5 Best Medical Device Stocks To Buy Now

4. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 54

Medtronic plc (NYSE:MDT) is an Irish company that sells several devices such as pacemakers, cardiac monitor systems, pulmonary valves, and valve replacement products. It is headquartered in Dublin.

Not only have Medtronic plc (NYSE:MDT)’s sales doubled over the last decade, but the company has also increased its non-GAAP EPS by more than 45% over the same time period. This doesn’t seem to be the end of it, as the firm also has more than 200 products in its pipeline. To further sweeten the deal, Medtronic plc (NYSE:MDT) also pays a 68 cent dividend for a 2.9% yield.

Insider Monkey’s 912 hedge fund poll for this year’s first quarter showed that 54 had bought the company’s shares.

Out of these, Ric Dillon’s Diamond Hill Capital has the largest stake in Medtronic plc (NYSE:MDT) through holding 4 million shares worth $456 million.

Polen Capital mentioned the company in its Q1 2022 investor letter. Here is what the fund said:

“Ireland-based Medtronic is a leading health care company focused on supplying many important life-saving devices like pacemakers, defibrillators, and insulin pumps. This is another company with attractive pricing power and a business model that can hold up well during inflationary periods. Medtronic has increased market share across almost 70% of its portfolio since the start of the pandemic, which is a higher percentage than even before the pandemic. With growth-oriented companies falling out of favor over the quarter, the stock’s relatively discounted valuation (at approximately 19x earnings) also bolstered its performance.”