If you’d bought into Medtronic back in the mid-1970s, you’d be looking at a trajectory that reads like a medical thriller. Honestly, looking at the Medtronic historical stock price is less about staring at a ticker and more about watching the evolution of modern surgery. We're talking about a company that basically birthed the pacemaker industry. In 1976, shares were trading at what looks like pocket change today—around $0.21 on an adjusted basis.
Fast forward fifty years.
By early 2026, those same shares are hovering near $99. That isn't just growth; it’s a total transformation of a small Minneapolis repair shop into a global healthcare titan. But the road wasn't a straight line up. It's been a jagged mountain range of FDA approvals, massive acquisitions, and some pretty painful pullbacks.
The Wild Growth of the 80s and 90s
The 1980s were a foundational decade for Medtronic (MDT). People often forget that for a long time, Medtronic was just "the pacemaker company." The stock reflected that niche status until the late 80s when the diversification engine started humming. Between 1980 and 1999, the company executed a series of 2:1 stock splits that essentially rewarded anybody patient enough to hold.
- 1980: A 2:1 split kicked things off.
- 1989 & 1991: Two more splits as the stock price surged past its old ceilings.
- The Late 90s Sprint: 1994, 1995, 1997, and 1999 all saw 2:1 splits.
If you owned one share in 1973, those splits alone mean you’d have 128 shares today. That is the kind of math that builds generational wealth. By the time the dot-com bubble was nearing its peak in September 1999, MDT was hitting adjusted prices in the mid-$30s, which felt like the moon at the time.
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The $100 Ceiling and the COVID-19 Rollercoaster
For a long time, the $50 to $60 range was a sticky zone for Medtronic. It spent most of the early 2010s oscillating there. Then came the Covidien acquisition in 2015. This was a massive $43 billion deal that shifted the company’s legal headquarters to Ireland for tax reasons—a move that ruffled feathers but fundamentally changed their balance sheet.
The stock price reacted by finally breaking into the $70s and $80s.
Then 2021 happened. The stock hit its all-time high of $135.89 (unadjusted) or roughly $117.57 (adjusted) in September of that year. It seemed like healthcare tech could do no wrong. But then, the post-pandemic hangover hit. Elective surgeries—the bread and butter for Medtronic’s surgical tools—got delayed. Supply chains crumbled. Inflation bit into margins.
By late 2023, the stock had retreated significantly, even dipping back toward the $70 range at one point. It was a wake-up call for investors who thought medical tech was immune to the macro economy.
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Where Medtronic Stands in 2026
Right now, as we sit in January 2026, Medtronic has regained a lot of that lost ground. The stock is currently trading around $98.99.
What’s driving it? Basically, it's the "Big Three" of their current pipeline: Pulsed Field Ablation (PFA) for heart rhythms, the Hugo robotic surgery system, and AI-integrated diabetes tech. The Q2 fiscal 2026 results were actually pretty impressive, with revenue hitting $9 billion. That’s a 6.6% jump that caught a lot of analysts off guard.
| Period | Typical Price Range (Adjusted) | Major Driver |
|---|---|---|
| 1970s | $0.20 - $0.50 | Early Pacemaker Adoption |
| 1990s | $5 - $35 | Rapid Expansion & 5 Stock Splits |
| 2015-2019 | $70 - $90 | Covidien Merger & Robotics |
| 2021 | $110 - $117 | All-Time Highs / Pandemic Tech Surge |
| 2025-2026 | $85 - $105 | PFA & AI Surgical Integration |
The Dividend Aristocrat Secret
If you’re just looking at the price chart, you’re missing half the story. Medtronic is a Dividend Aristocrat. They have increased their dividend for 48 consecutive years.
That is wild.
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Even when the stock price was flatlining in the 2010s, the dividend kept growing. Today, the yield sits around 2.8% to 2.9%. For a long-term holder, those quarterly payments of $0.71 per share (as of early 2026) act as a cushion during the years when the stock decides to take a nap.
Why the Stock Dropped After Earnings
Funny enough, even with good news, the stock sometimes slips. In August 2025, it dropped over 4% right after a "beat and raise" earnings report. Why? Because the market is a fickle beast. Sometimes traders "sell the news," or they worry that the growth in the Diabetes segment isn't happening fast enough to beat out competitors like Dexcom or Abbott.
Honestly, the Medtronic historical stock price is a lesson in patience. It’s a slow-burn stock. It doesn't have the "to the moon" energy of a tech startup, but it has the "staying power" of a company that owns the patents to the things keeping people alive.
What You Should Watch Moving Forward
If you're tracking MDT, don't just stare at the daily fluctuations. Keep an eye on the operating margins, which are currently around 24% to 25% on a non-GAAP basis. Management is trying to push those higher through efficiency, but it’s a slog.
Also, watch the Hugo robotic system rollouts. If Medtronic can successfully chip away at Intuitive Surgical’s dominance in the OR, the stock likely breaks through its old $117 resistance level.
Actionable Insights for Investors
- Check the Valuation Gap: As of mid-January 2026, some models suggest an intrinsic value closer to $102, meaning the current price of $98.99 might still offer a slight discount.
- Mind the Ex-Dividend Date: If you're looking for that passive income, the next big dates usually fall around late March and June.
- Monitor PFA Adoption: The 71% growth in Cardiac Ablation is the current engine. If that slows, the stock will likely consolidate.
- Factor in Tariffs: Management has already flagged a potential $185 million impact from trade tariffs in their 2026 guidance. That’s a real headwind to keep on your radar.
The story of Medtronic's stock is really a story of how much the world is willing to pay for an extra ten years of life. Historically, that price only goes up.