Matrix Asset Advisors, an asset management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2025, the firm anticipates further economic growth with a slight slowdown from the 3% GDP in the previous quarter. Through September 30, Matrix’s Large Cap Value portfolio (LCV) was up in the high teens year-to-date and in the mid-single digits in Q3 2024. The gain for the quarter lagged behind the Russell 1000 Value’s performance but was somewhat greater than the S&P 500. The Matrix Dividend Income (MDI) portfolio saw a significant increase after a slow beginning to the year. It increased by low double digits in the third quarter and by mid-teens for the nine months ending September 30. In the third quarter, the portfolio outperformed the Russell 1000® Value Index and the S&P 500®. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Matrix Asset Advisors highlighted stocks like Medtronic plc (NYSE:MDT), in the third quarter 2024 investor letter. Medtronic plc (NYSE:MDT) develops, manufactures, and distributes device-based medical therapies. The one-month return of Medtronic plc (NYSE:MDT) was 5.83%, and its shares lost 0.70% of their value over the last 52 weeks. On December 13, 2024, Medtronic plc (NYSE:MDT) stock closed at $82.48 per share with a market capitalization of $105.763 billion.
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. “
A surgeon in a modern operating room holding advanced medical devices with a sense of purpose and accuracy.
Medtronic plc (NYSE:MDT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Medtronic plc (NYSE:MDT) at the end of the third quarter which was 52 in the previous quarter. While we acknowledge the potential of Medtronic plc (NYSE:MDT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Medtronic plc (NYSE:MDT) and shared the list of best dividend stocks for the long term. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.