Handelsbanken Fonder AB Decreases Stock Position in Intuitive Surgical, Inc. $ISRG

Key Points

• Handelsbanken Fonder AB reduced its Intuitive Surgical stake by 8.9% in the second quarter, selling 31,273 shares and retaining 319,944 shares valued at approximately $127.2 million. Institutional investors collectively own 83.64% of the company.
• Intuitive Surgical reported a strong quarter, with earnings per share of $2.80 beating estimates by $0.32 and revenue rising 18.4% year over year to $2.89 billion. The stock opened at $393.38, up 3.8%, but remains below its 200-day moving average.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $509.02, despite several firms recently lowering their targets. Company insiders sold 6,634 shares worth about $2.77 million over the past three months.

Handelsbanken Fonder AB cut its position in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 8.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 319,944 shares of the medical equipment provider's stock after selling 31,273 shares during the quarter. Handelsbanken Fonder AB owned about 0.09% of Intuitive Surgical worth $127,235,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Prosperity Consulting Group LLC increased its holdings in Intuitive Surgical by 0.5% in the 3rd quarter. Prosperity Consulting Group LLC now owns 4,033 shares of the medical equipment provider's stock worth $1,804,000 after acquiring an additional 19 shares during the last quarter. WoodTrust Financial Corp raised its stake in Intuitive Surgical by 0.5% in the 4th quarter. WoodTrust Financial Corp now owns 4,180 shares of the medical equipment provider's stock valued at $2,367,000 after acquiring an additional 20 shares during the period. North Star Investment Management Corp. lifted its holdings in Intuitive Surgical by 8.5% during the fourth quarter. North Star Investment Management Corp. now owns 269 shares of the medical equipment provider's stock valued at $152,000 after purchasing an additional 21 shares during the last quarter. Cornerstone Planning Group LLC boosted its position in Intuitive Surgical by 11.5% during the fourth quarter. Cornerstone Planning Group LLC now owns 203 shares of the medical equipment provider's stock worth $106,000 after purchasing an additional 21 shares during the period. Finally, Valeo Financial Advisors LLC boosted its position in Intuitive Surgical by 0.4% during the fourth quarter. Valeo Financial Advisors LLC now owns 4,941 shares of the medical equipment provider's stock worth $2,798,000 after purchasing an additional 21 shares during the period. Hedge funds and other institutional investors own 83.64% of the company's stock.

Insiders Place Their Bets

In other news, SVP Iman Jeddi sold 5,625 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the sale, the senior vice president owned 6,463 shares in the company, valued at approximately $2,718,014.65. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction on Monday, August 10th. The stock was sold at an average price of $379.00, for a total transaction of $151,600.00. Following the sale, the executive vice president directly owned 5,320 shares of the company's stock, valued at $2,016,280. This represents a 6.99% 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 sold a total of 6,634 shares of company stock worth $2,769,615 in the last three months. Insiders own 0.60% of the company's stock.

Intuitive Surgical Trading Up 3.8%

ISRG stock opened at $393.38 on Tuesday. The company's 50 day moving average is $392.49 and its 200 day moving average is $444.21. The stock has a market cap of $138.97 billion, a price-to-earnings ratio of 45.06, a price-to-earnings-growth ratio of 2.74 and a beta of 1.47. Intuitive Surgical, Inc. has a 1-year low of $328.57 and a 1-year high of $603.88.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last announced its earnings results on Thursday, July 16th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.32. Intuitive Surgical had a net margin of 28.45% and a return on equity of 16.91%. The business had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.83 billion. During the same period in the previous year, the business posted $1.81 earnings per share. Intuitive Surgical's revenue for the quarter was up 18.4% on a year-over-year basis. As a group, sell-side analysts forecast that Intuitive Surgical, Inc. will post 8.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Leerink Partners lowered their price target on shares of Intuitive Surgical from $573.00 to $454.00 and set an "outperform" rating on the stock in a research report on Friday, July 17th. Citigroup cut their price objective on shares of Intuitive Surgical from $590.00 to $500.00 and set a "buy" rating for the company in a report on Friday, July 17th. Stifel Nicolaus reduced their price objective on shares of Intuitive Surgical from $670.00 to $550.00 and set a "buy" rating for the company in a research note on Friday, July 17th. JPMorgan Chase & Co. lowered their target price on shares of Intuitive Surgical from $550.00 to $450.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. Finally, Royal Bank Of Canada dropped their target price on Intuitive Surgical from $650.00 to $600.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Twenty investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $509.02.

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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