Wedbush Securities Expands Stake in Intuitive Surgical by 1.1%

Institutional investor Wedbush Securities Inc. has increased its stake in Intuitive Surgical, Inc. (NASDAQ: ISRG) by 1.1% during the second quarter of 2023, according to data from Holdings Channel. The firm now holds a total of 13,647 shares, having acquired an additional 148 shares in the quarter. This investment was valued at approximately $7.4 million at the end of the reporting period.

Other institutional investors are also adjusting their positions in Intuitive Surgical. TD Capital Management LLC significantly expanded its holdings by 300% in the first quarter, acquiring 60 shares valued at $30,000. Similarly, 1248 Management LLC and Princeton Global Asset Management LLC each purchased new stakes in the company, also valued around $30,000.

In addition, Bank of Jackson Hole Trust increased its holdings by 70.5%, now owning 75 shares worth approximately $37,000. CBIZ Investment Advisory Services LLC raised its position by 49.1%, bringing its total to 82 shares worth about $41,000. Collectively, institutional investors hold 83.64% of Intuitive Surgical’s stock.

Recent Insider Transactions

In related news, executive vice president Myriam Curet sold 125 shares on October 29, 2023, at an average price of $543.00, totaling $67,875.00. CEO David J. Rosa also sold 24,500 shares on October 24, 2023, for an impressive $13.4 million. Following this sale, Rosa retains 234,256 shares, valued at approximately $128.3 million, indicating a 9.47% decrease in his holdings. Over the past 90 days, insiders have sold a total of 98,078 shares worth around $51.4 million, with insiders owning 0.70% of the stock.

Financial Performance and Analyst Ratings

Intuitive Surgical recently announced its quarterly earnings on October 21, 2023, reporting earnings of $2.40 per share, exceeding analyst expectations 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, surpassing estimates of $2.41 billion and reflecting a 22.9% increase from the previous year.

Analysts are optimistic about Intuitive Surgical’s future performance. The consensus forecast for the current fiscal year is an earnings per share projection of $6.43. Notable ratings from financial analysts indicate a strong interest in the stock. Weiss Ratings has maintained a “hold” rating, while Truist Financial set a target price of $620.00 with a “buy” recommendation. Evercore ISI has increased its target price from $450.00 to $540.00, and Argus raised their price target from $600.00 to $630.00.

A total of two analysts have rated Intuitive Surgical with a “Strong Buy,” while nineteen have given it a “Buy” rating, seven a “Hold,” and one a “Sell.” The overall consensus rating is classified as “Moderate Buy,” with a price target averaging $608.92.

As Intuitive Surgical continues to innovate in the medical equipment space, it remains a focal point for institutional investors and analysts alike. The company develops and markets products designed to enhance minimally invasive surgical procedures, including the widely recognized da Vinci Surgical System and the Ion endoluminal system, which allows for minimally invasive biopsies.