Is it Still Worthy to Buy Some Medtronic (MDT) Shares?

Polen Capital, an investment management firm, published its “Polen International Growth” fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of 6.59% was delivered by the fund for the third quarter of 2021, outperforming the MSCI All Country World ex-USA Index (the “Index”) by 4.65% in the quarter. For the year, the Portfolio returned 7.10% versus the Index return of 7.82%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Polen International Growth, in its Q4 2021 investor letter, mentioned Medtronic plc (NYSE: MDT) and discussed its stance on the firm. Medtronic plc is a Dublin, Ireland-based medical device company with a $138.6 billion market capitalization. MDT delivered a -0.29% return since the beginning of the year, while its 12-month returns are down by -12.70%. The stock closed at $103.15 per share on February 16, 2022.

Here is what Polen International Growth has to say about Medtronic plc in its Q4 2021 investor letter:

“The top absolute detractors during the quarter (includes) Medtronic. Shares of Medtronic underperformed during the quarter on what we see as short-term setbacks in its Renal Denervation technology and HUGO robotic surgery platform. Both are pipeline prospects that could be sources of revenue growth if Medtronic can successfully commercialize them. However, they are not generating meaningful sales today. Looking ahead, we believe Medtronic’s management is handling this world-leading tech business well and that its growth prospects remain compelling.”

Sergey Nivens/

Our calculations show that Medtronic plc (NYSE: MDT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. MDT was in 62 hedge fund portfolios at the end of the third quarter of 2021, compared to 68 funds in the previous quarter. Medtronic plc (NYSE: MDT) delivered a -12.46% return in the past 3 months.

In January 2022, we published an article that includes MDT in the 10 Best Dividend Stocks According to John Overdeck And David Siegel’s Two Sigma Advisors. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.