Connor Clark & Lunn Investment Management Ltd. Grows Position in Intuitive Surgical, Inc. (NASDAQ:ISRG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in Intuitive Surgical by 635.4%, owning 53,503 shares valued at approximately $26.5 million at the end of the last quarter.
• Insider trading activity shows key executives, including EVP Myriam Curet, sold thousands of shares recently, indicating a decrease in their ownership of the company’s stock.
• Intuitive Surgical reported a strong quarterly earnings performance with a $2.19 EPS, surpassing expectations and achieving a revenue increase of 21.4% compared to last year.

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 635.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,503 shares of the medical equipment provider's stock after purchasing an additional 46,228 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Intuitive Surgical were worth $26,498,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. AlphaCore Capital LLC grew its position in Intuitive Surgical by 4.2% during the fourth quarter. AlphaCore Capital LLC now owns 451 shares of the medical equipment provider's stock valued at $235,000 after buying an additional 18 shares during the period. Second Line Capital LLC boosted its position in shares of Intuitive Surgical by 3.4% in the fourth quarter. Second Line Capital LLC now owns 578 shares of the medical equipment provider's stock worth $302,000 after purchasing an additional 19 shares during the period. Colonial Trust Co SC boosted its position in shares of Intuitive Surgical by 8.8% in the fourth quarter. Colonial Trust Co SC now owns 246 shares of the medical equipment provider's stock worth $128,000 after purchasing an additional 20 shares during the period. Crown Wealth Group LLC boosted its position in shares of Intuitive Surgical by 4.8% during the first quarter. Crown Wealth Group LLC now owns 440 shares of the medical equipment provider's stock worth $218,000 after acquiring an additional 20 shares during the last quarter. Finally, FSM Wealth Advisors LLC grew its stake in Intuitive Surgical by 3.8% during the first quarter. FSM Wealth Advisors LLC now owns 546 shares of the medical equipment provider's stock valued at $270,000 after acquiring an additional 20 shares in the last quarter. Institutional investors own 83.64% of the company's stock.

Intuitive Surgical Stock Up 1.3%

Shares of Intuitive Surgical stock traded up $6.34 on Tuesday, reaching $478.19. The stock had a trading volume of 1,529,402 shares, compared to its average volume of 2,211,435. The company has a 50 day moving average price of $514.89 and a 200 day moving average price of $527.45. Intuitive Surgical, Inc. has a 1 year low of $425.00 and a 1 year high of $616.00. The stock has a market capitalization of $171.42 billion, a P/E ratio of 66.69, a P/E/G ratio of 4.95 and a beta of 1.59.

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

Insider Activity at Intuitive Surgical

In related news, EVP Myriam Curet sold 4,500 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $492.48, for a total value of $2,216,160.00. Following the completion of the transaction, the executive vice president owned 353 shares in the company, valued at $173,845.44. This trade represents a 92.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Mark Brosius sold 216 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $563.11, for a total value of $121,631.76. Following the completion of the transaction, the senior vice president directly owned 907 shares in the company, valued at $510,740.77. This represents a 19.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,881 shares of company stock valued at $7,920,634 in the last ninety days. Company insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Robert W. Baird reduced their target price on Intuitive Surgical from $600.00 to $575.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Piper Sandler reiterated an "overweight" rating and set a $595.00 target price (up from $575.00) on shares of Intuitive Surgical in a research report on Wednesday, July 23rd. UBS Group upped their price target on shares of Intuitive Surgical from $547.00 to $585.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Wall Street Zen raised shares of Intuitive Surgical from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Evercore ISI increased their target price on shares of Intuitive Surgical from $470.00 to $550.00 and gave the company an "in-line" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $595.95.

About Intuitive Surgical

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.