Artisan Partners, an investment management company, released its “Artisan Value Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTLX returned -13.40%, Advisor Class fund APDLX posted a return of -13.32%, and Institutional Class fund APHLX returned -13.32%, compared to a return of -12.21% for the Russell 1000 Value Index. Poor performance of the communications and health care sectors impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Partners discussed stocks like Medtronic plc (NYSE:MDT) in the second quarter investor letter. Headquartered in Dublin, Ireland, Medtronic plc (NYSE:MDT) develops, manufactures, and markets medical devices. On September 26, 2022, Medtronic plc (NYSE:MDT) stock closed at $81.33 per share. One-month return of Medtronic plc (NYSE:MDT) was -6.79% and its shares lost 35.45% of their value over the last 52 weeks. Medtronic plc (NYSE:MDT) has a market capitalization of $108.1 billion.
Here is what Artisan Partners specifically said about Medtronic plc (NYSE:MDT) in its Q2 2022 investor letter:
“While Medtronic plc (NYSE:MDT)’s procedure volumes recovered to pre-COVID levels, foreign exchange headwinds overshadowed underlying business value growth, and supply chain issues, including those related to China’s lockdowns, impacted the surgical innovations business. The downdraft in the market during the quarter led to a pile-on. We are being patient with our investment in Medtronic because the company continues to be a strong free cash flow generator and is attractively priced, with a FCF yield of 5% on trailing one-year numbers and a dividend yield of 3%. Medtronic is under new management that is focused on growing the company’s top line, reinvesting in R&D, returning cash to shareholders and growing operating profits. We like new management’s strategy and believe new product launches, increased surgery visits, sound M&A transactions and a shareholder returns focus, should reinvigorate the business. We added to our positions in these health care names during the quarter.”
Pixabay/Public Domain
Medtronic plc (NYSE:MDT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Medtronic plc (NYSE:MDT) at the end of the second quarter which was 54 in the previous quarter.
We discussed Medtronic plc (NYSE:MDT) in another article and shared the list of blue chip stocks to buy according to billionaire Ray Dalio. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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