Medtronic (MDT) shares ended Friday's trading session at $76.15, down 1.07%, hovering just above the stock's 52-week low of $74.40. The medical-device giant's stock matched its previous week's close after briefly dipping to that low point on Monday. The decline came amid a broader Wall Street selloff, with the S&P 500 falling 1.24%, the Dow Jones Industrial Average losing 1.07%, and the Nasdaq Composite shedding 1.54%.
The stock traded in a range between $75.85 and $77.38 during Friday's session. Medtronic's 52-week range extends from $74.40 to $106.33, placing the current price near the bottom of that range. Volume remained elevated, with more than 9 million shares changing hands in several sessions during the week.
The New York Stock Exchange is closed for the weekend and will reopen on Monday at 9:30 a.m. ET. No holidays are scheduled until Memorial Day on May 25, according to the NYSE calendar.
Investors are now focused on Medtronic's upcoming fiscal Q4 and full-year 2026 earnings report, scheduled for release on Wednesday, June 3. The company's fiscal year ended on April 24. In February, Medtronic reported fiscal Q3 revenue of $9.017 billion, representing an 8.7% increase as reported and 6.0% organic growth. The cardiac ablation solutions segment saw a remarkable 80% revenue jump, driven by pulsed field ablation (PFA) technology, which uses short bursts of electricity to treat certain heart rhythm disorders. CEO Geoff Martha described the quarter as "another strong quarter," citing 6% organic growth and the strength of the product portfolio.
While Medtronic topped quarterly forecasts in February, the stock declined after the company maintained its full-year adjusted profit outlook. CFO Thierry Pieton indicated that tax costs would limit some profit gains. The company also forecast a tariff impact of approximately $300 million in fiscal 2027, compared with around $185 million in fiscal 2026.
Analysts have grown more cautious on the stock in recent weeks. In April, Jefferies analyst Matthew Taylor lowered his price target for Medtronic to $95 from $108, maintaining a Hold rating. The downgrade was attributed to factors including the timing of the MiniMed IPO, additional expenses, and weaker medtech multiples. UBS and Stifel also trimmed their price targets and maintained neutral or Hold ratings, according to reports.
The MiniMed IPO, which involved Medtronic's diabetes business, priced below the marketed range in March, raising $560 million. Shares of the spinout opened on the Nasdaq below the IPO price, valuing the division lower than anticipated. While the deal simplified Medtronic's portfolio, investors have expressed concerns about the timing and valuation.
On Friday, Medtronic shares outperformed some peers but lagged others. Boston Scientific fell 1.64%, while Abbott Laboratories edged down 0.50%. Stryker, however, rose 0.43%, bucking the broader market trend.
From a technical perspective, Medtronic's stock is testing support near the $74.40 level. A close below that mark would establish a new 52-week low and could favor sellers. Conversely, a move above Friday's high of $77.38 would signal renewed buying interest ahead of the June 3 earnings release. The short-term outlook remains cautious as investors await the company's financial results and guidance.
