Jim Cramer’s 5 Favorite Healthcare Stock Picks in 2024

4. Medtronic PLC (NYSE:MDT)

Number of Hedge Fund Investors: 56

Cramer has been consistently recommending medical device company Medtronic PLC (NYSE:MDT), especially after Medtronic PLC’s (NYSE:MDT) partnership with Nvidia according to which Nvidia’s AI tech will be integrated with Medtronic PLC’s (NYSE:MDT) GI Genius™ intelligent endoscopy module.

In a latest program, Cramer yet again praised the stock and said that Medtronic PLC’s (NYSE:MDT) CEO Geoffrey S. Martha has been “undervalued here.”

“I like what they are doing in AI. You’ve got a good one with a good yield.”

Polen International Growth Strategy stated the following regarding Medtronic plc (NYSE:MDT) in its fourth quarter 2023 investor letter:

“Medtronic plc (NYSE:MDT) is the largest medical technology company in the world. Despite a few tough years characterized by post-COVID supply chain issues, Chinese market payment changes, and diabetes business challenges, the company has continued to invest aggressively in its R&D pipeline. Because of this long-term mindset and commitment to product innovation, the company is in a position today where it has numerous significant new product launches across the business, helping to accelerate growth and improve profitability. More recently, the market’s infatuation with the promise of GLP-1 drugs has resulted in valuation de-ratings across the medtech industry broadly, to which Medtronic was not immune. The combination of all of these factors has resulted in Medtronic shares trading at their lowest valuation in a decade. Given the emerging business momentum, we felt the valuation offers a compelling chance to increase our weight in the world’s largest medtech company.”