Should You Consider Investing in Medtronic (MDT)?

Polen Capital, an investment management firm, published its “Polen International Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Over the first quarter of 2022, the Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return for the MSCI All Country World ex-USA Index (the “Index”).  Try to spend some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022. 

In its Q1 2022 investor letter, Polen International Growth Fund mentioned Medtronic plc (NYSE:MDT) and explained its insights for the company. Founded in 1949, Medtronic plc (NYSE:MDT) is a Dublin, Ireland-based medical device company with a $127.0 billion market capitalization. Medtronic plc (NYSE:MDT) delivered a -7.69% return since the beginning of the year, while its 12-month returns are down by -22.97%. The stock closed at $95.49 per share on June 06, 2022.

Here is what Polen International Growth Fund has to say about Medtronic plc (NYSE:MDT) in its Q1 2022 investor letter:

“Ireland-based Medtronic is a leading health care company focused on supplying many important life-saving devices like pacemakers, defibrillators, and insulin pumps. This is another company with attractive pricing power and a business model that can hold up well during inflationary periods. Medtronic has increased market share across almost 70% of its portfolio since the start of the pandemic, which is a higher percentage than even before the pandemic. With growth-oriented companies falling out of favor over the quarter, the stock’s relatively discounted valuation (at approximately 19x earnings) also bolstered its performance.”

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Our calculations show that Medtronic plc (NYSE:MDT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Medtronic plc (NYSE:MDT) was in 54 hedge fund portfolios at the end of the first quarter of 2022, compared to 55 funds in the previous quarter. Medtronic plc (NYSE:MDT) delivered a -10.46% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on Medtronic plc (NYSE:MDT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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