5 Medical Technology Stocks to Buy

4. Medtronic plc (NYSE: MDT)

Number of Hedge Fund Holders: 65

Medtronic plc (NYSE: MDT) ranks 4th on the list of the 10 medical technology stocks to buy. The Dublin-based medical technology company has grown to be one of the biggest manufacturers of medical devices, cardiac pacemakers, and glucose monitoring systems. On top of that, Medtronic plc (NYSE: MDT) markets surgical robots and AI-powered medical machines used in various medical and surgical treatments.

On June 3rd, Argus Research analyst David Toung maintained a Buy rating on Medtronic plc (NYSE: MDT) and increased the price target to $150 per share from the previous $135. The analyst sees a positive outlook on the company’s decision to reinvest its operating cash flow to support new products and ramp up new product development, as well as its leading market position in its Minimally Invasive Therapies, Brain Therapies, and Pain Therapies units.

The company has a market cap of $169 billion. In the second quarter of 2021, Medtronic plc (NYSE: MDT) had an EPS of $1.5, beating estimates by $0.08. The company’s revenue for the fiscal year 2021 came in at $30.1 billion, up 4% year over year. The stock has returned 29% to investors over the past twelve months and 7.2% year to date. In May, Medtronic plc (NYSE: MDT) declared an increase in quarterly dividends to $0.63 per share or an annual amount of $2.52 per share.

By the end of the first quarter of 2021, 65 hedge funds followed by Insider Monkey held stakes in Medtronic plc (NYSE: MDT) with a total value of $3.63 billion, up from 59 hedge funds worth $2.81 billion the preceding quarter.