Meridian Wealth Management LLC Acquires 4,991 Shares of Intuitive Surgical, Inc. (NASDAQ:ISRG)

Key Points

• Meridian Wealth Management LLC increased its stake in Intuitive Surgical by 18.2%, owning 32,419 shares valued at approximately $16 million, making it the firm's 19th largest position.
• Institutional investors control 83.64% of Intuitive Surgical's stock, with significant increases in holdings reported by Vanguard, Invesco, and Capital Research Global Investors.
• Analysts have varied opinions on the stock, with the consensus rating being a "Moderate Buy" and a target price of around $595.95, according to recent reports.

Meridian Wealth Management LLC lifted its position in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 18.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,419 shares of the medical equipment provider's stock after buying an additional 4,991 shares during the quarter. Intuitive Surgical comprises 0.8% of Meridian Wealth Management LLC's holdings, making the stock its 19th biggest position. Meridian Wealth Management LLC's holdings in Intuitive Surgical were worth $16,056,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Intuitive Surgical by 24.9% in the fourth 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 during the period. Bank Pictet & Cie Europe AG increased its position in shares of Intuitive Surgical by 0.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 190,969 shares of the medical equipment provider's stock worth $99,678,000 after purchasing an additional 883 shares during the period. Scotia Capital Inc. increased its position in shares of Intuitive Surgical by 4.1% in the fourth quarter. Scotia Capital Inc. now owns 5,166 shares of the medical equipment provider's stock worth $2,697,000 after purchasing an additional 204 shares during the period. Townsquare Capital LLC increased its position in shares of Intuitive Surgical by 18.0% in the fourth quarter. Townsquare Capital LLC now owns 13,065 shares of the medical equipment provider's stock worth $6,820,000 after purchasing an additional 1,994 shares during the period. Finally, Optimize Financial Inc bought a new position in shares of Intuitive Surgical in the fourth quarter worth $241,000. Institutional investors and hedge funds own 83.64% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ISRG. Truist Financial raised their price objective on Intuitive Surgical from $590.00 to $600.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Wall Street Zen raised Intuitive Surgical from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company raised their price objective on Intuitive Surgical from $559.00 to $599.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Barclays reduced their price objective on Intuitive Surgical from $684.00 to $635.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Finally, Citigroup reaffirmed a "buy" rating and issued a $650.00 price objective (up from $590.00) on shares of Intuitive Surgical in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Intuitive Surgical currently has an average rating of "Moderate Buy" and a consensus price target of $595.95.

Insider Activity at Intuitive Surgical

In other Intuitive Surgical news, insider Gary S. Guthart sold 7,893 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $498.64, for a total value of $3,935,765.52. Following the completion of the transaction, the insider directly owned 13,187 shares of the company's stock, valued at $6,575,565.68. This trade represents a 37.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Myriam Curet sold 4,500 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $492.48, for a total transaction of $2,216,160.00. Following the sale, the executive vice president owned 353 shares in the company, valued at approximately $173,845.44. This trade represents a 92.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,881 shares of company stock worth $7,920,634. Corporate insiders own 0.70% of the company's stock.

Intuitive Surgical Trading Up 1.3%

ISRG stock traded up $6.34 during trading on Tuesday, reaching $478.19. 1,529,402 shares of the stock were exchanged, compared to its average volume of 2,211,435. The firm's 50 day moving average is $513.42 and its 200 day moving average is $527.10. Intuitive Surgical, Inc. has a twelve month low of $425.00 and a twelve month high of $616.00. The firm has a market cap of $171.42 billion, a P/E ratio of 66.69, a price-to-earnings-growth ratio of 4.95 and a beta of 1.59.

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

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.