What smart money is saying about Medtronic plc
1 fund in our archive has pitched Medtronic plc — most recently TAMIM Fund: Global High Conviction in September 2026.
Medtronic plc is a leading global medical technology enterprise that invents, develops, manufactures, and distributes an extensive range of device-based medical therapies. These solutions serve healthcare systems, clinicians, physicians, and patients across the world. The company's operations are categorized into several key portfolios: Cardiovascular Portfolio: This segment focuses on cardiac health, providing technologies for heart rhythm management, including implantable pacemakers, defibrillators, and monitoring systems, alongside cardiac ablation tools and remote patient software. It also addresses structural heart issues with products like aortic and pulmonary valves, surgical repair devices, and endovascular stent grafts, in addition to offerings for percutaneous coronary interventions (e.g., angioplasty balloons). Medical Surgical Portfolio: Offering a broad spectrum of surgical instruments and therapies, this division includes staples, vessel sealing devices, wound closure products, and electrosurgical equipment. It also pioneers surgical artificial intelligence and robotic-assisted platforms, alongside solutions for hernia repair, gynecology, lung conditions, minimally invasive gastrointestinal and hepatologic diagnostics, patient monitoring, airway management, ventilation therapies, and renal disease. Neuroscience Portfolio: This division delivers specialized products for a diverse group of medical professionals, such as spinal surgeons, neurosurgeons, neurologists, pain management specialists, and ENT experts. Its offerings span energy surgical instruments, advanced image-guided and intra-operative imaging systems, robotic guidance for spine procedures, and therapies targeting the brain's vasculature. Diabetes Operating Unit: Dedicated to diabetes management, this unit provides innovative solutions like insulin pumps and their associated consumables, continuous glucose monitoring (CGM) systems, and smart insulin pen technologies. Established in 1949, Medtronic plc maintains its corporate headquarters in Dublin, Ireland.
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Fund signal · last 12 months
14 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 15 fund letters reported a position in Medtronic plc, with 2 buys (opened or added) and 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 0 | 1 | 1 |
| Q2 2026 | 6 | 1 | 3 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q2 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 15 positions · 7 moves
- September 2026
Listed in Hardman Johnston Large Cap Equity’s reported holdings.
Medtronic plc - September 2026
Listed in Hardman Johnston Select Equity’s reported holdings.
Medtronic plc - September 2026
“But judgment cuts both ways. Market narratives can be exaggerated, but sometimes they reveal uncomfortable truths in our own investment cases. And that's why we sold companies including Medtronic and Zoetis this quarter.”
Medtronic plc - September 2026
“And that's why we sold companies including Medtronic and Zoetis this quarter.”
Medtronic plc - September 2026
“Medtronic plc (NYSE: MDT) Medtronic is one of the world's largest medical device companies, with fiscal 2026 revenue of US$36.4 billion across its Cardiovascular, Neuroscience and Medical Surgical portfolios. It implants pacemakers and defibrillators, treats heart rhythm disorders, stimulates nerves and spines, and supplies the instruments used in a very large share of the world's operating theatres. It is not a fashionable company. It is, however, one where the demographic and epidemiological arithmetic is unusually clear. That arithmetic is unkind but unambiguous. An ageing and increasingly overweight population produces more heart disease, and heart disease requires devices and procedures. Cardiovascular is Medtronic's largest portfolio, with first quarter fiscal 2027 revenue of US$3.93 billion, up 19.5 per cent. The standout is pulsed field ablation, a newer and faster way of treating atrial fibrillation, where Medtronic's Cardiac Ablation Solutions business grew 88 per cent worldwide and 139 per cent in the United States, taking trailing twelve month revenue past US$2 billion ahead of management's own timetable. Electrophysiology as a whole grew almost 30 per cent. This is a large company growing a large business at a rate normally associated with small ones. The second leg is robotic assisted surgery. Medtronic's Hugo system received FDA clearance for urological procedures in December 2025, covering around 230,000 US surgeries a year, and in June the company filed for clearance in general surgery, including hernia repair, and in gynaecology. Hugo has been in commercial use in more than 35 countries and is on pace to pass 50,000 procedures by the end of the fiscal year. Management has TAMIM Fund: Global High Conviction4September 2026 Global High Conviction Unit Class TAMIM Fund At 30 September 2026 also committed US$700 million to a strategic investment and distribution agreement with Cornerstone Robotics for markets outside the United States. Intuitive Surgical's da Vinci remains the dominant platform and Medtronic is the challenger, but a modular, cart based system sold by a company already present in nearly every hospital is a credible way to compete. The third leg is portfolio discipline. Medtronic has been separating lower margin and lower growth businesses, most notably its diabetes unit. MiniMed listed on Nasdaq in March, pricing at US$20 a share, below its marketed range, and raising around US$560 million. In October Medtronic completed the separation through an oversubscribed exchange offer, swapping its entire remaining stake of 252.8 million MiniMed shares for 55.0 million Medtronic shares. That removes a capital hungry business from the group and retires roughly 4 per cent of Medtronic's share count without spending any cash. It is, in effect, a share buyback paid for in kind. The numbers support the thesis. First quarter fiscal 2027 revenue rose 13.7 per cent to US$9.76 billion, although an extra week in the quarter contributed around US$570 million, and non GAAP earnings per share rose 15.1 per cent to US$1.45. Management raised full year organic growth guidance to 7.25 to 7.75 per cent and non GAAP earnings per share guidance to US$5.94 to 6.00. The balance sheet carries an A credit rating, and the dividend has been raised for more than four decades in succession. At around US$88 the shares trade on roughly 15 times fiscal 2027 earnings guidance, with a dividend yield of around 3.2 per cent and a three year beta of 0.37, against a consensus analyst target of around US$104.”
