Azimuth Capital Investment Management LLC Sells 2,853 Shares of Intuitive Surgical, Inc. $ISRG

Key Points

• Azimuth Capital Investment Management reduced its Intuitive Surgical position by 9.3%, selling 2,853 shares and retaining 27,850 shares valued at approximately $11.1 million. Institutional investors collectively own 83.64% of the company.
• Several company insiders also sold shares under pre-arranged Rule 10b5-1 plans; insiders sold 11,658 shares worth about $4.65 million during the last quarter.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $508.68 price target. Intuitive Surgical recently exceeded quarterly earnings and revenue estimates, reporting 18.4% year-over-year revenue growth.

Azimuth Capital Investment Management LLC cut its position in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 9.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,850 shares of the medical equipment provider's stock after selling 2,853 shares during the period. Azimuth Capital Investment Management LLC's holdings in Intuitive Surgical were worth $11,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Intuitive Surgical during the fourth quarter valued at about $2,856,987,000. Bank of New York Mellon Corp bought a new stake in Intuitive Surgical during the 2nd quarter valued at approximately $1,335,753,000. J. Stern & Co. LLP raised its stake in Intuitive Surgical by 18,504.6% during the 4th quarter. J. Stern & Co. LLP now owns 2,127,248 shares of the medical equipment provider's stock valued at $1,204,788,000 after purchasing an additional 2,115,814 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Intuitive Surgical by 1,043.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,342,121 shares of the medical equipment provider's stock worth $760,124,000 after purchasing an additional 1,224,734 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Intuitive Surgical by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,105,544 shares of the medical equipment provider's stock worth $970,635,000 after purchasing an additional 1,027,475 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Amy Ladd sold 400 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $379.00, for a total transaction of $151,600.00. Following the sale, the director owned 251 shares in the company, valued at approximately $95,129. This represents a 61.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction on Monday, August 10th. The stock was sold at an average price of $379.00, for a total transaction of $151,600.00. Following the transaction, the executive vice president directly owned 5,320 shares of the company's stock, valued at $2,016,280. The trade was a 6.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 11,658 shares of company stock worth $4,649,835. 0.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ISRG shares. Raymond James Financial reaffirmed an "outperform" rating and set a $483.00 price objective (down from $577.00) on shares of Intuitive Surgical in a report on Friday, July 17th. Truist Financial dropped their target price on shares of Intuitive Surgical from $580.00 to $510.00 and set a "buy" rating for the company in a research report on Thursday, July 16th. Mizuho set a $500.00 target price on shares of Intuitive Surgical and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Piper Sandler reiterated an "overweight" rating on shares of Intuitive Surgical in a report on Friday, August 21st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Intuitive Surgical in a research note on Friday, August 14th. Twenty-two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $508.68.

Intuitive Surgical Stock Performance

Shares of ISRG opened at $366.70 on Friday. The stock has a market capitalization of $129.55 billion, a PE ratio of 42.00, a P/E/G ratio of 2.77 and a beta of 1.47. The company's fifty day moving average is $381.44 and its 200 day moving average is $428.60. Intuitive Surgical, Inc. has a fifty-two week low of $328.57 and a fifty-two week high of $603.88.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last posted its earnings results on Thursday, July 16th. The medical equipment provider reported $2.80 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.32. The firm had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.83 billion. Intuitive Surgical had a net margin of 28.45% and a return on equity of 16.91%. The business's quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.81 EPS. As a group, research analysts forecast that Intuitive Surgical, Inc. will post 8.87 earnings per share for the current year.

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.

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