| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 25 | $92.90 | $2,322 | 0.09% | $80.25 | $316 | +15.8% | — |
In short: Cited as evidence, not a stance — "we saw this with the Medtronics of the world": GLP-1 weight loss reduces the need for some medical devices.
27:24my probability of getting heart disease, of becoming disabled, of having hip pain. We saw this with the Medtronics of the world. — Mhm. — And the Stryker, you get a Stryker kneecap replacement, that type of thing. Well, your knee doesn't have as much pressure on it and so you might not need that medical device.
In short: Held; sleeve position reaffirmed by inclusion, no new analysis. Cited as one of the two names that started the healthcare sleeve "in early June," now extended with INCY on the view that "healthcare and biotech are entering (or are in) a bullish recovery mode that will continue for the foreseeable future." No price, rating change or fresh commentary in this issue; the thesis is in the 2026-JUN-12 POW!.
In short: Pick of the Week — "we recommend a buy." Strongest top line in 10 years (FY26 revenue $36.4B, +8.4% reported / +5.8% organic; Q4 +6.6% organic) with four platforms inflecting at once (Affera PFA +78% global / +124% US with 8 pts of US share in one quarter, Hugo robotics, AiBLE spinal AI, Symplicity renal denervation) at 13.6× forward EPS vs peers at 22–28×. 12-month PT $103 probability-weighted (17× on FY27 EPS $5.95; 28% upside), 3-yr bull $130–145, bear case ~flat plus the 2.76% dividend.
Medtronic is one of the world's biggest medical-device companies — pacemakers, defibrillators (it's the world's leading maker), insulin pumps, surgical tools. For five years it was the industry's disappointment: growing slower than rivals Boston Scientific and Abbott, losing market share, and falling from $120 to the $70s, so the market now prices it like a sleepy dividend stock at 13.6 times next year's earnings while its peers fetch 22–28 times.
Haymaker's argument is that the company quietly fixed itself and the market hasn't noticed. Its newest fiscal year showed the fastest sales growth in a decade, driven by four young product lines hitting their stride at once: a new heart-rhythm treatment (pulsed field ablation) growing 78% and taking share fast, a surgical robot (Hugo) at the same stage Intuitive Surgical was before it became a giant, an AI-guided spinal-surgery system, and a one-time outpatient procedure that durably lowers blood pressure for people whose hypertension pills don't work. If the market merely lifts the stock to a still-below-peer multiple as the growth proves durable, that's roughly $103 within a year (28% upside); the bull case is $130–145 over three years. And if it's wrong, the bear case is roughly today's price — while a 2.76% dividend pays you to wait. That limited-downside / lucrative-upside shape is exactly what they say they look for, and MDT entered the Haymaker Buys list this week as a Strong Buy.
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