CIBC Asset Management Inc Boosts Stake in Intuitive Surgical, Inc. $ISRG

CIBC Asset Management Inc raised its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG) by 25.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 199,386 shares of the medical equipment provider’s stock after purchasing an additional 39,820 shares during the quarter. CIBC Asset Management Inc owned 0.06% of Intuitive Surgical worth $112,924,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ISRG. Holos Integrated Wealth LLC purchased a new stake in shares of Intuitive Surgical in the 4th quarter valued at approximately $25,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Intuitive Surgical by 300.0% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 44 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 33 shares during the last quarter. Greykasell Wealth Strategies Inc. acquired a new position in shares of Intuitive Surgical in the 3rd quarter worth approximately $27,000. Olistico Wealth LLC acquired a new position in shares of Intuitive Surgical in the 4th quarter worth approximately $28,000. Finally, Caitlin John LLC acquired a new position in shares of Intuitive Surgical in the 3rd quarter worth approximately $30,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Trending Headlines about Intuitive Surgical

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

• Negative Sentiment: Deutsche Bank cut its price target on Intuitive Surgical (ISRG) to $366 from $440 and kept a sell rating, reinforcing concerns that the stock may have further downside from current levels. MarketScreener article
• Negative Sentiment: Company SVP Iman Jeddi sold 5,625 shares in a pre-arranged 10b5-1 plan, a transaction that can still weigh on sentiment because it reduces insider ownership and may signal caution to some investors.
• Neutral Sentiment: Several articles highlighted that ISRG is a highly watched and frequently traded name, but these pieces were mostly informational and did not present a new catalyst. Zacks article
• Neutral Sentiment: Analysts and commentary also pointed to Intuitive Surgical’s AI-driven digital roadmap and connected da Vinci ecosystem as a potential long-term growth driver, but that story appears to be offset today by valuation and rating concerns. Yahoo Finance article

Analyst Ratings Changes

ISRG has been the topic of several recent analyst reports. Truist Financial decreased their price objective on shares of Intuitive Surgical from $650.00 to $580.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Wall Street Zen lowered shares of Intuitive Surgical from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Evercore cut their price objective on Intuitive Surgical from $550.00 to $480.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. Citigroup upgraded Intuitive Surgical from a “neutral” rating to a “buy” rating and set a $590.00 price objective on the stock in a report on Wednesday, March 11th. Finally, BTIG Research reiterated a “buy” rating and issued a $574.00 price objective on shares of Intuitive Surgical in a report on Wednesday, April 22nd. Nineteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.63.

Intuitive Surgical Stock Down 2.4%

Shares of ISRG opened at $402.30 on Wednesday. Intuitive Surgical, Inc. has a fifty-two week low of $396.68 and a fifty-two week high of $603.88. The firm’s 50 day moving average price is $452.19 and its 200 day moving average price is $504.81. The company has a market cap of $142.48 billion, a P/E ratio of 48.76, a PEG ratio of 3.29 and a beta of 1.46.

Intuitive Surgical (NASDAQ:ISRG) last announced its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share for the quarter, topping 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 firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the prior year, the firm earned $1.81 EPS. The firm’s revenue for the quarter was up 23.0% on a year-over-year basis. Research analysts forecast that Intuitive Surgical, Inc. will post 8.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Myriam Curet sold 105 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $493.95, for a total value of $51,864.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction on 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 transaction, the senior vice president directly owned 6,463 shares in the company, valued at $2,718,014.65. This trade represents a 46.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 8,096 shares of company stock worth $3,545,294. 0.60% of the stock is currently owned by company insiders.

About Intuitive Surgical

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.