Billionaire Richard Chilton is Selling These 5 Tech Stocks

2. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 54

Medtronic plc (NYSE:MDT) is a Minneapolis, Minnesota-based medical technology company. Richard Chilton sold off his entire stake in Medtronic plc (NYSE:MDT) during Q1 2022.

In its Q4 FY22 results, Medtronic plc (NYSE:MDT) posted an EPS Normalized Actual of $1.52, missing the consensus estimate by $0.04. Furthermore, revenue was recorded at $8.09 billion, missing the analysts’ estimates by $340.08 million.

On June 1, James Mainwaring at Atlantic Equities downgraded Medtronic plc (NYSE:MDT) from Overweight to Neutral. The analyst also lowered the price target on the stock from $125 to $105, citing weak quarterly results.

In its Q1 2022 investor letter, Polen Capital shared its insights on Medtronic plc (NYSE:MDT). Here’s what the firm 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.”

Of the 912 hedge funds in Insider Monkey’s database, 54 funds held a stake in Medtronic plc (NYSE:MDT) as of Q1 2022.