Stevens Capital Management LP has significantly reduced its position in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG), selling 1,121 shares and decreasing its stake by 40.0% in the second quarter of 2023. According to the firm’s recent disclosure to the Securities and Exchange Commission (SEC), Stevens Capital now holds 1,679 shares valued at approximately $912,000.
This decision follows a trend among large investors regarding Intuitive Surgical. Aaron Wealth Advisors LLC increased its stake by 0.8%, now owning 2,528 shares valued at $1.37 million after acquiring an additional 19 shares. Exencial Wealth Advisors LLC raised its holdings by 3.1%, with a total of 661 shares worth $327,000. Other firms, including Evergreen Capital Management LLC and Texas Yale Capital Corp., also adjusted their positions, indicating the active management of portfolios in relation to Intuitive Surgical. Notably, institutional investors currently own 83.64% of the company’s stock.
Market Analyst Perspectives
Recent analyses from equities research firms have provided varied insights into Intuitive Surgical’s stock. On October 22, 2023, Piper Sandler raised its price target from $595.00 to $610.00, assigning an “overweight” rating. Meanwhile, UBS Group set a price target of $600.00 with a “neutral” rating. Similarly, Jefferies Financial Group increased its target from $550.00 to $560.00, maintaining a “hold” rating.
Overall, analysts have provided a consensus rating of “Moderate Buy” for Intuitive Surgical, with an average price target of $608.92. Of the analysts covering the stock, two have issued a Strong Buy rating, while nineteen recommend a Buy, seven suggest holding, and one recommends selling.
Intuitive Surgical’s Financial Performance
On October 21, 2023, Intuitive Surgical announced its quarterly earnings, reporting an earnings per share (EPS) of $2.40, surpassing analysts’ expectations of $1.99 by $0.41. The company achieved a net margin of 28.58% with revenue of $2.51 billion, exceeding forecasts of $2.41 billion. This represents a significant year-over-year growth of 22.9% compared to the previous year’s revenue figures.
The stock opened at $561.61 on the following trading day, marking a 1.7% increase. Intuitive Surgical’s shares have fluctuated between a twelve-month low of $425.00 and a high of $616.00. The company, with a market capitalization of $201.32 billion, has a price-to-earnings ratio of 74.29, reflecting strong investor interest.
Insider Transactions
In related news, CEO David J. Rosa sold 24,500 shares on October 24, 2023, for an average price of $547.55, totaling approximately $13.41 million. Following this transaction, he retains 234,256 shares valued around $128.27 million, indicating a 9.47% reduction in his ownership stake.
Additionally, EVP Brian Edward Miller sold 3,500 shares on November 10, 2023, at an average price of $575.00, amounting to about $2.01 million. This sale reduced his holdings to 5,758 shares, valued at approximately $3.31 million.
Over the last three months, insiders have sold 116,164 shares worth $61.92 million, while insiders now own 0.70% of the company’s stock.
Intuitive Surgical, Inc. continues to play a crucial role in the medical equipment industry, focusing on enhancing minimally invasive surgical procedures. Its flagship da Vinci Surgical System and Ion endoluminal system are pivotal in advancing healthcare technology both in the United States and internationally.
