWK), and Synovus Financial (SNV). Medtronic is the world’s largest device manufacturer, and it holds the number one or number two market share in most of its product segments. Medtronic’s business is heavily weighted towards complicated in-patient procedures, which are typically quite profitable. Industry dynamics are quite attractive with an aging global population and the growth of improved healthcare in emerging markets; furthermore, most of its segments are highly concentrated with just 2-3 players that split each segment’s market share, affording the key participants with significant economies of scale and pricing power. The Company has been recently addressing several temporary headwinds including a strong dollar, inflation, a delayed recovery in surgical volumes from the coronavirus pandemic, and supply chain issues. Once these issues reach the rearview mirror, the Company’s growth and margin expansion plans should transform into reality."
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Medtronic plc (NYSE:MDT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Medtronic plc (NYSE:MDT) at the end of first quarter 2023 which was 58 in the previous quarter.
We discussed Medtronic plc (NYSE:MDT) in another article and shared the list of best June dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
