Investment Management Corp of Ontario Reduces Holdings in Intuitive Surgical, Inc. $ISRG

Key Points

• Investment Management Corp of Ontario cut its Intuitive Surgical stake by 16% in the fourth quarter, selling 8,737 shares and leaving it with 45,976 shares worth about $26.0 million.
• Several analysts remain positive on ISRG despite recent target cuts; the stock carries a consensus rating of Moderate Buy with an average price target of $573.42.
• Intuitive Surgical reported strong quarterly results, with EPS of $2.50 and revenue of $2.77 billion, both ahead of estimates, while insiders also sold shares in recent transactions.

Investment Management Corp of Ontario trimmed its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 16.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,976 shares of the medical equipment provider's stock after selling 8,737 shares during the period. Investment Management Corp of Ontario's holdings in Intuitive Surgical were worth $26,039,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ISRG. Brighton Jones LLC increased its stake in shares of Intuitive Surgical by 24.9% during the 4th quarter. Brighton Jones LLC now owns 3,672 shares of the medical equipment provider's stock worth $1,916,000 after purchasing an additional 731 shares in the last quarter. Sivia Capital Partners LLC increased its stake in shares of Intuitive Surgical by 3.8% during the 2nd quarter. Sivia Capital Partners LLC now owns 928 shares of the medical equipment provider's stock worth $504,000 after purchasing an additional 34 shares in the last quarter. Schnieders Capital Management LLC. increased its stake in shares of Intuitive Surgical by 38.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 973 shares of the medical equipment provider's stock worth $529,000 after purchasing an additional 268 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Intuitive Surgical during the 2nd quarter worth approximately $200,000. Finally, Main Street Financial Solutions LLC grew its stake in Intuitive Surgical by 92.4% in the 2nd quarter. Main Street Financial Solutions LLC now owns 2,929 shares of the medical equipment provider's stock worth $1,592,000 after acquiring an additional 1,407 shares during the period. 83.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ISRG. Raymond James Financial lowered their target price on shares of Intuitive Surgical from $615.00 to $577.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Leerink Partners lowered their target price on shares of Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen raised shares of Intuitive Surgical from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Robert W. Baird lifted their target price on shares of Intuitive Surgical from $575.00 to $610.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Truist Financial lowered their target price on shares of Intuitive Surgical from $650.00 to $580.00 and set a "buy" rating for the company in a research note on Wednesday, April 15th. Nineteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Intuitive Surgical presently has an average rating of "Moderate Buy" and a consensus target price of $573.42.

Insider Buying and Selling at Intuitive Surgical

In other Intuitive Surgical news, SVP Iman Jeddi sold 5,625 shares of Intuitive Surgical stock in a transaction on Monday, June 1st. The shares were sold at an average price of $420.55, for a total value of $2,365,593.75. Following the transaction, the senior vice president owned 6,463 shares in the company, valued at $2,718,014.65. This trade represents a 46.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction 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 transaction, the executive vice president owned 5,720 shares in the company, valued at approximately $2,426,080.80. This trade represents a 6.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $3,059,135 in the last quarter. 0.60% of the stock is owned by insiders.

Intuitive Surgical Stock Down 3.6%

Shares of ISRG opened at $402.18 on Thursday. The firm has a market cap of $142.44 billion, a PE ratio of 48.75, a price-to-earnings-growth ratio of 3.39 and a beta of 1.46. The company's fifty day moving average is $440.46 and its two-hundred day moving average is $492.22. Intuitive Surgical, Inc. has a fifty-two week low of $396.68 and a fifty-two week high of $603.88.

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