Bank of New York Mellon Corp Cuts Stock Position in Intuitive Surgical, Inc. $ISRG

Key Points

• Bank of New York Mellon reduced its Intuitive Surgical stake by 4.9% in the fourth quarter, selling 203,063 shares and ending with 3,920,227 shares worth about $2.22 billion.
• Insider selling added to the cautious tone, with SVP Iman Jeddi selling 5,625 shares in a pre-arranged 10b5-1 plan and other executives also trimming holdings in recent months.
• Analyst sentiment is mixed but cautious: Deutsche Bank cut its price target to $366 and kept a sell rating, even as the company’s latest earnings beat expectations with stronger-than-expected revenue and EPS.

Bank of New York Mellon Corp cut its stake in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 4.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 3,920,227 shares of the medical equipment provider's stock after selling 203,063 shares during the period. Bank of New York Mellon Corp owned about 1.10% of Intuitive Surgical worth $2,220,260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ISRG. Draper Asset Management LLC lifted its stake in Intuitive Surgical by 41.9% in the 4th 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 in the last quarter. Procyon Advisors LLC grew its position in shares of Intuitive Surgical by 787.8% in the fourth quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider's stock valued at $2,715,000 after purchasing an additional 4,254 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Intuitive Surgical by 29.3% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 71,077 shares of the medical equipment provider's stock valued at $40,255,000 after purchasing an additional 16,119 shares during the last quarter. Vanguard Group Inc. lifted its position in Intuitive Surgical by 0.8% during the third quarter. Vanguard Group Inc. now owns 33,599,661 shares of the medical equipment provider's stock worth $15,026,776,000 after buying an additional 263,828 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in Intuitive Surgical by 22.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,463 shares of the medical equipment provider's stock worth $5,127,000 after buying an additional 2,102 shares in the last quarter. 83.64% of the stock is owned by hedge funds and other institutional investors.

More Intuitive Surgical News

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

• Negative Sentiment: Deutsche Bank cut its price target on Intuitive Surgical (ISRG) to $366 from $440 and kept a sell rating, reinforcing concerns that the stock may have further downside from current levels. MarketScreener article
• Negative Sentiment: Company SVP Iman Jeddi sold 5,625 shares in a pre-arranged 10b5-1 plan, a transaction that can still weigh on sentiment because it reduces insider ownership and may signal caution to some investors.
• Neutral Sentiment: Several articles highlighted that ISRG is a highly watched and frequently traded name, but these pieces were mostly informational and did not present a new catalyst. Zacks article
• Neutral Sentiment: Analysts and commentary also pointed to Intuitive Surgical’s AI-driven digital roadmap and connected da Vinci ecosystem as a potential long-term growth driver, but that story appears to be offset today by valuation and rating concerns. Yahoo Finance article

Intuitive Surgical Price Performance

Shares of ISRG stock opened at $402.30 on Wednesday. Intuitive Surgical, Inc. has a 1-year low of $396.68 and a 1-year high of $603.88. The firm has a market cap of $142.48 billion, a PE ratio of 48.76, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The company has a 50-day moving average of $452.19 and a two-hundred day moving average of $504.81.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $2.62 billion. Intuitive Surgical had a net margin of 28.15% and a return on equity of 15.98%. The business's revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.81 EPS. Sell-side analysts anticipate that Intuitive Surgical, Inc. will post 8.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Iman Jeddi sold 5,625 shares of Intuitive Surgical 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 completion of the sale, the senior vice president directly owned 6,463 shares of the company's stock, valued at approximately $2,718,014.65. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of the business's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $446.95, for a total value of $178,780.00. Following the completion of the sale, the executive vice president owned 6,120 shares in the company, valued at $2,735,334. This represents a 6.13% decrease in their position. 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 three months, insiders sold 8,096 shares of company stock valued at $3,545,294. Insiders own 0.60% of the company's stock.

Analyst Ratings Changes

ISRG has been the subject of several analyst reports. Leerink Partners dropped their target price on Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating for the company in a report on Wednesday, April 22nd. Robert W. Baird lifted their price target on Intuitive Surgical from $575.00 to $610.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. Barclays set a $651.00 price target on Intuitive Surgical and gave the stock an "overweight" rating in a report on Thursday, April 23rd. Truist Financial lowered their price target on shares of Intuitive Surgical from $650.00 to $580.00 and set a "buy" rating on the stock in a research report on Wednesday, April 15th. Finally, Zacks Research lowered shares of Intuitive Surgical from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Nineteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $573.63.

About Intuitive Surgical

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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