California Public Employees Retirement System Cuts Stock Holdings in Intuitive Surgical, Inc. $ISRG

California Public Employees Retirement System lessened its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG) by 30.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 620,792 shares of the medical equipment provider’s stock after selling 268,935 shares during the quarter. California Public Employees Retirement System’s holdings in Intuitive Surgical were worth $286,179,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Holos Integrated Wealth LLC purchased a new position in Intuitive Surgical during the fourth quarter valued at approximately $25,000. Newbridge Financial Services Group Inc. lifted its holdings in Intuitive Surgical by 300.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 44 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 33 shares during the period. Olistico Wealth LLC purchased a new stake in Intuitive Surgical during the fourth quarter worth $28,000. Main Street Group LTD bought a new stake in Intuitive Surgical during the 1st quarter valued at $30,000. Finally, Laurel Wealth Advisors LLC bought a new stake in Intuitive Surgical during the 4th quarter valued at $31,000. 83.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. The Goldman Sachs Group set a $558.00 price target on Intuitive Surgical in a research report on Wednesday, May 27th. BMO Capital Markets started coverage on Intuitive Surgical in a research report on Wednesday, July 8th. They set an “outperform” rating and a $518.00 price objective on the stock. HSBC cut their target price on Intuitive Surgical from $653.00 to $604.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Evercore set a $430.00 target price on shares of Intuitive Surgical in a report on Monday, July 6th. Finally, Zacks Research lowered shares of Intuitive Surgical from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $523.46.

Intuitive Surgical Price Performance

Shares of NASDAQ:ISRG opened at $345.42 on Friday. The business’s 50-day moving average is $415.28 and its 200 day moving average is $467.88. Intuitive Surgical, Inc. has a 1 year low of $344.55 and a 1 year high of $603.88. The firm has a market capitalization of $122.33 billion, a P/E ratio of 39.57, a P/E/G ratio of 3.27 and a beta of 1.46.

Intuitive Surgical (NASDAQ:ISRG) last released its quarterly 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 17.09% and a net margin of 28.45%.The firm’s revenue was up 23.0% compared to the same quarter last year. During the same period last year, the business posted $1.81 earnings per share. On average, analysts expect that Intuitive Surgical, Inc. will post 8.57 EPS for the current year.

Insider Activity

In related news, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction that occurred on 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 transaction, 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. The sale 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, Director Amy L. Ladd sold 500 shares of Intuitive Surgical stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $473.46, for a total transaction of $236,730.00. Following the completion of the sale, the director owned 239 shares of the company’s stock, valued at $113,156.94. This trade represents a 67.66% decrease in their ownership of the stock. 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 a total of 7,169 shares of company stock worth $3,059,135 over the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

Key Intuitive Surgical News

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 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.