1832 Asset Management L.P. Sells 293,171 Shares of Intuitive Surgical, Inc. $ISRG

Key Points

• 1832 Asset Management L.P. has significantly reduced its stake in Intuitive Surgical, selling 293,171 shares, which represents a 69.1% cut in its holdings, leaving it with 131,045 shares worth approximately $64.9 million.
• Despite a decrease in holdings from some hedge funds, Vanguard Group and others have increased their investments, with Vanguard owning about 32.67 million shares worth around $16.18 billion after a 1.4% increase.
• Intuitive Surgical reported a quarterly earnings of $2.19 per share, exceeding expectations and resulting in a 21.4% year-over-year revenue growth, highlighting strong performance in the medical equipment sector.

1832 Asset Management L.P. cut its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 69.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 131,045 shares of the medical equipment provider's stock after selling 293,171 shares during the quarter. 1832 Asset Management L.P.'s holdings in Intuitive Surgical were worth $64,903,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Intuitive Surgical by 1.4% during the first quarter. Vanguard Group Inc. now owns 32,665,531 shares of the medical equipment provider's stock worth $16,178,258,000 after purchasing an additional 453,335 shares during the period. Invesco Ltd. increased its holdings in shares of Intuitive Surgical by 1.7% during the first quarter. Invesco Ltd. now owns 4,219,974 shares of the medical equipment provider's stock worth $2,090,027,000 after purchasing an additional 71,794 shares during the period. Northern Trust Corp increased its holdings in shares of Intuitive Surgical by 0.3% during the first quarter. Northern Trust Corp now owns 3,631,281 shares of the medical equipment provider's stock worth $1,798,465,000 after purchasing an additional 11,988 shares during the period. Wellington Management Group LLP increased its holdings in shares of Intuitive Surgical by 15.0% during the first quarter. Wellington Management Group LLP now owns 3,499,052 shares of the medical equipment provider's stock worth $1,732,975,000 after purchasing an additional 457,080 shares during the period. Finally, Nuveen LLC bought a new position in shares of Intuitive Surgical during the first quarter worth approximately $1,715,899,000. 83.64% of the stock is owned by institutional investors.

Insider Buying and Selling at Intuitive Surgical

In other Intuitive Surgical news, insider Gary S. Guthart sold 2,800 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $495.24, for a total value of $1,386,672.00. Following the sale, the insider owned 18,520 shares in the company, valued at $9,171,844.80. This trade represents a 13.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Myriam Curet sold 4,500 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $492.48, for a total transaction of $2,216,160.00. Following the completion of the sale, the executive vice president owned 353 shares in the company, valued at $173,845.44. This represents a 92.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,839 shares of company stock worth $7,896,972 over the last quarter. Corporate insiders own 0.70% of the company's stock.

Intuitive Surgical Trading Up 1.3%

NASDAQ ISRG opened at $476.16 on Friday. The firm has a market capitalization of $170.69 billion, a price-to-earnings ratio of 66.41, a P/E/G ratio of 4.92 and a beta of 1.59. The firm's 50 day simple moving average is $504.42 and its 200 day simple moving average is $522.06. Intuitive Surgical, Inc. has a 1 year low of $425.00 and a 1 year high of $616.00.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The medical equipment provider reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.26. Intuitive Surgical had a net margin of 28.51% and a return on equity of 14.56%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the business posted $1.78 EPS. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. On average, equities research analysts forecast that Intuitive Surgical, Inc. will post 6.43 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on ISRG. Wells Fargo & Company raised their target price on shares of Intuitive Surgical from $559.00 to $599.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Truist Financial raised their target price on shares of Intuitive Surgical from $590.00 to $600.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Piper Sandler reiterated an "overweight" rating and set a $595.00 price target (up previously from $575.00) on shares of Intuitive Surgical in a research report on Wednesday, July 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $615.00 price target on shares of Intuitive Surgical in a research report on Tuesday. Finally, Zacks Research lowered shares of Intuitive Surgical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Thirteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Intuitive Surgical has a consensus rating of "Moderate Buy" and a consensus target price of $595.95.

Intuitive Surgical Company Profile

Intuitive Surgical, Inc develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offers the da Vinci Surgical System that enables complex surgery using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic procedures enabling minimally invasive biopsies in the lung.

Want to see what other hedge funds are holding ISRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.