Saranac Partners Ltd Grows Position in Intuitive Surgical, Inc. $ISRG

Key Points

• Saranac Partners Ltd increased its stake in Intuitive Surgical by 24.4% in the fourth quarter, buying 2,363 more shares and bringing its total to 12,065 shares worth about $6.85 million.
• Intuitive Surgical reported strong quarterly results, with EPS of $2.50 and revenue of $2.77 billion, both ahead of analyst expectations; revenue also rose 23% year over year.
• Analysts remain constructive despite recent target cuts, with the stock carrying an overall “Moderate Buy” rating and an average price target of $579.33, while shares recently traded at $441.58.

Saranac Partners Ltd lifted its position in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 24.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 12,065 shares of the medical equipment provider's stock after purchasing an additional 2,363 shares during the period. Intuitive Surgical comprises approximately 2.7% of Saranac Partners Ltd's portfolio, making the stock its 16th biggest holding. Saranac Partners Ltd's holdings in Intuitive Surgical were worth $6,850,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. boosted its position in Intuitive Surgical by 300.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 44 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 33 shares during the period. Holos Integrated Wealth LLC purchased a new position in shares of Intuitive Surgical in the fourth quarter valued at about $25,000. Olistico Wealth LLC bought a new position in shares of Intuitive Surgical during the fourth quarter valued at about $28,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Intuitive Surgical during the fourth quarter worth about $31,000. Finally, Turning Point Benefit Group Inc. boosted its holdings in shares of Intuitive Surgical by 833.3% during the fourth quarter. Turning Point Benefit Group Inc. now owns 56 shares of the medical equipment provider's stock worth $32,000 after purchasing an additional 50 shares during the period. 83.64% of the stock is owned by hedge funds and other institutional investors.

Intuitive Surgical Stock Performance

ISRG stock opened at $441.58 on Wednesday. Intuitive Surgical, Inc. has a fifty-two week low of $417.74 and a fifty-two week high of $603.88. The company has a market capitalization of $156.39 billion, a price-to-earnings ratio of 53.52, a price-to-earnings-growth ratio of 3.51 and a beta of 1.51. The business's 50 day moving average price is $461.52 and its two-hundred day moving average price is $512.36.

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

Insider Buying and Selling at Intuitive Surgical

In related news, Director Amy L. Ladd sold 500 shares of Intuitive Surgical stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $473.46, for a total transaction of $236,730.00. Following the completion of the transaction, the director directly owned 239 shares of the company's stock, valued at $113,156.94. This trade represents a 67.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Myriam Curet sold 105 shares of the business's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $493.95, for a total transaction of $51,864.75. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 5,647 shares of company stock valued at $2,760,359. Company insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ISRG shares. Leerink Partners reduced their price target on Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating on the stock in a report on Wednesday, April 22nd. Piper Sandler cut their price objective on Intuitive Surgical from $620.00 to $580.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 22nd. Mizuho set a $525.00 target price on Intuitive Surgical and gave the company a "neutral" rating in a research note on Monday, April 13th. Zacks Research downgraded Intuitive Surgical from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Finally, UBS Group dropped their price target on Intuitive Surgical from $570.00 to $550.00 and set a "neutral" rating for the company in a research note on Tuesday, March 17th. Nineteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Intuitive Surgical currently has an average rating of "Moderate Buy" and an average price target of $579.33.

About Intuitive Surgical

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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