Hartford Financial Management Inc. Lowers Position in Intuitive Surgical, Inc. $ISRG

Key Points

• Hartford Financial Management Inc. reduced its stake in Intuitive Surgical by 23.2%, owning 1,605 shares worth $872,000 at the end of the second quarter.
• Despite the decrease in holdings by Hartford, several other institutions increased their positions, with Norway Savings Bank boosting its stake by 53.4% to 2,613 shares valued at $1,420,000.
• Intuitive Surgical reported better-than-expected earnings, posting $2.40 EPS and $2.51 billion in revenue for the quarter, which is a 22.9% increase year-over-year.

Hartford Financial Management Inc. lowered its stake in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 23.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,605 shares of the medical equipment provider's stock after selling 486 shares during the period. Hartford Financial Management Inc.'s holdings in Intuitive Surgical were worth $872,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Norway Savings Bank boosted its holdings in Intuitive Surgical by 53.4% in the second quarter. Norway Savings Bank now owns 2,613 shares of the medical equipment provider's stock valued at $1,420,000 after acquiring an additional 910 shares during the last quarter. IronOak Wealth LLC. purchased a new position in shares of Intuitive Surgical in the 2nd quarter worth about $1,099,000. Trust Co. of Oklahoma acquired a new position in shares of Intuitive Surgical in the 2nd quarter valued at about $363,000. Neville Rodie & Shaw Inc. grew its holdings in shares of Intuitive Surgical by 11.9% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 10,427 shares of the medical equipment provider's stock worth $5,666,000 after purchasing an additional 1,110 shares during the period. Finally, Sax Wealth Advisors LLC increased its position in Intuitive Surgical by 218.1% during the 2nd quarter. Sax Wealth Advisors LLC now owns 2,456 shares of the medical equipment provider's stock worth $1,334,000 after purchasing an additional 1,684 shares in the last quarter. 83.64% of the stock is owned by hedge funds and other institutional investors.

Intuitive Surgical Stock Down 0.9%

NASDAQ:ISRG opened at $546.51 on Friday. The company has a market cap of $195.91 billion, a PE ratio of 72.29, a P/E/G ratio of 5.50 and a beta of 1.61. The business's 50 day moving average is $458.09 and its two-hundred day moving average is $497.02. Intuitive Surgical, Inc. has a 52 week low of $425.00 and a 52 week high of $616.00.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 21st. The medical equipment provider reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.41. Intuitive Surgical had a return on equity of 15.08% and a net margin of 28.58%.The business had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period in the prior year, the company posted $1.84 EPS. The business's revenue was up 22.9% compared to the same quarter last year. As a group, sell-side analysts expect that Intuitive Surgical, Inc. will post 6.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ISRG has been the topic of a number of recent research reports. HSBC lifted their price target on shares of Intuitive Surgical from $595.00 to $644.00 and gave the company a "buy" rating in a research report on Thursday. Piper Sandler lifted their target price on shares of Intuitive Surgical from $595.00 to $610.00 and gave the company an "overweight" rating in a report on Wednesday. UBS Group set a $600.00 price target on Intuitive Surgical and gave the company a "neutral" rating in a report on Thursday. BTIG Research raised their price objective on Intuitive Surgical from $529.00 to $589.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Intuitive Surgical in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Intuitive Surgical currently has a consensus rating of "Moderate Buy" and a consensus target price of $602.32.

Insider Transactions at Intuitive Surgical

In related news, Director Amy L. Ladd sold 336 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $470.11, for a total transaction of $157,956.96. Following the sale, the director owned 1,074 shares in the company, valued at $504,898.14. This represents a 23.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gary S. Guthart sold 29,360 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $472.49, for a total value of $13,872,306.40. Following the completion of the sale, the insider directly owned 19,827 shares in the company, valued at approximately $9,368,059.23. This trade represents a 59.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,724 shares of company stock worth $19,500,332. Insiders own 0.70% of the company's stock.

Intuitive Surgical Company Profile

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.

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