Intuitive Surgical, Inc. $ISRG Shares Sold by Jennison Associates LLC

Jennison Associates LLC trimmed its stake in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) by 5.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,041,010 shares of the medical equipment provider’s stock after selling 168,127 shares during the quarter. Intuitive Surgical makes up 1.0% of Jennison Associates LLC’s portfolio, making the stock its 25th biggest position. Jennison Associates LLC’s holdings in Intuitive Surgical were worth $1,401,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Draper Asset Management LLC raised its holdings in shares of Intuitive Surgical by 41.9% during the fourth quarter. Draper Asset Management LLC now owns 5,029 shares of the medical equipment provider’s stock worth $2,848,000 after purchasing an additional 1,485 shares during the period. Deutsche Bank AG lifted its position in shares of Intuitive Surgical by 9.6% in the 4th quarter. Deutsche Bank AG now owns 1,522,191 shares of the medical equipment provider’s stock worth $862,108,000 after buying an additional 132,966 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Intuitive Surgical by 29.3% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 71,077 shares of the medical equipment provider’s stock worth $40,255,000 after buying an additional 16,119 shares during the last quarter. Procyon Advisors LLC boosted its holdings in shares of Intuitive Surgical by 787.8% in the 4th quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider’s stock valued at $2,715,000 after buying an additional 4,254 shares during the period. Finally, Robinhood Asset Management LLC acquired a new position in shares of Intuitive Surgical in the 4th quarter valued at about $6,478,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intuitive Surgical news, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $424.14, for a total transaction of $169,656.00. Following the sale, the executive vice president owned 5,720 shares of the company’s stock, valued at $2,426,080.80. The trade was a 6.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Iman Jeddi sold 5,625 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $420.55, for a total value of $2,365,593.75. Following the transaction, the senior vice president owned 6,463 shares of the company’s stock, valued at $2,718,014.65. This trade represents a 46.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,169 shares of company stock valued at $3,059,135 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

Key Stories Impacting Intuitive Surgical

Here are the key news stories impacting Intuitive Surgical this week:

• Positive Sentiment: Intuitive Surgical reported stronger-than-expected Q2 revenue and earnings, helped by solid demand for its da Vinci robotic surgery systems and continued adoption of its products. Reuters article
• Positive Sentiment: The company still reported healthy procedure growth overall, with worldwide procedures rising and placements of robotic systems remaining strong, which supports the long-term investment case. Yahoo Finance article
• Neutral Sentiment: Several analysts lowered price targets after the report, but most kept bullish ratings such as overweight, buy, or outperform, suggesting Wall Street still sees meaningful upside despite the near-term pullback. Benzinga article
• Negative Sentiment: Management did not raise its forecast for procedure growth, and investors reacted badly to slower U.S. procedure growth and a cautious full-year outlook. Benzinga article
• Negative Sentiment: Reuters also noted concerns that changes to some insurance plans could reduce demand, adding to worries about slower U.S. growth and a softer near-term procedure trajectory. Reuters article

Intuitive Surgical Stock Down 14.1%

Intuitive Surgical stock opened at $345.42 on Friday. The firm has a 50-day moving average price of $415.28 and a two-hundred day moving average price of $467.88. The firm has a market capitalization of $122.33 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.81 and a beta of 1.46. Intuitive Surgical, Inc. has a 52-week low of $344.55 and a 52-week high of $603.88.

Intuitive Surgical (NASDAQ:ISRG) last posted its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.08 by $0.42. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Intuitive Surgical had a net margin of 28.45% and a return on equity of 17.09%. Intuitive Surgical’s quarterly revenue was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.81 EPS. Research analysts expect that Intuitive Surgical, Inc. will post 8.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ISRG shares. HSBC dropped their price objective on shares of Intuitive Surgical from $653.00 to $604.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Robert W. Baird decreased their target price on Intuitive Surgical from $525.00 to $500.00 and set an “outperform” rating for the company in a research note on Friday. The Goldman Sachs Group set a $558.00 target price on Intuitive Surgical in a report on Wednesday, May 27th. Piper Sandler reiterated an “overweight” rating and set a $470.00 price target (down from $580.00) on shares of Intuitive Surgical in a research report on Friday. Finally, Raymond James Financial reissued an “outperform” rating and issued a $483.00 price target (down from $577.00) on shares of Intuitive Surgical in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Intuitive Surgical presently has a consensus rating of “Moderate Buy” and a consensus target price of $523.46.

Intuitive Surgical Company Profile

Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.

In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.