Medtronic plc - August 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
Medtronic plc - HoldsRhenman Healthcare Equity L/SAugust 2026
“1. Merck & Co 2. AstraZeneca 3. Vertex Pharmaceuticals 4. Medtronic 5. Biomarin Pharmaceutical”
Medtronic plc - June 2026
“As our smallest position within Health Care, we decided to sell our remaining position in Medtronic (MDT) to help fund our new investment in Tenet Healthcare (THC) given its double-digit FCF yield and single-digit EBITDA multiple profile.”
Medtronic plc - June 2026
“We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
Medtronic plc - June 2026
“we decided to sell our remaining position in Medtronic (MDT) to help fund our new investment in Tenet Healthcare (THC)”
Medtronic plc - HoldsAltrinsic Global Advisors International EquityJune 2026
“The portfolio’s focus on asset-light, less cyclical financials franchises lagged a sharp rally in economically leveraged banks. Deutsche Boerse and Willis Towers Watson were not immune, as they faced decelerating volatility and slowing end-market premium growth, respectively. Both companies operate cash-generative businesses that benefit from an increasingly volatile world, and alongside strong management teams, should consistently compound earnings over time. Adidas investors are starting to appreciate that the company is more than a World Cup play, benefiting our relative performance in consumer discretionary. While the World Cup has been hugely popular and a welcome boost, the company also has a balanced portfolio of running, training, and lifestyle products. Adidas’ gains were offset by weakness in BMW and Alibaba. BMW shares fell after management lowered guidance due to restructuring costs and continued weakness in China, but we expect improving operating leverage and returns as the company transitions to its Neue Klasse product line. Alibaba underperformed amid elevated AI investment spending and a softer Chinese consumer, despite continued cloud growth and AI monetization that we believe strengthens its long-term earnings power. Medtronic weighed on health care performance as it faced inflation headwinds and normalizing procedure volumes.”
Medtronic plc - HoldsAugustine Asset Management Global Equity & Fixed Income StrategiesJune 2026
“Positive contributions from global technology (Taiwan Semiconductor Manufacturing, ASML, Apple), European industrials (Siemens), Japanese financials (Mizuho, Sumitomo Mitsui), and US and Asian materials (Freeport McMoran, BHP) were partially offset by Japanese industrials (Mitsui, Marubeni), US healthcare (Gilead, Regeneron, United Therapeutics, Medtronic), and European energy (Shell, TotalEnergies).”
Medtronic plc - June 2026
“We also sold our position in Medtronic .”
Medtronic plc - March 2026
Listed in Hardman Johnston Select Equity’s reported holdings.
Medtronic plc - AddedBA Beutel Goodman US Value FundJune 2025
“we also added to existing positions in Ameriprise Financial Inc., Westinghouse Air Brake Technologies Corp., Amgen Inc., Merck & Co Inc., Medtronic plc, Qualcomm Inc. and Chubb Ltd.”
Medtronic plc
Also mentioned · 3
These funds discuss Medtronic plc — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedGuinness Global Quality Mid Cap FundJune 2026
“Edwards Lifesciences – a pure-play on structural heart, outpacing Medtronic. Cardiovascular devices have long been the cornerstone of medtech giant Medtronic’s portfolio, and structural heart solutions are an area of growing focus.”
Medtronic plc - MentionedAristotle Value Equity StrategyJune 2026
“We have followed Edwards for many years as both a leading structural heart company and a competitor to Medtronic’s CoreValve platform.”
Medtronic plc - June 2026
“Headquartered in Irvine, California, Edwards Lifesciences is a global leader in structural heart disease therapies, developing and commercializing medical devices used to treat advanced cardiovascular conditions. The company is best known for its leadership in transcatheter aortic valve replacement (TAVR), a minimally invasive procedure that allows physicians to replace diseased heart valves without open-heart surgery. By reducing the invasiveness, recovery time and risk associated with traditional surgical valve replacement, TAVR has significantly expanded the number of patients eligible for treatment and accelerated adoption across the structural heart market. We have followed Edwards for many years as both a leading structural heart company and a competitor to Medtronic’s CoreValve platform.”
Medtronic plc
Fund coverage · 1 thesis
- TAMIM Fund: Global High ConvictionSeptember 2026
Medtronic plc is a defensive medical device compounder benefiting from aging-related demand, fast growth in electrophysiology, robotics optionality and portfolio simplification.
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