Intuitive Surgical, Inc. $ISRG Stake Decreased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Intuitive Surgical stake by 46.8% in the third quarter, selling 60,018 shares and retaining 68,199 shares valued at about $27.4 million.
• Institutional investors own 83.64% of the company, with several large investors increasing their holdings. Analysts give the stock a “Moderate Buy” consensus rating and an average price target of $493.54.
• Intuitive Surgical’s latest quarterly results beat estimates: earnings were $3.00 per share versus a $2.65 forecast, while revenue rose 21.7% year over year to $3.05 billion.

Allspring Global Investments Holdings LLC trimmed its position in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 46.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,199 shares of the medical equipment provider's stock after selling 60,018 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Intuitive Surgical were worth $27,364,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Intuitive Surgical by 3.3% in 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 purchasing an additional 116,292 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Intuitive Surgical in the second quarter worth $1,335,753,000. Amundi grew its position in Intuitive Surgical by 8.6% in the first quarter. Amundi now owns 2,428,356 shares of the medical equipment provider's stock worth $1,119,448,000 after acquiring an additional 193,096 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Intuitive Surgical by 95.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,105,544 shares of the medical equipment provider's stock valued at $970,635,000 after acquiring an additional 1,027,475 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Intuitive Surgical by 10.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,893,485 shares of the medical equipment provider's stock valued at $769,948,000 after acquiring an additional 184,044 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ISRG. KeyCorp reaffirmed an "overweight" rating on shares of Intuitive Surgical in a research note on Wednesday, August 12th. Wall Street Zen upgraded Intuitive Surgical from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Raymond James Financial reiterated an "outperform" rating and set a $480.00 price objective on shares of Intuitive Surgical in a research report on Wednesday, October 21st. Weiss Ratings reissued a "hold (c)" rating on shares of Intuitive Surgical in a report on Friday, August 14th. Finally, BTIG Research reissued a "buy" rating and set a $454.00 price objective on shares of Intuitive Surgical in a report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $493.54.

Insider Transactions at Intuitive Surgical

In other news, SVP Patricia L. Wadors sold 1,078 shares of the stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $443.80, for a total transaction of $478,416.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Craig H. Barratt sold 1,150 shares of the firm's stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $460.00, for a total transaction of $529,000.00. Following the completion of the transaction, the director owned 1,150 shares in the company, valued at $529,000. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 39,456 shares of company stock valued at $17,769,124. Insiders own 0.60% of the company's stock.

Intuitive Surgical Stock Down 2.1%

NASDAQ ISRG opened at $439.89 on Friday. The company has a 50-day simple moving average of $416.12 and a two-hundred day simple moving average of $430.38. Intuitive Surgical, Inc. has a 12-month low of $328.57 and a 12-month high of $603.88. The firm has a market cap of $152.48 billion, a price-to-earnings ratio of 50.40, a PEG ratio of 3.10 and a beta of 1.45.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last issued its earnings results on Tuesday, October 20th. The medical equipment provider reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.35. Intuitive Surgical had a return on equity of 18.17% and a net margin of 25.54%. The company had revenue of $3.05 billion during the quarter, compared to analysts' expectations of $2.91 billion. During the same period in the prior year, the business posted $2.40 EPS. Intuitive Surgical's quarterly revenue was up 21.7% compared to the same quarter last year. Equities analysts expect that Intuitive Surgical, Inc. will post 9.37 earnings per share for the current fiscal year.

About Intuitive Surgical

Intuitive Surgical develops, manufactures and markets robotic-assisted systems for minimally invasive procedures. Its products include da Vinci surgical systems, which allow surgeons to control instruments and a high-definition vision system from a console, as well as the Ion endoluminal system, designed to assist with minimally invasive lung biopsies. The company also provides instruments, accessories, training and support services for its systems. Its technology is used in a range of surgical specialties, including urology, general surgery and gynecology.

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