Zacks Investment Research downgraded shares of Intuitive Surgical (NASDAQ:ISRG) from a buy rating to a hold rating in a research report sent to investors on Monday, November 13th.
According to Zacks, “Over the last three months, Intuitive Surgical has been consistently trading above the broader industry. The company’s procedure performance in Asia showed continued strength with solid growth in China, Japan and Korea. Intuitive Surgical gained significantly on the CE Mark approval for da Vinci X in Europe. The stock received further boost on the recent FDA approval of the same. A solid outlook for the coming quarters also raises our confidence in the stock. However, the da Vinci Surgical System has a long sale and purchase order cycle which might act against the company. Furthermore, Intuitive Surgical expects sales to decline outside the United States in the coming quarters.Intuitive Surgical looks a little overvalued at the moment. Furthermore, the ongoing political conundrum in the U.S. MedTech space is likely to dampen the company’s top line in the coming quarters.”
Several other research firms have also issued reports on ISRG. Stifel Nicolaus reiterated a buy rating and set a $122.22 target price (up previously from $94.44) on shares of Intuitive Surgical in a report on Saturday, July 22nd. Wedbush restated an outperform rating and issued a $353.33 price objective on shares of Intuitive Surgical in a research note on Monday, September 25th. Barclays restated an overweight rating on shares of Intuitive Surgical in a research note on Friday, October 20th. Morgan Stanley restated an overweight rating on shares of Intuitive Surgical in a research note on Tuesday, September 5th. Finally, Royal Bank Of Canada upped their target price on Intuitive Surgical from $88.89 to $105.56 and gave the company a sector perform rating in a research report on Tuesday, July 18th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Intuitive Surgical currently has an average rating of Buy and a consensus target price of $155.78.
Intuitive Surgical (NASDAQ:ISRG) last issued its quarterly earnings results on Thursday, October 19th. The medical equipment provider reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.78. Intuitive Surgical had a return on equity of 18.20% and a net margin of 30.16%. The company had revenue of $806.10 million for the quarter, compared to analyst estimates of $753.25 million. During the same period in the previous year, the company posted $2.06 earnings per share. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. equities analysts forecast that Intuitive Surgical will post 7.85 EPS for the current fiscal year.
In related news, insider Craig H. Barratt sold 15,000 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $371.18, for a total transaction of $5,567,700.00. Following the completion of the transaction, the insider now directly owns 7,500 shares of the company’s stock, valued at approximately $2,783,850. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Mark J. Meltzer sold 500 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $1,025.00, for a total value of $512,500.00. Following the transaction, the senior vice president now directly owns 2,796 shares of the company’s stock, valued at $2,865,900. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,403 shares of company stock valued at $16,769,384. 2.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of ISRG. Dimensional Fund Advisors LP grew its stake in shares of Intuitive Surgical by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 64,691 shares of the medical equipment provider’s stock valued at $49,583,000 after buying an additional 735 shares during the period. Eqis Capital Management Inc. acquired a new stake in shares of Intuitive Surgical in the 2nd quarter valued at about $326,000. Main Street Research LLC acquired a new stake in shares of Intuitive Surgical in the 2nd quarter valued at about $218,000. Aperio Group LLC grew its stake in shares of Intuitive Surgical by 12.1% in the 2nd quarter. Aperio Group LLC now owns 20,962 shares of the medical equipment provider’s stock valued at $19,607,000 after buying an additional 2,266 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Intuitive Surgical by 196.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,938 shares of the medical equipment provider’s stock valued at $4,619,000 after buying an additional 3,273 shares during the period. Hedge funds and other institutional investors own 32.79% of the company’s stock.
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About Intuitive Surgical
Intuitive Surgical, Inc (Intuitive) designs, manufactures and markets da Vinci Surgical Systems, and related instruments and accessories. The Company’s da Vinci Surgical System consists of a surgeon’s console, a patient-side cart and a vision system. The da Vinci Surgical System translates a surgeon’s hand movements, which are performed on instrument controls at a console, into corresponding micro-movements of instruments positioned inside the patient through small incisions or ports.
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