Medtronic Plc HQ-by JHVEPhoto via iStockGalway, Ireland-based Medtronic plc (MDT) develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients. Shares of this medical devices giant have underperformed the broader market over the past year. MDT has declined 3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 21.8%. In 2026, MDT stock is down 9.8%, compared to the SPX's 11% rise on a YTD basis. Furthermore, key risks remain around tariffs, competition, and AI cybersecurity, but momentum in AI, robotics, and new product launches positions Medtronic for continued outperformance.