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The effects of MgO tunnel barrier thickness on the magnetic-transport characteristics of perpendicularly magnetized magnetic tunnel junction device are explored. Saturation magnetization and initial switching field of the free layer decrease with MgO barrier thickness. Increased MgO thickness that extended interaction distance and diminished the influence from the magnetized pinned layer leads to a smaller initial switching applied field required for saturation. The oscillating dependences of the high coercivity of pinned layer and the low coercivity of free layer on MgO thickness are discovered. Moreover, an out-of-phase feature between both layers’ coercivity cyclic variation is exhibited. This unique cyclic varying of coercivity with MgO barrier thickness is revealed and analogous to the recent finding of the magnetoresistance’s periodic variation with MgO thickness.