Royal Bank of Canada Decreases Position in Intuitive Surgical, Inc. $ISRG

Royal Bank of Canada lessened its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG) by 11.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,139,849 shares of the medical equipment provider’s stock after selling 263,550 shares during the quarter. Royal Bank of Canada owned 0.60% of Intuitive Surgical worth $1,211,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Draper Asset Management LLC increased its position in shares of Intuitive Surgical by 41.9% in the fourth quarter. Draper Asset Management LLC now owns 5,029 shares of the medical equipment provider’s stock valued at $2,848,000 after acquiring an additional 1,485 shares during the period. Deutsche Bank AG increased its position in shares of Intuitive Surgical by 9.6% in the fourth quarter. Deutsche Bank AG now owns 1,522,191 shares of the medical equipment provider’s stock valued at $862,108,000 after acquiring an additional 132,966 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of Intuitive Surgical by 29.3% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 71,077 shares of the medical equipment provider’s stock valued at $40,255,000 after acquiring an additional 16,119 shares during the period. Procyon Advisors LLC increased its position in shares of Intuitive Surgical by 787.8% in the fourth quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider’s stock valued at $2,715,000 after acquiring an additional 4,254 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Intuitive Surgical by 22.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,463 shares of the medical equipment provider’s stock valued at $5,127,000 after acquiring an additional 2,102 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Insider Buying and Selling

In related news, EVP Gary Loeb sold 400 shares of the business’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 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 legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Iman Jeddi sold 5,625 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the sale, the senior vice president directly owned 6,463 shares in the company, valued at $2,718,014.65. The trade was a 46.53% 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 quarter. Corporate insiders own 0.60% of the company’s stock.

Intuitive Surgical Price Performance

Shares of NASDAQ ISRG opened at $417.07 on Wednesday. Intuitive Surgical, Inc. has a 1 year low of $396.68 and a 1 year high of $603.88. The company’s 50-day moving average is $441.47 and its 200 day moving average is $493.43. The stock has a market capitalization of $147.71 billion, a P/E ratio of 50.55, a P/E/G ratio of 3.39 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 net margin of 28.15% and a return on equity of 15.98%. The company had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter in the previous year, the company earned $1.81 earnings per share. Intuitive Surgical’s quarterly revenue was up 23.0% on a year-over-year basis. Research analysts anticipate that Intuitive Surgical, Inc. will post 8.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ISRG. Weiss Ratings restated a “hold (c)” rating on shares of Intuitive Surgical in a research report on Tuesday, May 19th. BTIG Research reiterated a “buy” rating and set a $574.00 price target on shares of Intuitive Surgical in a research report on Wednesday, April 22nd. Bank of America reduced their price target on shares of Intuitive Surgical from $520.00 to $515.00 in a research report on Friday, June 12th. Evercore reduced their price target on shares of Intuitive Surgical from $550.00 to $480.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $580.00 price target on shares of Intuitive Surgical in a research report on Tuesday, June 2nd. Nineteen equities 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.42.

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.