In a significant move, Longbow Finance SA has increased its stake in Intuitive Surgical, Inc. (NASDAQ: ISRG) by 132.0% during the first quarter of 2024. The institutional investor’s most recent filing with the Securities and Exchange Commission revealed the acquisition of an additional 11,209 shares, bringing its total holdings to 19,699 shares. This investment now represents approximately 1.2% of Longbow Finance’s overall portfolio, ranking Intuitive Surgical as its 23rd largest position with a total value of $9,756,000.
Several other institutional investors have also adjusted their positions in Intuitive Surgical, reflecting growing confidence in the medical equipment provider. Notably, Norges Bank acquired a new position during the fourth quarter, valued at approximately $2.4 billion. Meanwhile, GAMMA Investing LLC dramatically increased its holdings by an astonishing 54,010.7%, now owning 3,028,576 shares worth about $15 billion after purchasing 3,022,979 shares during the first quarter.
Moreover, Capital Research Global Investors and Northern Trust Corp also expanded their positions in Intuitive Surgical, purchasing 687,906 and 494,496 shares, respectively, in the previous quarter. A substantial 83.64% of Intuitive Surgical’s stock is currently held by institutional investors and hedge funds, indicating a robust level of institutional interest.
Recent Insider Transactions
In related news, executive vice president Robert Desantis sold 188 shares on April 28, 2024, at an average price of $515.91, totaling approximately $96,991. Following this transaction, Desantis holds 5,224 shares, valued at around $2.7 million, reflecting a 3.47% decrease in his ownership.
On May 1, 2024, director Jami K. Nachtsheim sold 2,400 shares at an average price of $520.00 for a total of $1.25 million. This sale reduced Nachtsheim’s ownership to 6,371 shares, now valued at approximately $3.31 million. Together, insiders sold 3,298 shares worth around $1.74 million over the past ninety days, with corporate insiders owning 0.70% of the company’s stock.
Stock Performance Overview
As of the latest trading session, Intuitive Surgical’s stock opened at $488.61. The company boasts a market capitalization of $175.13 billion, a price-to-earnings (P/E) ratio of 68.15, and a beta of 1.64. Over the past year, the stock has fluctuated between a low of $425.00 and a high of $616.00. The firm’s fifty-day moving average price stands at $531.22, while the two-hundred-day moving average is $535.38.
In its most recent earnings announcement on July 22, 2024, Intuitive Surgical reported earnings per share (EPS) of $2.19, surpassing analyst expectations of $1.93 by $0.26. The company’s revenue for the quarter was $2.44 billion, exceeding projections of $2.35 billion and representing a 21.4% increase compared to the same quarter last year. Analysts anticipate that Intuitive Surgical will post an EPS of $6.43 for the current year.
Intuitive Surgical specializes in developing, manufacturing, and marketing products aimed at enhancing the quality and accessibility of minimally invasive surgical care. Its flagship product, the da Vinci Surgical System, is renowned for enabling complex surgeries through minimally invasive techniques. The company also offers the Ion endoluminal system, which extends its capabilities into diagnostic procedures, allowing for minimally invasive biopsies in the lung.
The growing investment in Intuitive Surgical from various institutional players, coupled with its strong financial performance, positions the company as a significant entity in the medical equipment sector.
