Intuitive Surgical, Inc. (ISRG) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) from a buy rating to a hold rating in a research note issued to investors on Monday morning.
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.”
ISRG has been the topic of a number of other reports. Stifel Nicolaus reaffirmed a buy rating and set a $122.22 price target (up from $94.44) on shares of Intuitive Surgical in a report on Saturday, July 22nd. Wedbush reaffirmed an outperform rating and set a $353.33 price target on shares of Intuitive Surgical in a report on Monday, September 25th. Barclays PLC reaffirmed an overweight rating on shares of Intuitive Surgical in a report on Friday, October 20th. Morgan Stanley reaffirmed an overweight rating on shares of Intuitive Surgical in a report on Tuesday, September 5th. Finally, Royal Bank Of Canada increased their target price on Intuitive Surgical from $88.89 to $105.56 and gave the company a sector perform rating in a report on Tuesday, July 18th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $155.78.
Intuitive Surgical (NASDAQ:ISRG) traded down $1.28 during midday trading on Monday, hitting $389.69. The stock had a trading volume of 579,200 shares, compared to its average volume of 970,296. Intuitive Surgical has a 52-week low of $203.57 and a 52-week high of $393.51. The stock has a market capitalization of $43,970.00, a PE ratio of 51.74, a P/E/G ratio of 5.43 and a beta of 0.46.
Intuitive Surgical (NASDAQ:ISRG) last released its earnings results on Thursday, October 19th. The medical equipment provider reported $2.77 EPS for the quarter, topping 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 firm had revenue of $806.10 million for the quarter, compared to analysts’ expectations of $753.25 million. During the same period in the prior year, the firm posted $2.06 earnings per share. The company’s quarterly revenue was up 18.0% on a year-over-year basis. equities analysts expect that Intuitive Surgical will post 7.85 earnings per share for the current year.
In related news, SVP Mark J. Meltzer sold 500 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $982.90, for a total transaction of $491,450.00. Following the transaction, the senior vice president now directly owns 2,796 shares in the company, valued at approximately $2,748,188.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Salvatore Brogna sold 899 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $1,001.90, for a total value of $900,708.10. Following the transaction, the executive vice president now owns 570 shares in the company, valued at $571,083. The disclosure for this sale can be found here. Insiders sold a total of 36,656 shares of company stock worth $15,432,702 over the last quarter. Company insiders own 2.20% of the company’s stock.
Several hedge funds have recently modified their holdings of ISRG. Stifel Financial Corp raised its holdings in Intuitive Surgical by 11.2% in the 2nd quarter. Stifel Financial Corp now owns 8,356 shares of the medical equipment provider’s stock worth $7,837,000 after purchasing an additional 841 shares during the period. Keybank National Association OH increased its stake in Intuitive Surgical by 26.7% during the 2nd quarter. Keybank National Association OH now owns 1,322 shares of the medical equipment provider’s stock worth $1,237,000 after buying an additional 279 shares in the last quarter. First Trust Advisors LP increased its stake in Intuitive Surgical by 61.4% during the 3rd quarter. First Trust Advisors LP now owns 51,130 shares of the medical equipment provider’s stock worth $53,476,000 after buying an additional 19,458 shares in the last quarter. Davis R M Inc. purchased a new stake in Intuitive Surgical during the 3rd quarter worth approximately $219,000. Finally, TIAA CREF Investment Management LLC grew its position in shares of Intuitive Surgical by 9.8% in the second quarter. TIAA CREF Investment Management LLC now owns 449,917 shares of the medical equipment provider’s stock valued at $420,839,000 after purchasing an additional 40,115 shares in the last quarter. 31.30% of the stock is owned by institutional investors and hedge funds.
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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