5 Stocks That Will Change the Future

4. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 52

We saw 52 hedge funds holding stakes in Medtronic plc (NYSE:MDT) in the first quarter, with a total stake value of $1.6 billion.

Medtronic plc (NYSE:MDT) is another healthcare equipment company on our list, based in Dublin, Ireland. The company is developing AI-based medical devices such as the GI Genius™ Intelligent Endoscopy Module. This is an AI-based polyp detection system that processes colonoscopy images.

Kristen Stewart, an analyst at CL King, initiated coverage on Medtronic plc (NYSE:MDT) shares with a Buy rating and a $106 price target on June 30.

Appleseed Fund mentioned Medtronic plc (NYSE:MDT) in its first-quarter 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.”