2 Beaten-Down Stocks That Haven't Been This Cheap in Over 6 Years

Many growth stocks have come under pressure this year due to worsening macroeconomic conditions. Investors are concerned about inflation and a slowdown in the economy. Two stocks that have been struggling for several years are Medtronic (NYSE: MDT) and PayPal (NASDAQ: PYPL). Their performances have been so bad that their share prices are trading around the levels they were six years ago. What's behind their struggles, and are these stocks worth picking up right now?

Medtronic is a huge medical device company that has operations in more than 150 countries. Its products are used to help treat more than 70 medical conditions. But despite having a strong presence in the healthcare industry, the stock has struggled mightily. Since 2021, shares of Medtronic have fallen 38%. Today, the stock is trading at about $73 per share, which is about the same as in late 2016.

The pandemic disrupted supply chains and the company's operations in China due to lockdowns. And Medtronic's exposure to China is also a bit concerning because the company expects that by the end of the current fiscal year, as much as 80% of its portfolio there will be discounted due to the country's volume-based procurement, in which it buys in bulk in exchange for lower prices. That's up from around half of its portfolio in China that faces significant discounts today.

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Source Fool.com