Eastern Bank Grows Stake in Intuitive Surgical, Inc. (NASDAQ:ISRG)

Key Points

• Eastern Bank increased its stakes in Intuitive Surgical by 31.3%, acquiring an additional 1,335 shares, bringing its total holdings to 5,601 shares valued at approximately $2.774 million.
• Insider trading activity included significant sales by executives, with Gary S. Guthart selling 7,893 shares for about $3.94 million, marking a 37.44% decrease in his ownership.
• Intuitive Surgical reported earnings above analyst expectations, with $2.19 EPS for the quarter and revenues of $2.44 billion, up 21.4% from the same quarter last year, while analysts have adjusted price targets reflecting a Moderate Buy consensus.

Eastern Bank grew its stake in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,601 shares of the medical equipment provider's stock after buying an additional 1,335 shares during the period. Eastern Bank's holdings in Intuitive Surgical were worth $2,774,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Chilton Capital Management LLC increased its stake in Intuitive Surgical by 614.3% in the 1st quarter. Chilton Capital Management LLC now owns 50 shares of the medical equipment provider's stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Parvin Asset Management LLC bought a new position in Intuitive Surgical in the 4th quarter worth about $26,000. Global Financial Private Client LLC increased its stake in Intuitive Surgical by 253.3% in the 1st quarter. Global Financial Private Client LLC now owns 53 shares of the medical equipment provider's stock worth $26,000 after acquiring an additional 38 shares during the last quarter. Elite Financial Inc. bought a new position in Intuitive Surgical in the 1st quarter worth about $26,000. Finally, Hurley Capital LLC bought a new position in Intuitive Surgical in the 4th quarter worth about $28,000. 83.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Intuitive Surgical news, EVP Myriam Curet sold 4,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 353 shares in the company, valued at approximately $173,845.44. This trade represents a 92.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Mark Brosius sold 216 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $563.11, for a total value of $121,631.76. Following the completion of the sale, the senior vice president owned 907 shares of the company's stock, valued at approximately $510,740.77. This trade represents a 19.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,903 shares of company stock worth $7,932,778 in the last ninety days. 0.70% of the stock is owned by insiders.

Intuitive Surgical Stock Performance

ISRG traded up $2.03 on Friday, hitting $483.12. 2,982,876 shares of the company were exchanged, compared to its average volume of 1,997,437. The firm has a fifty day simple moving average of $524.01 and a two-hundred day simple moving average of $533.35. Intuitive Surgical, Inc. has a 12 month low of $425.00 and a 12 month high of $616.00. The stock has a market capitalization of $173.19 billion, a PE ratio of 67.38, a price-to-earnings-growth ratio of 5.04 and a beta of 1.60.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ISRG. Barclays decreased their target price on Intuitive Surgical from $684.00 to $635.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Piper Sandler restated an "overweight" rating and issued a $595.00 target price (up from $575.00) on shares of Intuitive Surgical in a research note on Wednesday, July 23rd. Wells Fargo & Company upped their target price on Intuitive Surgical from $559.00 to $599.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Evercore ISI increased their price objective on Intuitive Surgical from $470.00 to $550.00 and gave the company an "in-line" rating in a research report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft lowered Intuitive Surgical from a "hold" rating to a "sell" rating and reduced their price objective for the company from $515.00 to $440.00 in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, Intuitive Surgical currently has a consensus rating of "Moderate Buy" and an average target price of $592.05.

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.