Medtronic Beats on Quarterly Revenue as MiniMed Swap Draws Hefty Oversubscription
Published on 10/12/2026 at 19:01 | Editorial boerse-global.de
Medtronic's latest quarterly scorecard landed ahead of Wall Street's targets, and BTIG Research responded on Monday by keeping its "Buy" rating on the medical device maker while trimming its price target to $99 from $100. The stock traded 4.1% higher at EUR 82.24 on European venues.
Revenue for the period reached $9.76 billion, up 13.7% year over year and comfortably above the $9.55 billion consensus. Adjusted earnings per share came in at $1.45, beating the $1.39 analysts had penciled in.
Management guided to second-quarter earnings of $1.320 to $1.340 per share for fiscal 2027, alongside a full-year range of $5.940 to $6.000.
A Broadly Constructive Analyst Consensus
BTIG's tweak sits within an overwhelmingly positive Street view. The consensus stands at a moderate buy with an average price target of $102.88, according to market surveys. Eighteen firms recommend buying the shares, while ten analysts favor holding.
Elsewhere in the analyst community, TD Cowen reaffirmed its buy recommendation on September 30 and lifted its target to $110 from $100, according to media reports. Barclays, meanwhile, kicked off coverage roughly a week ago with an "Equal Weight" rating and a $95 target.
Should investors sell immediately? Or is it worth buying Medtronic?
The company's operational reach underpins that optimism. In its fiscal 2026 report, Medtronic disclosed that it served more than 82 million patients worldwide.
MiniMed Exchange Heavily Oversubscribed
Alongside the earnings momentum, Medtronic is pressing ahead with the separation of its MiniMed Group unit. The exchange offer closed last Friday, and the subscription book was heavily oversubscribed: shareholders tendered 298,024,452 Medtronic shares for conversion into MiniMed stock.
Under the terms set out, Medtronic will hand over 252,813,348 MiniMed shares to participating holders. The final allocation ratio is scheduled to be determined on October 14, 2026, once the delivery periods expire. The exchange ratio had been fixed in advance at 4.5939 MiniMed shares for each Medtronic common share tendered, with the offer covering up to 225,361,295 MiniMed shares.
Once the transfer is complete, Medtronic will hold no stake in its former subsidiary.
The stock showed little reaction to the separation milestone, changing hands at EUR 79.10, up 0.1%, for a market capitalization of EUR 100.18 billion.
Clinical and Reimbursement Wins Stack Up
Progress on the company's development programs has continued in parallel with the corporate transaction. Roughly a week ago, Medtronic presented 24-month results from the exploratory TITAN-2 study of its Altaviva system, demonstrating sustained improvements in nocturia.
For the follow-up ENDURANCE post-market study, Medtronic named Ariana L. Smith as national principal investigator. The trial will track 170 implanted patients across as many as 30 U.S. sites over a five-year period.
The Altaviva and Symplicity Spyral systems also secured Category I CPT codes from the American Medical Association about a week ago, with those codes taking effect in January 2028.
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