SurgoCap Partners LP Invests $148.87 Million in Intuitive Surgical, Inc. $ISRG

Key Points

• SurgoCap Partners LP opened a new position in Intuitive Surgical during the fourth quarter, buying 262,851 shares worth about $148.9 million. The stake represented about 4.1% of SurgoCap’s holdings and roughly 0.07% of Intuitive Surgical.
• Intuitive Surgical recently posted better-than-expected quarterly results, with EPS of $2.50 versus estimates of $2.08 and revenue of $2.77 billion versus expectations of $2.62 billion. Revenue rose 23% year over year, and analysts now expect full-year EPS of 8.57.
• Despite solid fundamentals, the stock has seen mixed signals: shares were trading around $416.55, below both the 50-day and 200-day moving averages, while analysts still view it as a Moderate Buy with a consensus target price of $571.28. Insiders also sold shares in recent transactions, though institutional ownership remains high at 83.64%.

SurgoCap Partners LP purchased a new position in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 262,851 shares of the medical equipment provider's stock, valued at approximately $148,868,000. Intuitive Surgical makes up approximately 4.1% of SurgoCap Partners LP's holdings, making the stock its 10th biggest holding. SurgoCap Partners LP owned approximately 0.07% of Intuitive Surgical at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ISRG. Brighton Jones LLC grew its position in shares of Intuitive Surgical by 24.9% during the 4th quarter. Brighton Jones LLC now owns 3,672 shares of the medical equipment provider's stock worth $1,916,000 after buying an additional 731 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Intuitive Surgical by 3.8% during the 2nd quarter. Sivia Capital Partners LLC now owns 928 shares of the medical equipment provider's stock worth $504,000 after buying an additional 34 shares in the last quarter. Schnieders Capital Management LLC. grew its position in shares of Intuitive Surgical by 38.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 973 shares of the medical equipment provider's stock worth $529,000 after buying an additional 268 shares in the last quarter. Osterweis Capital Management Inc. bought a new position in shares of Intuitive Surgical during the 2nd quarter worth $200,000. Finally, Main Street Financial Solutions LLC boosted its position in Intuitive Surgical by 92.4% during 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 in the last quarter. Institutional investors own 83.64% of the company's stock.

Intuitive Surgical Trading Up 1.3%

NASDAQ ISRG opened at $416.55 on Tuesday. The company has a fifty day simple moving average of $442.17 and a two-hundred day simple moving average of $494.54. The stock has a market cap of $147.53 billion, a P/E ratio of 50.49, a P/E/G ratio of 3.28 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.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $2.62 billion. During the same quarter last year, the company posted $1.81 earnings per share. The business's quarterly revenue was up 23.0% on a year-over-year basis. As a group, sell-side analysts forecast that Intuitive Surgical, Inc. will post 8.57 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $424.14, for a total transaction of $169,656.00. Following the completion of the sale, the executive vice president owned 5,720 shares of the company's stock, valued at $2,426,080.80. The trade was a 6.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Iman Jeddi sold 5,625 shares of Intuitive Surgical stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $420.55, for a total value of $2,365,593.75. Following the sale, the senior vice president directly owned 6,463 shares of the company's stock, valued at $2,718,014.65. This trade represents a 46.53% decrease in their position. 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 7,169 shares of company stock valued at $3,059,135 over the last quarter. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ISRG shares. Barclays set a $651.00 price objective on Intuitive Surgical and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Deutsche Bank Aktiengesellschaft dropped their price objective on Intuitive Surgical from $440.00 to $366.00 and set a "sell" rating on the stock in a research report on Tuesday, June 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $580.00 price objective on shares of Intuitive Surgical in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. dropped their price objective on Intuitive Surgical from $625.00 to $550.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 22nd. Finally, Leerink Partners dropped their price objective on Intuitive Surgical from $622.00 to $573.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 22nd. Nineteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $571.28.

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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