Janney Montgomery Scott LLC Reduces Position in Intuitive Surgical, Inc. $ISRG

Key Points

• Janney Montgomery Scott LLC cut its stake in Intuitive Surgical by 4.6% in the first quarter, leaving it with 54,527 shares worth about $25.1 million.
• Intuitive Surgical reported strong quarterly results, with EPS of $2.50 beating expectations and revenue of $2.77 billion, up 23% year over year.
• Despite some insider selling and mixed analyst views, Wall Street remains broadly positive on the stock with a “Moderate Buy” consensus and a target price around $573.42.

Janney Montgomery Scott LLC trimmed its stake in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 4.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,527 shares of the medical equipment provider's stock after selling 2,638 shares during the quarter. Janney Montgomery Scott LLC's holdings in Intuitive Surgical were worth $25,136,000 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. Draper Asset Management LLC increased its position in Intuitive Surgical by 41.9% during the 4th quarter. Draper Asset Management LLC now owns 5,029 shares of the medical equipment provider's stock worth $2,848,000 after purchasing an additional 1,485 shares in the last quarter. Deutsche Bank AG lifted its position in Intuitive Surgical by 9.6% during the fourth quarter. Deutsche Bank AG now owns 1,522,191 shares of the medical equipment provider's stock valued at $862,108,000 after buying an additional 132,966 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Intuitive Surgical by 29.3% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 71,077 shares of the medical equipment provider's stock valued at $40,255,000 after buying an additional 16,119 shares in the last quarter. Procyon Advisors LLC grew its stake in Intuitive Surgical by 787.8% during the fourth quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider's stock worth $2,715,000 after buying an additional 4,254 shares during the period. Finally, Robinhood Asset Management LLC purchased a new stake in Intuitive Surgical during the fourth quarter worth approximately $6,478,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Intuitive Surgical Price Performance

NASDAQ ISRG opened at $405.97 on Tuesday. The company has a market capitalization of $143.78 billion, a price-to-earnings ratio of 49.21, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Intuitive Surgical, Inc. has a 12 month low of $396.68 and a 12 month high of $603.88. The company's fifty day moving average price is $431.63 and its two-hundred day moving average price is $482.96.

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

Insider Activity at Intuitive Surgical

In other news, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $424.14, for a total value 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. The sale was disclosed in a legal filing 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, SVP Iman Jeddi sold 5,625 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 6,463 shares of the company's stock, valued at $2,718,014.65. This trade represents a 46.53% decrease in their ownership of the stock. 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 sold a total of 7,169 shares of company stock valued at $3,059,135 over the last three months. 0.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ISRG has been the topic of a number of research reports. Truist Financial cut their target price on shares of Intuitive Surgical from $650.00 to $580.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Leerink Partners decreased their price target on shares of Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating for the company in a research report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on Intuitive Surgical from $440.00 to $366.00 and set a "sell" rating for the company in a report on Tuesday, June 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Intuitive Surgical in a research report on Tuesday, May 19th. Finally, Citigroup raised Intuitive Surgical from a "neutral" rating to a "buy" rating and set a $590.00 target price for the company in a research report on Wednesday, March 11th. Nineteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Intuitive Surgical presently has a consensus rating of "Moderate Buy" and a consensus target price of $573.42.

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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