Medtronic (MDT) Stock Near 52‑Week High as Truist Hikes Target and Norges Bank Buys Big

Medtronic plc (NYSE: MDT) is back in the spotlight on 29 November 2025, with its stock trading close to record levels after a strong earnings beat, a fresh wave of analyst updates and sizeable moves from some of the world’s biggest institutional investors.

Below is a deep dive into what’s moving Medtronic stock today, and what it could mean for investors watching MDT on Google News and Discover.

Snapshot: Where Medtronic Stock Stands Now

As of the latest close on 28 November 2025, Medtronic shares trade around $105.33, giving the company a market capitalization of roughly $135 billion. ^[1]

Key valuation and trading metrics:

Price: about $105–106 per share
Market cap: ≈ $135 billion
52‑week range: roughly $79.29 – $106.33 ^[2]
Trailing dividend yield (TTM): about 2.0%, versus a five‑year average of ~3.0% ^[3]
Institutional ownership: just over 80% of the float held by institutions and funds ^[4]
Balance sheet: debt‑to‑equity around 0.5, current ratio about 2.0, indicating a solid liquidity profile ^[5]

Different data providers peg the exact P/E slightly differently, but most place MDT at a mid‑20s to high‑20s earnings multiple, with a relatively low beta around 0.7–0.8, underlining its role as a defensive healthcare name rather than a high‑beta growth play. ^[6]

Earnings Beat and Raised Guidance: The Foundation of the Rally

The current wave of news is still anchored in Medtronic’s second quarter of fiscal 2026 (FY26) results, reported on 18 November 2025.

From the company’s own release: ^[7]

Q2 FY26 revenue:$9.0 billion, up 6.6% year‑over‑year (5.5% organic), and about 75 basis points above the midpoint of company guidance.
GAAP EPS:$1.07, up 8% YoY.
Non‑GAAP EPS:$1.36, also up 8%, and ahead of internal guidance and Street expectations.
Segment highlights:
- Cardiovascular: $3.44 billion, up ~10.8% reported / 9.3% organic.
- Neuroscience: $2.56 billion, up 4.5% reported.
- Medical Surgical: $2.17 billion, modest but positive growth.
- Diabetes: $757 million, up ~10% reported.

Crucially, Medtronic raised full‑year FY26 guidance:

Organic revenue growth: now about 5.5% (up from ~5.0%).
Non‑GAAP EPS:$5.62–$5.66, tightening and nudging the prior $5.60–$5.66 range higher on the low end. ^[8]

Independent analysis highlights that GAAP EPS of $1.07 beat consensus by around 13%, and that analysts modestly raised their EPS forecasts for the next fiscal year following the report. ^[9]

The quarter also showcased Medtronic’s enterprise growth drivers:

Pulsed Field Ablation (PFA):
- Cardiac Ablation Solutions revenue surged 71% globally, with 128% growth in the U.S., powered by Medtronic’s PFA portfolio for atrial fibrillation (AFib). ^[10]
Symplicity™ renal denervation (RDN) system:
- A broad National Coverage Determination (NCD) from CMS extends Medicare coverage for the procedure, targeting an estimated 18 million U.S. hypertension patients — a huge potential addressable market. ^[11]
Hugo™ robotic‑assisted surgery system:
- The Hugo platform hit key endpoints in a hernia repair study and just entered a new U.S. pivotal study in gynecology (Embrace Gynecology). ^[12]
Altaviva™ for urge urinary incontinence:
- New U.S. FDA approval for a minimally invasive neuromodulation therapy aimed at roughly 16 million affected Americans. ^[13]
MiniMed™ 780G diabetes system:
- Expanded indications include integration with the Instinct sensor and use in Type 2 diabetes, broadening the franchise’s reach. ^[14]

Put simply, Medtronic is not just cutting costs to beat numbers; it’s leaning into new technologies and therapies that could re‑accelerate growth beyond its historical low‑single‑digit pace.

Today’s Big Analyst Story: Truist Hikes Price Target on PFA Momentum

The headline analyst development hitting feeds on 29 November 2025 comes from renewed coverage of Truist Securities’ view on Medtronic.

A fresh article syndicated across InsiderMonkey, Yahoo Finance and Finviz notes that: ^[15]

Truist raised its price target on Medtronic from $103 to $110 on 20 November 2025, maintaining a “Hold” rating.
The target boost is driven largely by the strength of Medtronic’s PFA technology, which fueled that 71% growth in Cardiac Ablation Solutions and contributed meaningfully to the Q2 top‑line beat.
Truist still characterizes Medtronic as a “slow‑growth” stock, but now sees a more attractive risk‑reward profile as these new platforms ramp.

