In the third quarter, CIBC Asset Management Inc trimmed its position in Medtronic by 6.3%, selling 61,347 shares and ending the period with 906,845 shares. The remaining stake represented approximately 0.07% of the company and was valued at $86.37 million at quarter end, marking a notable reduction by one of Medtronic’s established institutional holders.

Several other funds also adjusted their exposure during the second quarter. AXQ Capital LP increased its Medtronic holdings by 25.6% to 9,890 shares, GC Wealth Management RIA LLC lifted its stake by 20.6% to 33,569 shares, and Merit Financial Group LLC added 15,561 shares for a 37.5% gain to 57,035 shares. Verdence Capital Advisors LLC boosted its position by 22.0% to 29,396 shares, while World Investment Advisors added 2,868 shares, a 1.9% increase, bringing its total to 156,107 shares. Institutional investors now hold approximately 82.06% of the outstanding stock.

Medtronic reported second-quarter EPS of $1.36, beating consensus by $0.05, on revenue of $8.96 billion—up 6.6% year-over-year and $100 million ahead of estimates. Return on equity stood at 14.86%, with a net margin of 13.71%. The company reaffirmed full-year guidance of $5.62–$5.66 EPS. A quarterly dividend of $0.71 per share was paid to holders of record as of December 26, delivering an annualized yield of 2.8% and reflecting a payout ratio of 76.55%.

Wall Street sentiment remains mixed-positive. Jefferies reiterated a Hold rating with a 110 price target, while Wall Street Zen upgraded to Buy. Piper Sandler and Goldman Sachs maintained Neutral stances, with the latter setting a 111 target. Morgan Stanley moved to Overweight, raising its target from 107 to 117. Among 25 covering analysts, 14 recommend Buy and 11 recommend Hold, yielding a consensus Moderate Buy rating and an average target near 110.28.