Wedbush Securities Boosts Stake in Intuitive Surgical by 1.1%

Wedbush Securities Inc. has increased its holdings in Intuitive Surgical, Inc. (NASDAQ: ISRG) by 1.1% during the second quarter of 2023, according to Holdings Channel. This institutional investor now owns 13,647 shares of the medical equipment manufacturer after acquiring an additional 148 shares during this period. As of the latest reporting, Wedbush Securities’ stake in Intuitive Surgical is valued at approximately $7.4 million.

Other institutional investors have also adjusted their positions in Intuitive Surgical. For example, TD Capital Management LLC grew its holdings by an impressive 300% in the first quarter, now owning 60 shares worth about $30,000 after purchasing an additional 45 shares. Additionally, 1248 Management LLC and Princeton Global Asset Management LLC both entered new positions in the first quarter, each valued at around $30,000. Bank of Jackson Hole Trust increased its stake by 70.5%, bringing its total to 75 shares valued at $37,000 after acquiring 31 more shares. Meanwhile, CBIZ Investment Advisory Services LLC raised its position by 49.1%, now holding 82 shares worth about $41,000. Collectively, hedge funds and institutional investors own 83.64% of Intuitive Surgical’s stock.

In insider trading news, Executive Vice President Myriam Curet sold 125 shares on October 29 at an average price of $543.00, totaling $67,875.00. Chief Executive Officer David J. Rosa sold 24,500 shares on October 24 at an average price of $547.55, amounting to approximately $13.4 million. Following this transaction, Rosa retained 234,256 shares valued at about $128.3 million, marking a 9.47% decrease in his holdings. Over the past 90 days, insiders have sold 98,078 shares of company stock, totaling nearly $51.4 million, with insiders now owning 0.70% of the stock.

Quarterly Performance and Analyst Ratings

Intuitive Surgical reported its quarterly earnings on October 21, 2023, revealing earnings per share (EPS) of $2.40, surpassing the consensus estimate of $1.99 by $0.41. The company achieved a return on equity of 15.08% and a net margin of 28.58%. Revenue for the quarter reached $2.51 billion, exceeding analyst projections of $2.41 billion and reflecting a substantial 22.9% increase compared to the same quarter in the previous year. Analysts forecast that Intuitive Surgical will post an EPS of $6.43 for the current fiscal year.

Wall Street analysts have shared varying perspectives on Intuitive Surgical’s stock. Weiss Ratings reaffirmed a “hold (c)” rating on October 31, while Truist Financial set a price target of $620.00 and assigned a “buy” rating on October 22. Evercore ISI raised its target from $450.00 to $540.00 on the same day. Argus increased its price target from $600.00 to $630.00 on October 27, and Daiwa Capital Markets boosted its target from $510.00 to $550.00, giving the stock an “outperform” rating. Currently, two analysts have rated Intuitive Surgical as a Strong Buy, nineteen have given a Buy rating, seven have rated it as Hold, and one has issued a Sell rating. According to data from MarketBeat.com, the consensus rating stands at “Moderate Buy” with an average price target of $608.92.

Intuitive Surgical, Inc. specializes in developing, manufacturing, and marketing products that enhance the quality of minimally invasive care for healthcare providers globally. The company is well-known for its da Vinci Surgical System, which facilitates complex surgeries through a minimally invasive approach, and the Ion endoluminal system, designed for diagnostic procedures, allowing for minimally invasive lung biopsies.

For those interested in further insights into Intuitive Surgical’s performance and investment opportunities, detailed information on hedge fund activities and insider trades can be found through HoldingsChannel.com.