Resona Asset Management Co. Ltd. Reduces Stock Holdings in Intuitive Surgical, Inc. $ISRG

Key Points

• Resona Asset Management cut its Intuitive Surgical stake by 13.1% in the fourth quarter, selling 31,867 shares and leaving it with 212,119 shares worth about $120.6 million.
• Insider selling continued at Intuitive Surgical, with EVP Gary Loeb and SVP Mark Brosius both selling shares; insiders sold 5,647 shares total last quarter.
• The company beat earnings expectations for its latest quarter, reporting $2.50 EPS versus $2.08 expected and revenue of $2.77 billion, while shares were trading near $439.92 and analysts maintained a generally Moderate Buy view.

Resona Asset Management Co. Ltd. reduced its stake in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 13.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 212,119 shares of the medical equipment provider's stock after selling 31,867 shares during the period. Intuitive Surgical accounts for about 0.6% of Resona Asset Management Co. Ltd.'s holdings, making the stock its 24th biggest position. Resona Asset Management Co. Ltd. owned 0.06% of Intuitive Surgical worth $120,612,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in ISRG. Brighton Jones LLC increased its stake in Intuitive Surgical by 24.9% in the fourth quarter. Brighton Jones LLC now owns 3,672 shares of the medical equipment provider's stock valued at $1,916,000 after purchasing an additional 731 shares during the last quarter. Sivia Capital Partners LLC increased its stake in Intuitive Surgical by 3.8% in the second quarter. Sivia Capital Partners LLC now owns 928 shares of the medical equipment provider's stock valued at $504,000 after purchasing an additional 34 shares during the last quarter. Schnieders Capital Management LLC. increased its stake in Intuitive Surgical by 38.0% in the second quarter. Schnieders Capital Management LLC. now owns 973 shares of the medical equipment provider's stock valued at $529,000 after purchasing an additional 268 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in Intuitive Surgical in the second quarter valued at approximately $200,000. Finally, Main Street Financial Solutions LLC increased its stake in Intuitive Surgical by 92.4% in the second quarter. Main Street Financial Solutions LLC now owns 2,929 shares of the medical equipment provider's stock valued at $1,592,000 after purchasing an additional 1,407 shares during the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intuitive Surgical

In related news, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction on Monday, May 11th. The shares were sold at an average price of $446.95, for a total value of $178,780.00. Following the transaction, the executive vice president directly owned 6,120 shares in the company, valued at $2,735,334. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Brosius sold 2,362 shares of Intuitive Surgical stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $498.68, for a total transaction of $1,177,882.16. Following the completion of the transaction, the senior vice president owned 3,554 shares in the company, valued at approximately $1,772,308.72. This trade represents a 39.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,647 shares of company stock worth $2,760,359 over the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Intuitive Surgical Trading Up 4.5%

Shares of ISRG opened at $439.92 on Tuesday. The firm has a market cap of $155.80 billion, a PE ratio of 53.32, a price-to-earnings-growth ratio of 3.36 and a beta of 1.51. The company's 50 day simple moving average is $462.50 and its 200-day simple moving average is $513.03. Intuitive Surgical, Inc. has a 12-month low of $417.74 and a 12-month high of $603.88.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last posted its quarterly earnings data 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. Intuitive Surgical had a net margin of 28.15% and a return on equity of 15.98%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period last year, the firm posted $1.81 EPS. Intuitive Surgical's quarterly revenue was up 23.0% on a year-over-year basis. As a group, equities research analysts forecast that Intuitive Surgical, Inc. will post 8.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ISRG has been the topic of a number of research reports. Truist Financial lowered 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 report on Wednesday, April 15th. Bank of America lowered their target price on shares of Intuitive Surgical from $650.00 to $520.00 and set a "buy" rating on the stock in a research report on Monday. Leerink Partners lowered their target price on shares of Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 22nd. UBS Group lowered their target price on shares of Intuitive Surgical from $570.00 to $550.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 17th. Finally, Mizuho set a $525.00 target price on shares of Intuitive Surgical and gave the stock a "neutral" rating in a research report on Monday, April 13th. Nineteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $579.33.

Intuitive Surgical 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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