Catalio Capital Management LP Reduces Stock Position in Intuitive Surgical, Inc. $ISRG

Key Points

• Catalio Capital Management reduced its Intuitive Surgical stake by 61.9% in the fourth quarter, selling 44,134 shares and leaving it with 27,209 shares worth about $15.4 million.
• Insider selling also picked up, with SVP Iman Jeddi and EVP Gary Loeb selling shares in pre-arranged Rule 10b5-1 transactions; insiders have sold 7,169 shares over the past 90 days.
• Intuitive Surgical shares fell 3.6% to $402.18, while analysts still mostly remain constructive, with a consensus rating of Moderate Buy and a price target around $573.42.

Catalio Capital Management LP cut its stake in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 61.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,209 shares of the medical equipment provider's stock after selling 44,134 shares during the period. Intuitive Surgical makes up about 2.9% of Catalio Capital Management LP's holdings, making the stock its 14th largest holding. Catalio Capital Management LP's holdings in Intuitive Surgical were worth $15,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in ISRG. Draper Asset Management LLC increased its stake in 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 acquiring an additional 1,485 shares during the last quarter. Deutsche Bank AG increased its stake in Intuitive Surgical by 9.6% during the fourth quarter. Deutsche Bank AG now owns 1,522,191 shares of the medical equipment provider's stock worth $862,108,000 after acquiring an additional 132,966 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake 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 acquiring an additional 16,119 shares during the last quarter. Procyon Advisors LLC increased its stake 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 acquiring an additional 4,254 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake 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 acquiring an additional 2,102 shares during the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intuitive Surgical

In other Intuitive Surgical news, SVP Iman Jeddi sold 5,625 shares of the firm'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 sale, the senior vice president directly owned 6,463 shares in the company, valued at $2,718,014.65. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a 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, EVP Gary Loeb sold 400 shares of the firm's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $424.14, for a total value of $169,656.00. Following the completion of the sale, the executive vice president owned 5,720 shares in the company, valued at approximately $2,426,080.80. This represents a 6.54% 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. Insiders have sold a total of 7,169 shares of company stock worth $3,059,135 over the last ninety days. Corporate insiders own 0.60% of the company's stock.

Intuitive Surgical Stock Down 3.6%

Shares of Intuitive Surgical stock opened at $402.18 on Thursday. Intuitive Surgical, Inc. has a 52-week low of $396.68 and a 52-week high of $603.88. The company has a 50 day moving average of $440.46 and a 200 day moving average of $492.22. The company has a market capitalization of $142.44 billion, a P/E ratio of 48.75, a P/E/G ratio of 3.39 and a beta of 1.46.

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

Analyst Ratings Changes

ISRG has been the subject of several research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Intuitive Surgical in a research report on Tuesday, May 19th. TD Cowen lowered their price target on Intuitive Surgical from $660.00 to $585.00 and set a "buy" rating for the company in a research report on Wednesday, April 22nd. Wall Street Zen upgraded Intuitive Surgical from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. Bank of America lowered their price target on Intuitive Surgical from $520.00 to $515.00 in a research report on Friday, June 12th. Finally, JPMorgan Chase & Co. lowered their price target on Intuitive Surgical from $625.00 to $550.00 and set an "overweight" rating for the company in a research report on Wednesday, April 22nd. Nineteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $573.42.

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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