Royal Fund Management 13F: Cuts Medtronic (MDT) Stake by $1.7M

Royal Fund Management trimmed its stake in Medtronic plc (NYSE: MDT) during the quarter, cutting its holdings by 67.3% according to a Form 13F filing with the SEC on October 22, 2026. The fund sold 20,152 shares, ending the period with 9,775 shares valued at approximately $843,485. Medtronic closed at $96.59 on the filing date.

MDT Medtronic plc

$96.59 ▲ +3.14% year to date

1M 3M YTD

Daily close · Oct 22, 2026

What Changed in Royal Fund Management's Medtronic Position

Royal Fund Management held 29,927 shares of the medical device maker prior to the filing. The reduction left the fund with 9,775 shares.

Other Institutional Activity in Medtronic

Other large investors adjusted their holdings in the medical device maker around the same time. Patriot Financial Group Insurance Agency grew its holdings by 9,976 shares, ending with 49,893 shares worth about $4,305,290. Traphagen Investment Advisors opened a new position with 2,361 shares valued at about $203,704. Summit Financial Strategies also initiated a stake, ending with 2,327 shares worth about $200,797. Meanwhile, Cooke & Bieler reduced its holdings by 322,171 shares, ending with 477,037 shares worth about $41,163,523. Massachusetts Financial Services Co. trimmed its position by 1,564,940 shares, holding 19,872,600 shares valued at about $1,919,494,361.

Medtronic plc Stock Up 1.1%

Medtronic recently traded around $94.05 as of October 23, 2026, down about 2.6% from its close on the filing date. The stock sits below its 52-week high of $106.33 and above its 52-week low of $73.31. Shares trade above both their 50-day moving average of $91.27 and their 200-day moving average of $88.24.

Recent Earnings

Medtronic reported $37.54 billion in trailing twelve-month revenue alongside earnings of $4.07 per share. The company posted a net profit margin of 13.9% and a return on equity of 10.6%. Its next earnings report is scheduled for November 17, 2026.

Dividend

Medtronic pays an annual dividend of $2.88 per share, giving it a dividend yield of 2.98%. The payout ratio stands at 70.0%.

Insider Buying and Selling at Medtronic plc

Company insiders completed several stock sales ahead of the filing. Officer Matthew R. Walter sold 3,102 shares on July 8, 2026, at $83.15 per share for a total value of $257,931. Officer Harry Skip Kiil sold 1,483 shares on September 16, 2026, at $93.65 per share for a total of $138,883. Chairman and CEO Geoffrey Martha sold 50,000 shares under a pre-arranged trading plan on October 15, 2026, at $95.00 per share for a total of $4,750,000. EVP Michael Marinaro also sold 10,420 shares under a planned schedule on October 15, 2026, at $96.00 per share worth $1,000,320.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. Truist Securities reiterated a Hold rating on September 2, 2026, raising its target to $99.00. UBS maintained a Buy rating on September 3, 2026, lifting its target to $110.00. TD Cowen kept a Buy rating on September 30, 2026, with a $110.00 target. Barclays initiated coverage with an Equal-Weight rating and a $95.00 target on October 7, 2026. BTIG maintained a Buy rating on October 12, 2026, with a $99.00 target. Medtronic holds a consensus Buy rating with 26 analyst opinions and a mean price target of $104.62.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Based in Galway, Ireland, the company operates across three main segments: the Cardiovascular Portfolio, the Neuroscience Portfolio, and the Medical Surgical Portfolio.

Bottom Line

Investors will watch Medtronic's upcoming earnings report on November 17, 2026, for updates on revenue growth and profit margins. Further institutional filings will show whether other large funds follow Royal Fund Management in trimming their exposure to the stock.