Intuitive Surgical, Inc. $ISRG Shares Sold by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors LLC cut its Intuitive Surgical stake by 75.5% in the first quarter, leaving it with 1,180 shares worth about $544,000.
• Despite that sale, Intuitive Surgical continues to see broad institutional ownership, with hedge funds and asset managers holding 83.64% of the stock; several large investors increased positions during the period.
• The company recently reported strong quarterly results, with EPS of $2.50 and revenue of $2.77 billion, both above estimates, while analysts remain mostly positive with a Moderate Buy consensus target of $569.20.

Manning & Napier Advisors LLC cut its stake in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 75.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,180 shares of the medical equipment provider's stock after selling 3,636 shares during the quarter. Manning & Napier Advisors LLC's holdings in Intuitive Surgical were worth $544,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Intuitive Surgical by 1.0% in the fourth quarter. State Street Corp now owns 15,701,591 shares of the medical equipment provider's stock worth $8,892,753,000 after acquiring an additional 162,264 shares during the last quarter. Capital World Investors raised its stake 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 during the last quarter. Norges Bank purchased a new position in Intuitive Surgical in the 4th quarter valued at $2,856,987,000. Invesco Ltd. lifted its holdings in Intuitive Surgical by 17.4% in the 4th quarter. Invesco Ltd. now owns 4,128,735 shares of the medical equipment provider's stock valued at $2,338,350,000 after purchasing an additional 611,268 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Intuitive Surgical by 9.4% during the 4th quarter. Wellington Management Group LLP now owns 3,445,880 shares of the medical equipment provider's stock worth $1,951,609,000 after purchasing an additional 294,651 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Intuitive Surgical Price Performance

NASDAQ:ISRG opened at $406.78 on Monday. Intuitive Surgical, Inc. has a 52 week low of $396.68 and a 52 week high of $603.88. The stock's fifty day moving average is $422.09 and its two-hundred day moving average is $473.91. The company has a market capitalization of $144.07 billion, a P/E ratio of 49.31, a P/E/G ratio of 3.31 and a beta of 1.46.

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

Wall Street Analysts Forecast Growth

ISRG has been the subject of a number of research reports. Truist Financial dropped their target price on shares of Intuitive Surgical from $650.00 to $580.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. BTIG Research reissued a "buy" rating and issued a $574.00 price target on shares of Intuitive Surgical in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. Robert W. Baird raised their target price on Intuitive Surgical from $575.00 to $610.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Citigroup reissued a "buy" rating on shares of Intuitive Surgical in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $569.20.

Intuitive Surgical News Summary

Here are the key news stories impacting Intuitive Surgical this week:

• Positive Sentiment: BMO Capital Markets upgraded Intuitive Surgical to strong-buy, which can help sentiment by signaling confidence in the stock’s long-term outlook. Zacks.com
• Positive Sentiment: Investor interest remains supported by expectations that July 16 results will show higher sales and EPS, with strong adoption of the da Vinci 5 surgical robot seen as a key growth driver. ISRG to Report Q2 Results Next Week: Should You Buy the Stock Now?
• Neutral Sentiment: Evercore ISI cut its price target to $430 from $480 while keeping an In Line rating, suggesting the company still has growth potential but investors may be more cautious on near-term upside. Is Intuitive Surgical (ISRG) One Of MedTech’s Best AI Stock To Buy?
• Neutral Sentiment: Options traders are pricing in a wide range of outcomes for ISRG ahead of earnings, reflecting uncertainty around how the report and guidance could move the stock. Just How Much Risk Is Built Into ISRG Stock?
• Negative Sentiment: Investors are weighing possible margin pressure, which could limit enthusiasm even if revenue and earnings grow next quarter. ISRG to Report Q2 Results Next Week: Should You Buy the Stock Now?

Insiders Place Their Bets

In other Intuitive Surgical news, Director Amy L. Ladd sold 500 shares of Intuitive Surgical stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $473.46, for a total transaction of $236,730.00. Following the completion of the sale, the director directly owned 239 shares in the company, valued at $113,156.94. This trade represents a 67.66% decrease in their ownership of the stock. 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 business's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $424.14, for a total transaction of $169,656.00. Following the completion of the sale, the executive vice president directly owned 5,720 shares in the company, valued at $2,426,080.80. This trade represents a 6.54% 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 7,169 shares of company stock valued at $3,059,135 over the last 90 days. 0.60% of the stock is owned by company insiders.

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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