Bessemer Group Inc. Acquires 85,606 Shares of Intuitive Surgical, Inc. $ISRG

Key Points

• Bessemer Group Inc. increased its stake in Intuitive Surgical by 10.9% in Q1, adding 85,606 shares to bring its total holding to 869,556 shares worth about $400.9 million.
• Analysts remain largely positive on ISRG despite several price target cuts; the stock currently carries a consensus rating of “Moderate Buy” with an average target price of $562.62.
• Intuitive Surgical reported strong quarterly results, with earnings of $2.50 per share and revenue of $2.77 billion, both ahead of estimates and up 23% year over year.

Bessemer Group Inc. lifted its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 869,556 shares of the medical equipment provider's stock after buying an additional 85,606 shares during the quarter. Intuitive Surgical makes up about 0.6% of Bessemer Group Inc.'s portfolio, making the stock its 28th biggest position. Bessemer Group Inc. owned 0.25% of Intuitive Surgical worth $400,857,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ISRG. Draper Asset Management LLC boosted its stake 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 valued at $2,848,000 after purchasing an additional 1,485 shares in the last quarter. Deutsche Bank AG raised its stake in Intuitive Surgical by 9.6% in the fourth 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 in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Intuitive Surgical by 29.3% during the fourth 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 period. Procyon Advisors LLC lifted its holdings in Intuitive Surgical by 787.8% during the fourth quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider's stock worth $2,715,000 after buying an additional 4,254 shares during the period. Finally, Robinhood Asset Management LLC bought a new stake in Intuitive Surgical during the 4th quarter valued at $6,478,000. 83.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ISRG. Raymond James Financial cut their price target on Intuitive Surgical from $615.00 to $577.00 and set an "outperform" rating on the stock in a report on Wednesday, April 22nd. JPMorgan Chase & Co. dropped their price objective on Intuitive Surgical from $625.00 to $550.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 22nd. TD Cowen dropped their price objective on Intuitive Surgical from $585.00 to $520.00 and set a "buy" rating on the stock in a research report on Monday. Leerink Partners cut their target price on Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 22nd. Finally, HSBC reduced their target price on shares of Intuitive Surgical from $653.00 to $604.00 and set a "buy" rating for the company in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $562.62.

Insiders Place Their Bets

In other Intuitive Surgical news, SVP Iman Jeddi sold 5,625 shares of the firm's stock in a transaction dated 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 owned 6,463 shares of the company's stock, valued at approximately $2,718,014.65. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy L. Ladd sold 119 shares of the business's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $463.50, for a total value of $55,156.50. Following the sale, the director owned 120 shares in the company, valued at $55,620. The trade was a 49.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 7,169 shares of company stock valued at $3,059,135. 0.60% of the stock is currently owned by corporate insiders.

Intuitive Surgical Trading Up 3.4%

Shares of ISRG opened at $402.33 on Friday. Intuitive Surgical, Inc. has a 12 month low of $378.50 and a 12 month high of $603.88. The stock has a fifty day moving average price of $417.37 and a 200-day moving average price of $468.74. The firm has a market cap of $142.49 billion, a PE ratio of 48.77, a P/E/G ratio of 3.16 and a beta of 1.46.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last announced its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.42. Intuitive Surgical had a return on equity of 15.98% and a net margin of 28.15%.The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the previous year, the business earned $1.81 EPS. The firm's revenue for the quarter was up 23.0% on a year-over-year basis. As a group, research analysts forecast that Intuitive Surgical, Inc. will post 8.57 EPS for the current year.

Key Stories Impacting Intuitive Surgical

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

• Positive Sentiment: Q2 earnings and revenue came in ahead of Wall Street expectations, supported by strong demand for Intuitive’s robotic surgical systems. Reuters: Intuitive Surgical beats quarterly estimates on strong demand for its robotic systems
• Positive Sentiment: Worldwide procedure volume continued to grow at a healthy pace, with da Vinci procedures up about 15% and Ion procedures up about 36%, reinforcing the company’s growth story. Yahoo Finance: Intuitive Announces Second Quarter Earnings
• Positive Sentiment: Analyst coverage remained constructive, with Truist still rating the stock Buy even after trimming its price target to $510 from $580. Benzinga/Truist note

Intuitive Surgical 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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