HB Wealth Management LLC Trims Stake in Intuitive Surgical, Inc. $ISRG

Key Points

• HB Wealth Management cut its Intuitive Surgical stake by 14.6% in the second quarter, selling 4,018 shares and retaining 23,518 shares valued at approximately $9.35 million. Institutional investors collectively own 83.64% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $508.68, despite some recent target-price reductions.
• Intuitive Surgical reported strong quarterly results, with earnings of $2.80 per share exceeding estimates and revenue rising 18.4% year over year to $2.89 billion. Insiders have sold about $4.64 million of stock over the past three months.

HB Wealth Management LLC lowered its position in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 14.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,518 shares of the medical equipment provider's stock after selling 4,018 shares during the period. HB Wealth Management LLC's holdings in Intuitive Surgical were worth $9,353,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Main Street Group LTD bought a new position in Intuitive Surgical in the first quarter worth $30,000. Compass Financial Management LLC bought a new stake in shares of Intuitive Surgical during the 2nd quarter valued at $30,000. Vermillion Wealth Management Inc. boosted its holdings in shares of Intuitive Surgical by 58.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 68 shares of the medical equipment provider's stock valued at $31,000 after buying an additional 25 shares in the last quarter. Motiv8 Investments LLC purchased a new stake in shares of Intuitive Surgical in the 4th quarter worth about $34,000. Finally, Evergreen Advisors LLC purchased a new stake in shares of Intuitive Surgical in the 1st quarter worth about $35,000. Hedge funds and other institutional investors own 83.64% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Piper Sandler reiterated an "overweight" rating on shares of Intuitive Surgical in a research note on Friday, August 21st. JPMorgan Chase & Co. dropped their price objective on shares of Intuitive Surgical from $550.00 to $450.00 and set an "overweight" rating on the stock in a research note on Friday, July 17th. Bank of America cut their price objective on shares of Intuitive Surgical from $520.00 to $515.00 in a report on Friday, June 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Intuitive Surgical in a research note on Friday, August 14th. Finally, KeyCorp reiterated an "overweight" rating on shares of Intuitive Surgical in a report on Wednesday, August 12th. Twenty-two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $508.68.

Intuitive Surgical Price Performance

Shares of NASDAQ:ISRG opened at $366.70 on Monday. The business has a fifty day moving average price of $381.44 and a 200-day moving average price of $428.20. The company has a market capitalization of $129.55 billion, a PE ratio of 42.00, a PEG ratio of 2.77 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 quarterly earnings data on Thursday, July 16th. The medical equipment provider reported $2.80 EPS for the quarter, beating the consensus estimate of $2.48 by $0.32. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.83 billion. Intuitive Surgical had a net margin of 28.45% and a return on equity of 16.91%. Intuitive Surgical's revenue for the quarter was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.81 EPS. On average, sell-side analysts anticipate that Intuitive Surgical, Inc. will post 8.87 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Gary S. Guthart sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $400.00, for a total value of $4,000,000.00. Following the completion of the transaction, the director directly owned 1,245,679 shares in the company, valued at $498,271,600. The trade was a 0.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $379.00, for a total value of $151,600.00. Following the completion of the transaction, the executive vice president directly owned 5,320 shares in the company, valued at $2,016,280. This trade represents a 6.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 11,635 shares of company stock worth $4,640,172. Corporate insiders own 0.60% of the company's stock.

Intuitive Surgical 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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