Intuitive Surgical, Inc. $ISRG Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Intuitive Surgical stake by 39,531.1% to 213.7 million shares, representing about 60.5% of the company and an estimated $85.0 billion position. Overall, institutions own 83.64% of ISRG.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $508.68, despite several firms recently lowering their targets. Oppenheimer upgraded the stock to “outperform,” while Wall Street Zen downgraded it to “hold.”
• Intuitive Surgical reported quarterly EPS of $2.80 versus the $2.48 consensus and revenue of $2.89 billion, up 18.4% year over year. The stock opened at $366.70, well below its $603.88 one-year high, while insiders sold $4.64 million of shares over the past three months.

California State Teachers Retirement System raised its stake in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 39,531.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 213,725,958 shares of the medical equipment provider's stock after acquiring an additional 213,186,670 shares during the quarter. California State Teachers Retirement System owned approximately 60.50% of Intuitive Surgical worth $84,994,539,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp increased its position in Intuitive Surgical by 1.0% during the 4th quarter. State Street Corp now owns 15,701,591 shares of the medical equipment provider's stock worth $8,892,753,000 after purchasing an additional 162,264 shares in the last quarter. Capital World Investors lifted its holdings in Intuitive Surgical by 1.7% in the 4th quarter. Capital World Investors now owns 7,856,018 shares of the medical equipment provider's stock valued at $4,449,491,000 after purchasing an additional 127,526 shares in the last quarter. Norges Bank acquired a new stake in shares of Intuitive Surgical during the 4th quarter worth about $2,856,987,000. Invesco Ltd. boosted its stake in shares of Intuitive Surgical by 17.4% during the 4th quarter. Invesco Ltd. now owns 4,128,735 shares of the medical equipment provider's stock worth $2,338,350,000 after purchasing an additional 611,268 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Intuitive Surgical by 3.3% during the first quarter. Bank of America Corp DE now owns 3,616,973 shares of the medical equipment provider's stock worth $1,667,388,000 after buying an additional 116,292 shares in the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intuitive Surgical

In related news, EVP Gary Loeb sold 400 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $379.00, for a total transaction of $151,600.00. Following the completion of the sale, the executive vice president owned 5,320 shares of the company's stock, valued at approximately $2,016,280. This represents a 6.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy L. Ladd sold 72 shares of Intuitive Surgical stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $393.10, for a total transaction of $28,303.20. Following the transaction, the director directly owned 179 shares in the company, valued at approximately $70,364.90. This trade represents a 28.69% 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. Insiders sold a total of 11,635 shares of company stock worth $4,640,172 in the last three months. 0.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ISRG has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Intuitive Surgical from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. BTIG Research lowered their target price on shares of Intuitive Surgical from $512.00 to $469.00 and set a "buy" rating for the company in a research note on Friday, July 17th. KeyCorp reiterated an "overweight" rating on shares of Intuitive Surgical in a report on Wednesday, August 12th. Wells Fargo & Company reissued an "overweight" rating and set a $487.00 price target (down from $654.00) on shares of Intuitive Surgical in a research note on Friday, July 17th. Finally, Oppenheimer upgraded Intuitive Surgical from a "market perform" rating to an "outperform" rating and set a $500.00 price objective on the stock in a report on Wednesday, August 12th. Twenty-two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell 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 $508.68.

Intuitive Surgical Stock Performance

Intuitive Surgical stock opened at $366.70 on Monday. Intuitive Surgical, Inc. has a 1 year low of $328.57 and a 1 year high of $603.88. The firm has a 50 day moving average price of $381.44 and a 200 day moving average price of $428.20. The company has a market cap of $129.55 billion, a price-to-earnings ratio of 42.00, a PEG ratio of 2.77 and a beta of 1.47.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $2.89 billion during the quarter, compared to analysts' expectations of $2.83 billion. Intuitive Surgical had a net margin of 28.45% and a return on equity of 16.91%. The business's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.81 EPS. Sell-side analysts predict that Intuitive Surgical, Inc. will post 8.87 EPS for the current year.

Intuitive Surgical Company 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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