Swiss National Bank Purchases 57,920 Shares of Intuitive Surgical, Inc. $ISRG

Key Points

• Swiss National Bank increased its Intuitive Surgical stake by 5.9% in the first quarter, buying 57,920 additional shares and bringing its total holding to 1,040,320 shares worth about $479.6 million.
• Intuitive Surgical reported better-than-expected quarterly results, with EPS of $2.50 and revenue of $2.77 billion, both ahead of estimates, while revenue rose 23% year over year.
• The stock has come under pressure, with shares down 14.1% and trading near its 52-week low, even as analysts still broadly maintain bullish ratings and a Moderate Buy consensus.

Swiss National Bank boosted its position in Intuitive Surgical, Inc. (NASDAQ:ISRG - Free Report) by 5.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,040,320 shares of the medical equipment provider's stock after buying an additional 57,920 shares during the quarter. Swiss National Bank owned approximately 0.29% of Intuitive Surgical worth $479,577,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of ISRG. Norges Bank bought a new position in shares of Intuitive Surgical during the 4th quarter worth approximately $2,856,987,000. J. Stern & Co. LLP lifted its position in shares of Intuitive Surgical by 18,504.6% in the fourth quarter. J. Stern & Co. LLP now owns 2,127,248 shares of the medical equipment provider's stock worth $1,204,788,000 after purchasing an additional 2,115,814 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Intuitive Surgical by 1,043.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,342,121 shares of the medical equipment provider's stock worth $760,124,000 after purchasing an additional 1,224,734 shares in the last quarter. Polen Capital Management LLC acquired a new position in Intuitive Surgical during the fourth quarter worth $477,225,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Intuitive Surgical by 106.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,533,771 shares of the medical equipment provider's stock worth $868,667,000 after purchasing an additional 791,516 shares during the last quarter. Institutional investors own 83.64% of the company's stock.

Intuitive Surgical Trading Down 14.1%

NASDAQ:ISRG opened at $345.42 on Friday. The stock has a market capitalization of $122.33 billion, a PE ratio of 39.57, a P/E/G ratio of 2.81 and a beta of 1.46. Intuitive Surgical, Inc. has a 1-year low of $344.55 and a 1-year high of $603.88. The firm has a fifty day simple moving average of $415.28 and a 200 day simple moving average of $467.88.

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 the consensus estimate of $2.08 by $0.42. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.62 billion. Intuitive Surgical had a net margin of 28.45% and a return on equity of 17.09%. The company's quarterly revenue was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 earnings per share. On average, equities analysts predict that Intuitive Surgical, Inc. will post 8.62 earnings per share for the current fiscal year.

Insider Transactions at Intuitive Surgical

In related news, SVP Iman Jeddi sold 5,625 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $420.55, for a total value of $2,365,593.75. Following the completion of the sale, the senior vice president directly owned 6,463 shares in the company, valued at approximately $2,718,014.65. This trade represents a 46.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $169,656.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,169 shares of company stock worth $3,059,135 in the last ninety days. Insiders own 0.60% of the company's stock.

Intuitive Surgical News Roundup

Here are the key news stories impacting Intuitive Surgical this week:

• Positive Sentiment: Intuitive Surgical reported stronger-than-expected Q2 revenue and earnings, helped by solid demand for its da Vinci robotic surgery systems and continued adoption of its products. Reuters article
• Positive Sentiment: The company still reported healthy procedure growth overall, with worldwide procedures rising and placements of robotic systems remaining strong, which supports the long-term investment case. Yahoo Finance article
• Neutral Sentiment: Several analysts lowered price targets after the report, but most kept bullish ratings such as overweight, buy, or outperform, suggesting Wall Street still sees meaningful upside despite the near-term pullback. Benzinga article
• Negative Sentiment: Management did not raise its forecast for procedure growth, and investors reacted badly to slower U.S. procedure growth and a cautious full-year outlook. Benzinga article
• Negative Sentiment: Reuters also noted concerns that changes to some insurance plans could reduce demand, adding to worries about slower U.S. growth and a softer near-term procedure trajectory. Reuters article

Analysts Set New Price Targets

Several brokerages have issued reports on ISRG. BTIG Research lowered their price target on shares of Intuitive Surgical from $512.00 to $469.00 and set a "buy" rating on the stock in a research note on Friday. Barclays set a $651.00 price objective on shares of Intuitive Surgical and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. decreased their price objective on Intuitive Surgical from $550.00 to $450.00 and set an "overweight" rating for the company in a report on Friday. Mizuho set a $500.00 target price on Intuitive Surgical and gave the company a "neutral" rating in a research report on Wednesday. Finally, Truist Financial lowered their target price on Intuitive Surgical from $580.00 to $510.00 and set a "buy" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $523.46.

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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