Hsbc Holdings PLC Reduces Position in Intuitive Surgical, Inc. $ISRG

Key Points

• HSBC Holdings PLC cut its stake in Intuitive Surgical by 13.4% in the fourth quarter, though it still held 702,369 shares valued at about $398.2 million at the end of the period.
• Several other institutional investors boosted their positions, and hedge funds and other institutions now own 83.64% of Intuitive Surgical’s stock.
• Intuitive Surgical reported better-than-expected quarterly results, with EPS of $2.50 and revenue of $2.77 billion, while analysts currently rate the stock Moderate Buy with a consensus price target of $573.42.

Hsbc Holdings PLC trimmed its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 13.4% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 702,369 shares of the medical equipment provider's stock after selling 108,721 shares during the quarter. Hsbc Holdings PLC owned about 0.20% of Intuitive Surgical worth $398,173,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ISRG. Norges Bank purchased a new stake in shares of Intuitive Surgical during the 4th quarter valued at about $2,856,987,000. J. Stern & Co. LLP raised its holdings in shares of Intuitive Surgical by 18,504.6% during the fourth quarter. J. Stern & Co. LLP now owns 2,127,248 shares of the medical equipment provider's stock valued at $1,204,788,000 after purchasing an additional 2,115,814 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Intuitive Surgical by 1,043.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,342,121 shares of the medical equipment provider's stock valued at $760,124,000 after purchasing an additional 1,224,734 shares during the period. Polen Capital Management LLC bought a new position in Intuitive Surgical during the fourth quarter valued at approximately $477,225,000. Finally, Assenagon Asset Management S.A. lifted its position in Intuitive Surgical by 106.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,533,771 shares of the medical equipment provider's stock valued at $868,667,000 after purchasing an additional 791,516 shares during the period. Hedge funds and other institutional investors own 83.64% of the company's stock.

Insider Buying and Selling at Intuitive Surgical

In other news, Director Amy L. Ladd sold 119 shares of the company's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $463.50, for a total value of $55,156.50. Following the completion of the transaction, the director owned 120 shares of the company's stock, valued at $55,620. This represents a 49.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $420.55, for a total value of $2,365,593.75. Following the sale, the senior vice president owned 6,463 shares of the company's stock, valued at $2,718,014.65. This represents a 46.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,169 shares of company stock valued at $3,059,135 over the last ninety days. 0.60% of the stock is currently owned by company insiders.

Intuitive Surgical Price Performance

ISRG opened at $406.78 on Friday. The company has a 50 day simple moving average of $438.43 and a two-hundred day simple moving average of $490.46. The firm has a market cap of $144.07 billion, a P/E ratio of 49.31, a PEG ratio of 3.31 and a beta of 1.46. Intuitive Surgical, Inc. has a 1-year low of $396.68 and a 1-year high of $603.88.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, beating the consensus estimate of $2.08 by $0.42. Intuitive Surgical had a net margin of 28.15% and a return on equity of 15.98%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the firm earned $1.81 EPS. The company's revenue was up 23.0% on a year-over-year basis. Equities analysts anticipate that Intuitive Surgical, Inc. will post 8.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on ISRG shares. The Goldman Sachs Group set a $558.00 target price on shares of Intuitive Surgical in a research report on Wednesday, May 27th. Weiss Ratings reissued a "hold (c)" rating on shares of Intuitive Surgical in a report on Tuesday, May 19th. HSBC dropped their price target on Intuitive Surgical from $653.00 to $604.00 and set a "buy" rating on the stock in a research note on Wednesday, April 22nd. Robert W. Baird lifted their price objective on Intuitive Surgical from $575.00 to $610.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. Finally, Bank of America reduced their price objective on Intuitive Surgical from $520.00 to $515.00 in a research report on Friday, June 12th. Nineteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $573.42.

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.

Want to see what other hedge funds are holding ISRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.