Covenant Asset Management LLC Boosts Stock Position in Intuitive Surgical, Inc. (NASDAQ:ISRG)

Covenant Asset Management LLC increased its holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG) by 483.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 11,994 shares of the medical equipment provider’s stock after acquiring an additional 9,937 shares during the period. Intuitive Surgical makes up about 1.0% of Covenant Asset Management LLC’s holdings, making the stock its 22nd largest holding. Covenant Asset Management LLC’s holdings in Intuitive Surgical were worth $4,101,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Desjardins Global Asset Management Inc. raised its stake in Intuitive Surgical by 131.6% in the first quarter. Desjardins Global Asset Management Inc. now owns 2,552 shares of the medical equipment provider’s stock valued at $652,000 after buying an additional 1,450 shares in the last quarter. Azimuth Capital Investment Management LLC boosted its holdings in Intuitive Surgical by 48.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 54,074 shares of the medical equipment provider’s stock valued at $14,349,000 after purchasing an additional 17,633 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its holdings in Intuitive Surgical by 3.7% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 178,500 shares of the medical equipment provider’s stock valued at $45,601,000 after purchasing an additional 6,400 shares in the last quarter. Concord Wealth Partners boosted its holdings in Intuitive Surgical by 32.2% in the 1st quarter. Concord Wealth Partners now owns 530 shares of the medical equipment provider’s stock valued at $135,000 after purchasing an additional 129 shares in the last quarter. Finally, Richard W. Paul & Associates LLC lifted its position in shares of Intuitive Surgical by 9.8% during the 1st quarter. Richard W. Paul & Associates LLC now owns 1,913 shares of the medical equipment provider’s stock valued at $489,000 after acquiring an additional 171 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Intuitive Surgical Price Performance

NASDAQ:ISRG traded down $1.49 during midday trading on Tuesday, reaching $296.68. The stock had a trading volume of 120,062 shares, compared to its average volume of 1,693,028. Intuitive Surgical, Inc. has a 1-year low of $180.07 and a 1-year high of $358.07. The firm’s fifty day simple moving average is $314.56 and its 200-day simple moving average is $298.07. The stock has a market capitalization of $104.25 billion, a P/E ratio of 74.73, a PEG ratio of 4.15 and a beta of 1.30.

Intuitive Surgical (NASDAQ:ISRG) last posted its quarterly earnings results on Thursday, July 20th. The medical equipment provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. Intuitive Surgical had a net margin of 21.38% and a return on equity of 12.41%. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period in the previous year, the firm posted $0.85 earnings per share. Intuitive Surgical’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities research analysts anticipate that Intuitive Surgical, Inc. will post 4.53 earnings per share for the current fiscal year.

Insider Transactions at Intuitive Surgical

In related news, Director Amy L. Ladd sold 500 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $305.68, for a total transaction of $152,840.00. Following the completion of the transaction, the director now owns 702 shares in the company, valued at $214,587.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Amy L. Ladd sold 500 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $305.68, for a total value of $152,840.00. Following the transaction, the director now directly owns 702 shares of the company’s stock, valued at $214,587.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan J. Levy sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $310.00, for a total transaction of $620,000.00. Following the transaction, the director now directly owns 25,319 shares in the company, valued at $7,848,890. The disclosure for this sale can be found here. Insiders sold 60,309 shares of company stock valued at $19,649,321 over the last quarter. Corporate insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ISRG. Raymond James lifted their price objective on Intuitive Surgical from $323.00 to $368.00 and gave the stock an “outperform” rating in a research report on Monday, July 24th. JPMorgan Chase & Co. boosted their price objective on shares of Intuitive Surgical from $335.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. Robert W. Baird began coverage on shares of Intuitive Surgical in a report on Tuesday, July 18th. They issued an “outperform” rating and a $377.00 price objective on the stock. TheStreet upgraded shares of Intuitive Surgical from a “c+” rating to a “b” rating in a research note on Monday, July 24th. Finally, Citigroup upped their target price on shares of Intuitive Surgical from $317.00 to $400.00 in a research note on Monday, July 10th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $343.10.

About Intuitive Surgical

Intuitive Surgical, Inc develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offers the da Vinci Surgical System to enable complex surgery using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic procedures enabling minimally invasive biopsies in the lung.