Redmond Asset Management LLC Reduces Stake in Intuitive Surgical, Inc. $ISRG

Key Points

• Redmond Asset Management LLC reduced its holdings in Intuitive Surgical, Inc. by 31.9% during Q1, owning 3,158 shares valued at $1,564,000 after selling 1,480 shares.
• In Q1, the majority of institutional investors demonstrated increased stakes in the company, with 83.64% of the stock currently owned by such investors and hedge funds.
• Intuitive Surgical reported a quarterly revenue of $2.44 billion, surpassing analysts' expectations and achieving a net margin of 28.51% with earnings per share of $2.19.

Redmond Asset Management LLC trimmed its position in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 31.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,158 shares of the medical equipment provider's stock after selling 1,480 shares during the quarter. Redmond Asset Management LLC's holdings in Intuitive Surgical were worth $1,564,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Intuitive Surgical by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 32,665,531 shares of the medical equipment provider's stock worth $16,178,258,000 after purchasing an additional 453,335 shares in the last quarter. Invesco Ltd. grew its position in Intuitive Surgical by 1.7% during the 1st quarter. Invesco Ltd. now owns 4,219,974 shares of the medical equipment provider's stock worth $2,090,027,000 after acquiring an additional 71,794 shares during the last quarter. Northern Trust Corp grew its position in shares of Intuitive Surgical by 15.8% in the 4th quarter. Northern Trust Corp now owns 3,619,293 shares of the medical equipment provider's stock worth $1,889,126,000 after buying an additional 494,496 shares during the last quarter. Nuveen LLC purchased a new position in shares of Intuitive Surgical in the 1st quarter valued at approximately $1,715,899,000. Finally, Capital Research Global Investors raised its stake in Intuitive Surgical by 25.5% during the fourth quarter. Capital Research Global Investors now owns 3,381,302 shares of the medical equipment provider's stock valued at $1,764,904,000 after buying an additional 687,906 shares during the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ISRG. Evercore ISI boosted their price target on Intuitive Surgical from $470.00 to $550.00 and gave the company an "in-line" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded Intuitive Surgical from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Royal Bank Of Canada raised their target price on Intuitive Surgical from $605.00 to $615.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Robert W. Baird lowered their price objective on Intuitive Surgical from $600.00 to $575.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company upped their price target on Intuitive Surgical from $559.00 to $599.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Intuitive Surgical currently has an average rating of "Moderate Buy" and an average price target of $595.95.

Intuitive Surgical Price Performance

ISRG stock traded up $3.18 during mid-day trading on Friday, reaching $480.26. 1,436,064 shares of the company traded hands, compared to its average volume of 2,169,233. Intuitive Surgical, Inc. has a 52-week low of $425.00 and a 52-week high of $616.00. The company has a market capitalization of $172.16 billion, a P/E ratio of 66.98, a P/E/G ratio of 5.03 and a beta of 1.59. The company has a fifty day moving average price of $508.75 and a 200-day moving average price of $524.77.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The medical equipment provider reported $2.19 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.26. The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.35 billion. Intuitive Surgical had a return on equity of 14.56% and a net margin of 28.51%. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.78 earnings per share. As a group, analysts forecast that Intuitive Surgical, Inc. will post 6.43 EPS for the current year.

Insider Buying and Selling at Intuitive Surgical

In related news, EVP Myriam Curet sold 4,500 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $492.48, for a total transaction of $2,216,160.00. Following the transaction, the executive vice president directly owned 353 shares in the company, valued at $173,845.44. The trade was a 92.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Mark Brosius sold 216 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $563.11, for a total value of $121,631.76. Following the transaction, the senior vice president owned 907 shares in the company, valued at $510,740.77. This represents a 19.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,839 shares of company stock worth $7,896,972 in the last quarter. 0.70% of the stock is owned by corporate insiders.

Intuitive Surgical Company Profile

Intuitive Surgical, Inc develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offers the da Vinci Surgical System that enables complex surgery using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic procedures enabling minimally invasive biopsies in the lung.