Morgan Stanley’s Top 5 Stock Picks for 2024

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In this article, we’ll look into Morgan Stanley’s top 5 stock picks for 2024. If you wish to read through the introduction about the investment bank and its recent business developments, you can dive straight into Morgan Stanley’s Top 5 Stock Picks for 2024.

5. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 56

2024 Return so far: ~0%

Medtronic plc (NYSE:MDT) stands as a prominent global medical technology company, focusing on the development, manufacturing, and distribution of device-based medical therapies worldwide. It has been particularly instrumental in advancing robotic-assisted surgery technologies, notably in minimally invasive surgery and robotic-assisted spine procedures.

Insider Monkey’s data reveals that the number of hedge funds holding stakes in Medtronic plc (NYSE:MDT) decreased to 56 in Q4 2023, down from 59 in the previous quarter. However, the combined value of these stakes still exceeds $2.68 billion.

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.”

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