Intuitive Surgical, Inc. (NASDAQ:ISRG) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Intuitive Surgical, Inc. by over 1,151% to 6,795 shares worth approximately $3.37 million.
• Several institutional investors significantly boosted their holdings in Intuitive Surgical, with GAMMA Investing LLC raising their stake by over 54,000% to around $15 billion in value.
• Intuitive Surgical reported $2.19 EPS for its last quarter, surpassing analyst expectations and demonstrating a 21.4% increase in revenue year-over-year.

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 1,151.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,795 shares of the medical equipment provider's stock after purchasing an additional 6,252 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Intuitive Surgical were worth $3,365,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ISRG. Chilton Capital Management LLC boosted its position in Intuitive Surgical by 614.3% during the first quarter. Chilton Capital Management LLC now owns 50 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Parvin Asset Management LLC acquired a new position in shares of Intuitive Surgical during the 4th quarter worth approximately $26,000. Global Financial Private Client LLC lifted its position in shares of Intuitive Surgical by 253.3% during the 1st quarter. Global Financial Private Client LLC now owns 53 shares of the medical equipment provider's stock valued at $26,000 after buying an additional 38 shares in the last quarter. Elite Financial Inc. acquired a new stake in Intuitive Surgical in the 1st quarter valued at $26,000. Finally, Hurley Capital LLC purchased a new stake in Intuitive Surgical in the 4th quarter worth $28,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ISRG has been the topic of several research analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $595.00 target price (up previously from $575.00) on shares of Intuitive Surgical in a research report on Wednesday, July 23rd. Wells Fargo & Company lifted their price objective on Intuitive Surgical from $559.00 to $599.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft cut Intuitive Surgical from a "hold" rating to a "sell" rating and reduced their target price for the company from $515.00 to $440.00 in a report on Monday, June 9th. UBS Group lifted their price target on Intuitive Surgical from $547.00 to $585.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Finally, Truist Financial boosted their price target on Intuitive Surgical from $590.00 to $600.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $595.95.

Insider Activity

In other news, SVP Mark Brosius sold 216 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $563.11, for a total transaction of $121,631.76. Following the completion of the transaction, the senior vice president directly owned 907 shares of the company's stock, valued at approximately $510,740.77. This represents a 19.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gary S. Guthart sold 2,800 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $495.24, for a total value of $1,386,672.00. Following the completion of the transaction, the insider owned 18,520 shares in the company, valued at approximately $9,171,844.80. The trade was a 13.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,903 shares of company stock worth $7,932,778. 0.70% of the stock is currently owned by corporate insiders.

Intuitive Surgical Stock Performance

ISRG stock traded down $4.08 during mid-day trading on Thursday, reaching $469.98. The company had a trading volume of 234,615 shares, compared to its average volume of 2,001,788. The firm has a fifty day simple moving average of $519.86 and a 200 day simple moving average of $531.12. The company has a market capitalization of $168.48 billion, a price-to-earnings ratio of 65.55, a price-to-earnings-growth ratio of 5.00 and a beta of 1.59. Intuitive Surgical, Inc. has a fifty-two week low of $425.00 and a fifty-two week high of $616.00.

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

About Intuitive Surgical

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.