Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MAHLE STEPHEN H
  2. Issuer Name and Ticker or Trading Symbol
MEDTRONIC INC [MDT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
ExecVP & Sr Healthcare Advisor
(Last)
(First)
(Middle)
MEDTRONIC, INC., 710 MEDTRONIC PARKWAY, M.S. LC310
3. Date of Earliest Transaction (Month/Day/Year)
08/08/2007
(Street)

MINNEAPOLIS, MN 55432-5604
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/08/2007   M(1)   20,000 A $ 23.3594 297,588.57 (2) D  
Common Stock 08/08/2007   S(1)   2,000 D $ 53.6 295,588.57 (2) D  
Common Stock 08/08/2007   S(1)   2,000 D $ 53.68 293,588.57 (2) D  
Common Stock 08/08/2007   S(1)   1,700 D $ 53.7 291,888.57 (2) D  
Common Stock 08/08/2007   S(1)   300 D $ 53.71 291,588.57 (2) D  
Common Stock 08/08/2007   S(1)   2,000 D $ 53.73 289,588.57 (2) D  
Common Stock 08/08/2007   S(1)   2,000 D $ 53.74 287,588.57 (2) D  
Common Stock 08/08/2007   S(1)   4,000 D $ 53.75 283,588.57 (2) D  
Common Stock 08/08/2007   S(1)   1,400 D $ 53.8 282,188.57 (2) D  
Common Stock 08/08/2007   S(1)   100 D $ 53.81 282,088.57 (2) D  
Common Stock 08/08/2007   S(1)   500 D $ 53.82 281,588.57 (2) D  
Common Stock 08/08/2007   S(1)   2,000 D $ 53.86 279,588.57 (2) D  
Common Stock 08/08/2007   S(1)   2,000 D $ 53.88 277,588.57 (2) D  
Common Stock 08/09/2007   M(1)   6,000 A $ 21.5625 283,588.57 (2) D  
Common Stock 08/09/2007   S(1)   6,000 D $ 54 277,588.57 (2) D  
Common Stock               10,072.552 I By ESOP
Common Stock               11,000 I by Spouse

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee St Opt (Right to Buy) $ 23.3594 08/08/2007   M(1)     20,000 08/11/2002 08/11/2007 Common Stock 20,000 $ 0 0 D  
Employee St Opt (Right to Buy) $ 21.5625 08/09/2007   M(1)     6,000 10/29/1998(3) 10/29/2007 Common Stock 6,000 $ 0 5,596 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MAHLE STEPHEN H
MEDTRONIC, INC.
710 MEDTRONIC PARKWAY, M.S. LC310
MINNEAPOLIS, MN 55432-5604
      ExecVP & Sr Healthcare Advisor  

Signatures

 James N. Spolar, Attorney-in-fact   08/10/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These exercise and sales were all transacted pursuant to a 10b51 trading plan.
(3) These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.
(2) This balance increased by 279.486 due to exempt transactions such as ESPP, dividend reinvestment and dividend equivalent credits.

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