For SEO‑oriented readers, this is key: searches like “Medtronic price target,” “MDT analyst rating,” and “PFA growth Medtronic” are all converging on the same narrative — a mature medical‑device giant whose innovation pipeline is finally showing up in the numbers.

Norges Bank Buys Big While Other Institutions Trim: A Busy Day for 13F Headlines

The other major theme in today’s Medtronic news flow is institutional repositioning, with a striking contrast:

Norges Bank Steps In With a $1.4 Billion Stake

A MarketBeat “instant alert” published today reveals that Norges Bank — Norway’s central bank and manager of one of the world’s largest sovereign wealth funds — initiated a new position of 16,435,681 shares in Medtronic during Q2. ^[16]

Position size: ~1.28% of Medtronic’s outstanding shares.
Estimated value: about $1.43 billion at the time of the filing.
The article reiterates Medtronic’s EPS beat, revenue growth of 6.6%, and FY26 EPS guidance of $5.62–$5.66, alongside a “Moderate Buy” Street consensus and an average price target around $110. ^[17]

For long‑term investors, a sovereign wealth fund building a billion‑dollar stake is a strong signal that large, patient capital is comfortable with Medtronic’s valuation and trajectory.

Several Funds Take Profits or Rebalance

In contrast, several U.S. and Canadian asset managers disclosed modest reductions in their Medtronic stakes — all highlighted in separate MarketBeat alerts dated today: ^[18]

F M Investments LLC
- Cut its stake by 4.6% in Q2, now holding 101,502 shares worth about $8.85 million.
State Board of Administration of Florida Retirement System
- Trimmed its position by 1.3%, selling 15,917 shares and ending Q2 with 1,219,635 shares valued around $106 million (~0.10% of Medtronic).
Scotia Capital Inc.
- Reduced its stake by 5.0%, to 926,447 shares worth about $80.75 million (~0.07% of the company).
Clarkston Capital Partners LLC
- Lowered its holdings by 20.6%, to 217,197 shares valued near $18.93 million.

Importantly, these reports also highlight large institutions increasing positions, including Vanguard, Geode, Bank of New York Mellon, Deutsche Bank, Invesco, Boston Partners, Ameriprise and Price T. Rowe Associates, leaving overall institutional ownership at just over 80% of shares. ^[19]

For readers scanning today’s 13F headlines, the overall picture is not “institutions are fleeing Medtronic,” but rather:

One mega‑fund (Norges Bank) is initiating a large core position, while several long‑term holders are trimming around the edges after a strong run‑up in the share price.

Medtronic Also Lands on “Healthcare Stocks to Watch” Lists Today

Another 29 November article from MarketBeat flags Medtronic among seven high‑dollar‑volume healthcare names — alongside giants like Johnson & Johnson, UnitedHealth and Intuitive Surgical — that traders and investors may want on their radar. ^[20]

The screener‑style piece doesn’t change the fundamental story, but it does underline that:

MDT is attracting meaningful trading volume,
its combination of defensive earnings and dividend income is resonating in a late‑cycle macro backdrop, and
the stock is increasingly appearing in algorithm‑driven “top healthcare stocks” lists that feed both professional screens and retail platforms.

In terms of Google Discover and Google News SEO, that’s valuable context: Medtronic is not just appearing in company‑specific feeds; it’s also getting placement in sector‑wide “best healthcare stocks” and “dividend aristocrat” listicles.

Wall Street’s View: “Moderate Buy” and Low‑Double‑Digit Upside

Across multiple sources, the Street’s stance on Medtronic remains cautiously optimistic:

Consensus rating:“Moderate Buy” across roughly 25–30 analysts. ^[21]
Average 12‑month price target:
- Around $101–$110, depending on the provider, implying mid‑single‑digit to low‑double‑digit upside from current levels. ^[22]
Target range:
- Roughly $92 on the low end to $120–125 on the high end, suggesting relatively tight dispersion, and thus broad agreement on the stock’s fair value band. ^[23]

Recent commentary from Simply Wall St and Barchart underscores that analysts: ^[24]

Expect Medtronic’s revenue growth to accelerate to the mid‑single digits annually over the next few years.
See statutory EPS rising faster than sales, thanks to operational leverage and margin improvement.
Have not drastically changed long‑term price targets after the Q2 beat — indicating the quarter was “good and on plan,” rather than a thesis‑changing surprise.

