On September 14, Medtronic PLC rose 3.03% in regular trading, trading at $93.325 per share, with turnover of $176 million. The rally was driven by a dual catalyst of an analyst upgrade and a major corporate action.

On the news front, Bernstein raised its price target on Medtronic PLC from $105 to $112 while maintaining an Outperform rating, placing it above the current Wall Street consensus target of approximately $104. On the same day, Medtronic PLC officially launched an exchange offer to divest at least 80.1% of its former diabetes business unit, MiniMed Group. Under the offer terms, shareholders may convert Medtronic PLC common stock into MiniMed shares at a 7% discount, with an upper limit of 4.5939 MiniMed shares per Medtronic PLC share, reflecting a disciplined approach to capital allocation.

The move follows strong fiscal Q1 results reported on September 1, in which Medtronic PLC posted adjusted EPS of $1.45, beating estimates by $0.06, and revenue of $9.76 billion, up 13.8% year-over-year. The cardiovascular segment surged 18.9%, and the company raised its full-year adjusted EPS guidance to $5.94–$6.00. S&P had previously revised Medtronic PLC's outlook to positive.

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