Recent attention on Medtronic (MDT) has centered on two fresh catalysts: a partnership with Precision Neuroscience to link brain activity data with surgical navigation tools, and FDA 510(k) clearance for its connected MiniMed Go diabetes system.

Those neurosurgery and diabetes updates come as Medtronic’s share price sits at US$98.74, with a 3.9% 90 day share price return and a 19.3% 1 year total shareholder return. This suggests momentum has been building over time.

If these medical device moves have your attention, this could be a good moment to scan other opportunities in healthcare stocks and see what else fits your watchlist.

With Medtronic generating US$34,758.0m in revenue and US$4,764.0m in net income, plus a 1 year total return of 19.3% and a solid value score of 4, the key question now is whether shares are still undervalued or if the market is already pricing in future growth.

Most Popular Narrative: 11.1% Undervalued

With Medtronic last closing at US$98.74 against a narrative fair value of about US$111, the current price sits meaningfully below that implied level.

Strengthening the innovation pipeline (for example, Sphere-360, new carotid and thrombectomy devices, next-generation Ardian), combined with an enhanced governance and capital allocation structure and intensified R&D investment, is positioned to support higher long-term earnings growth through both new product launches and share gains in multi-billion-dollar addressable markets.

Curious what sits behind that upside gap? The narrative focuses on steady top line expansion, thicker margins, and a future earnings multiple that still trails many peers.

Result: Fair Value of $111.05 (UNDERVALUED)

However, execution hiccups around new product launches or extended margin pressure in underperforming units like U.S. Diabetes could quickly challenge that 11.1% upside story.

Build Your Own Medtronic Narrative

If this story does not quite match your view or you would rather test the numbers yourself, you can build a tailored thesis in minutes, starting with Do it your way.

A great starting point for your Medtronic research is our analysis highlighting 5 key rewards and 2 important warning signs that could impact your investment decision.

Looking for more investment ideas?

If Medtronic has sharpened your thinking, do not stop here. Widen your search with screeners that surface focused ideas across growth, income, and emerging themes.

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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.