SEB Asset Management AB Invests $68.33 Million in Intuitive Surgical, Inc. $ISRG

SEB Asset Management AB bought a new position in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 148,216 shares of the medical equipment provider’s stock, valued at approximately $68,326,000.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Intuitive Surgical in the 4th quarter valued at $2,856,987,000. J. Stern & Co. LLP boosted its stake in shares of Intuitive Surgical by 18,504.6% during the 4th quarter. J. Stern & Co. LLP now owns 2,127,248 shares of the medical equipment provider’s stock worth $1,204,788,000 after buying an additional 2,115,814 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Intuitive Surgical by 1,043.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,342,121 shares of the medical equipment provider’s stock valued at $760,124,000 after acquiring an additional 1,224,734 shares in the last quarter. Polen Capital Management LLC bought a new position in shares of Intuitive Surgical in the 4th quarter valued at about $477,225,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Intuitive Surgical by 106.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,533,771 shares of the medical equipment provider’s stock valued at $868,667,000 after acquiring an additional 791,516 shares in the last quarter. Institutional investors own 83.64% of the company’s stock.

Insider Activity

In related news, SVP Iman Jeddi sold 5,625 shares of Intuitive Surgical stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the completion of the sale, the senior vice president owned 6,463 shares of the company’s stock, valued at approximately $2,718,014.65. The trade was a 46.53% decrease in their position. The sale was disclosed in a filing 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 the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $424.14, for a total transaction of $169,656.00. Following the completion of the transaction, the executive vice president owned 5,720 shares in the company, valued at approximately $2,426,080.80. This trade represents 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 valued at $3,059,135 over the last ninety days. 0.60% of the stock is currently owned by company insiders.

Key Stories Impacting Intuitive Surgical

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

Intuitive Surgical Trading Down 14.1%

ISRG stock opened at $345.42 on Friday. Intuitive Surgical, Inc. has a 1-year low of $344.55 and a 1-year high of $603.88. The business’s 50 day simple moving average is $415.28 and its 200 day simple moving average is $467.88. The firm has a market capitalization of $122.33 billion, a PE ratio of 39.57, a PEG ratio of 2.81 and a beta of 1.46.

Intuitive Surgical (NASDAQ:ISRG) last announced its quarterly earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.42. Intuitive Surgical had a return on equity of 17.09% and a net margin of 28.45%.The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the firm posted $1.81 EPS. The company’s quarterly revenue was up 23.0% on a year-over-year basis. As a group, sell-side analysts predict that Intuitive Surgical, Inc. will post 8.62 EPS for the current fiscal year.

Analyst Ratings Changes

ISRG has been the topic of several analyst reports. Stifel Nicolaus dropped their target price on Intuitive Surgical from $670.00 to $550.00 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company restated an “overweight” rating and issued a $487.00 price target (down from $654.00) on shares of Intuitive Surgical in a research note on Friday. TD Cowen lowered their price target on Intuitive Surgical from $585.00 to $520.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft lowered their price target 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. Finally, Mizuho set a $500.00 price objective on Intuitive Surgical and gave the company a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $523.46.

Intuitive Surgical Company 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.