Legendary Value Investor Joel Greenblatt Loves These 5 Stocks

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1. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 55    

Medtronic plc (NYSE:MDT) makes and sells device-based medical therapies. 13F data reveals that Greenblatt’s investment firm owned 159,983 shares in the firm at the end of December 2021 worth $16.5 million, representing 0.53% of the portfolio. The fund has increased its stake in the health firm by 83% between October and December compared to third quarter data. 

Medtronic plc (NYSE:MDT) has featured in the Gotham portfolio since early 2017. Back then, the position consisted of around 224,000 shares purchased at an average price of $78.11 per share. The share price has now climbed above $115. In the last three quarters, the fund has increased its stake in the firm by 22%, 15%, and over 80%. 

At the end of the fourth quarter of 2021, 55 hedge funds in the database of Insider Monkey held stakes worth $2.7 billion in Medtronic plc (NYSE:MDT), compared to 62 in the previous quarter worth $2.2 billion.

Here is what Polen Capital has to say about Medtronic plc (NYSE:MDT) in its Q4 2021 investor letter:

“The top absolute detractors during the quarter (includes) Medtronic plc (NYSE:MDT). 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 plc (NYSE:MDT) 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.”

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