10 Best Medical Device Stocks To Buy According to Hedge Funds

7. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 60

Medtronic plc (NYSE:MDT) is a medical technology company that manufactures, distributes, and sells device-based medical services and therapies. It operates under four primary segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.

The company is increasingly benefitting from its diversified operating portfolio. It is expanding its AI capabilities, integrating automation and machine learning in several of its product offerings. For instance, Medtronic plc (NYSE:MDT) has revolutionized colonoscopy procedures through its GI Genius intelligent endoscopy module, which is equipped with AI-powered polyp detection. The company’s Aible robotic surgery ecosystem in the surgical domain and the new MiniMed 780G insulin pump system in the competitive diabetes care sector are more examples.

Such innovative AI-enabled technological advancements are anticipated to expand Medtronic plc’s (NYSE:MDT) market share and position it for continued success. The effects of these advancements are already visible in the company’s operations: its fiscal Q2 2025 results showed a 5.3% year-over-year revenue growth, along with an 8% increase in earnings per share (EPS).

Matrix Asset Advisors stated the following regarding Medtronic plc (NYSE:MDT) in its Q3 2024 investor letter:

“In Q3, we added to two Healthcare positions, Medtronic plc (NYSE:MDT) and Becton Dickinson (BD). Both companies are very attractive in our valuation analysis. We started the LCV position in MDT in the second quarter and added to it as more cash became available. The company’s business results have improved this year as the number of medical procedures normalized from their decline during the pandemic.”