Add in Truist’s new $110 target, plus other recent increases from Barclays, UBS, Wells Fargo, Argus and Morgan Stanley, and the message is fairly consistent: ^[25]

Medtronic is a quality, income‑oriented medical‑device leader with reasonable but not spectacular upside from here, assuming it executes on its pipeline.

Dividend Strength: 48 Years of Increases and Counting

For income investors searching “Medtronic dividend” or “MDT dividend aristocrat”, the company’s payout remains a central part of the thesis.

Medtronic is a constituent of the S&P 500 Dividend Aristocrats index.
The company has increased its annual dividend for 48 consecutive years as of its August 2025 dividend declaration. ^[26]
The current quarterly dividend is $0.71 per share, implying annualized payments of $2.84 per share. ^[27]
Based on the current share price, that works out to a trailing yield around 2%, and a forward yield commonly quoted in the 2–3% range depending on methodology. ^[28]

Medtronic’s dividend streak, coupled with a relatively low beta, is one reason it frequently appears in “top dividend aristocrats” and “best dividend growth stocks” lists in financial media and research platforms. ^[29]

Strategic Backdrop: Activist Pressure and Innovation Push

Although not new today, another critical context behind Medtronic’s recent momentum is activist involvement and a renewed focus on growth and efficiency:

In August 2025, Elliott Investment Management disclosed a large stake in Medtronic, prompting the company to add two new independent directors and establish board‑level committees focused on growth, portfolio strategy and operational improvements. ^[30]
At the same time, Medtronic raised its FY26 profit outlook, initially to $5.60–$5.66 per share and later, after Q2 results, to $5.62–$5.66, while trimming its estimate of tariff impacts to about $185 million. ^[31]

This combination — activist pressure, pipeline execution, and incremental guidance raises — is a big part of why institutions like Norges Bank are now stepping in, even as some traditional value managers lock in gains.

Key Takeaways for Medtronic (MDT) Stock on 29 November 2025

For readers scanning today’s Medtronic headlines on Google News and Discover, here’s the story in plain language:

Stock near highs:
MDT is trading close to its 52‑week high around $105–106, after a steady run‑up from the high‑$70s over the past year. ^[32]
Fundamentals trending up, not exploding:
Revenue is growing in the mid‑single digits, but EPS and margins are improving, supported by mix shift toward high‑growth platforms like PFA, Symplicity, Hugo robotics and advanced diabetes tech. ^[33]
Big money is active:
- Norges Bank has taken a $1.4 billion, 1.28% stake in Medtronic.
- Several funds — F M Investments, Clarkston Capital, Scotia Capital and the Florida Retirement System — have trimmed positions but remain shareholders. ^[34]
Analysts are “constructive but not euphoric”:
The Street calls MDT a “Moderate Buy”, with price targets clustered around $100–$110, implying modest upside from here unless growth accelerates more than expected. ^[35]
Dividend remains a major draw:
With 48 consecutive years of dividend growth, Medtronic remains a core dividend‑growth name in many portfolios, even if its yield is lower than in the past when the stock traded cheaper. ^[36]

What This Means if You’re Watching MDT

Nothing in today’s news screams “breaking crisis” or “transformational acquisition.” Instead, 29 November 2025 is about confirmation and positioning:

Truist’s price‑target hike and other recent analyst commentary confirm that Medtronic’s growth drivers are gaining credibility, especially in PFA and structural heart. ^[37]
The Norges Bank stake suggests that long‑duration capital is comfortable owning MDT near its highs, betting that decades‑long device franchises plus new platforms will justify today’s valuation. ^[38]
The trims by other institutions look more like portfolio management than wholesale abandonment — particularly with Medtronic’s share price already up strongly from 2023–2024 lows. ^[39]

For investors, traders and readers:

If you’re searching for “Medtronic stock news today”, the message is: steady progress, rising institutional interest, and earnings execution that reinforces Medtronic’s status as a defensive compounder, not a hyper‑growth story.
If your focus is income and dividend growth, MDT remains firmly in dividend aristocrat territory, with a long record of annual hikes and a moderate but dependable yield. ^[40]

As always, this article is for informational purposes only and is not financial advice. Anyone considering Medtronic stock should evaluate their own risk tolerance, time horizon and tax situation, and may want to consult a qualified financial advisor.

📊 Earnings Analysis: Medtronic Q2 Earnings SHOCKER: $9B Revenue & 71% Cardio Growth!

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References

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