Cullen Frost Bankers Inc. trimmed its position in Medtronic by 4.2% during the third quarter, selling 11,506 shares and ending the period with 265,395 shares valued at approximately $25.3 million. CIBC Asset Management followed suit, cutting its holdings by 6.3% to 906,845 shares, worth roughly $86.4 million at quarter-end. These moves contribute to a broader trend: Vanguard Group increased its stake by 1.5% to over 126.9 million shares, Geode Capital Management added 1.1% to reach 28.2 million shares, and Bank of New York Mellon expanded by 2.9% to 21.3 million shares. Overall, institutional investors now control more than 82% of Medtronic’s outstanding stock.

In its latest quarterly report, Medtronic delivered earnings per share of $1.36, beating consensus estimates by $0.05, on revenue of $8.96 billion, up 6.6% year-over-year and $0.10 billion ahead of forecasts. Net margin reached 13.7% and return on equity stood at 14.9%. Management set fiscal 2026 guidance at $5.62–$5.66 EPS, above the $5.46 consensus, underpinned by strength in cardiac rhythm management and minimally invasive surgical systems. The company’s healthy balance sheet features a debt-to-equity ratio of 0.57, a quick ratio of 1.80 and a current ratio of 2.42.

Medtronic declared a quarterly dividend of $0.71 per share, translating to an annualized payout of $2.84 and a yield of 2.8%, with a payout ratio of 76.6%. On the research front, fourteen analysts maintain buy ratings versus eleven holds, resulting in an average Moderate Buy consensus. Price targets have been raised across the board: Citigroup lifted its objective from 101 to 112, Morgan Stanley from 107 to 117, and Daiwa Capital Markets to 117, reflecting confidence in sustained margin expansion and cash flow generation.