Medtronic (MDT) Highlights New Altaviva Data, Is The 17% Undervaluation Case Holding Up?

Medtronic (MDT) has drawn fresh attention after presenting new clinical evidence and program updates for its Altaviva tibial neuromodulation device at AUGS 2026, building on last year’s U.S. FDA approval.

Recent trading suggests investors are warming to this story again, with Medtronic’s share price up 8.77% over the past week and 14.72% over 90 days, while the 1-year total shareholder return of 3.76% contrasts with a longer 5-year total shareholder return that is slightly down 7.93%.

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Bulls see Medtronic’s fresh data and recent spin off as the start of a cleaner, higher value story. Bears view the 5 year drag as a warning. Which side do the current numbers lean toward now that valuation is in focus?

Most Popular Narrative: 17% Undervalued

Medtronic last closed at $95.45, while the most followed narrative pegs fair value closer to $115.38. This frames the recent share price move as only part of the adjustment story.

Medtronic's fiscal first quarter of 2027 arrived with 13.7% organic growth, a number that would be arresting in any quarter. This figure is inflated here by an extra selling week management estimates contributed roughly 670 basis points. Stripping out the calendar effect, the underlying figure still represents, by their own account, the strongest performance in nearly eight years.

See why 8 investors see Medtronic as 17% undervalued.

Result: Fair Value of $115.38 (UNDERVALUED)

Still, Medtronic’s slightly lower 5 year return and the shift in margin guidance toward more modest expansion leave room for this undervaluation story to be challenged.

Find out about the key risks to this Medtronic narrative.

Next Steps

Sentiment across Medtronic is mixed, which makes this a useful moment to pressure test the numbers yourself and move quickly while the data is fresh. If you want to see what optimists are focused on, start with the 5 key rewards.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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