State of Michigan Retirement System Cuts Stock Holdings in Intuitive Surgical, Inc. (NASDAQ:ISRG)

State of Michigan Retirement System decreased its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) by 47.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 29,807 shares of the medical equipment provider’s stock after selling 26,661 shares during the period. State of Michigan Retirement System’s holdings in Intuitive Surgical were worth $16,985,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Duality Advisers LP purchased a new position in Intuitive Surgical during the 2nd quarter valued at about $3,467,000. Tompkins Financial Corp increased its position in Intuitive Surgical by 11.3% during the 2nd quarter. Tompkins Financial Corp now owns 2,538 shares of the medical equipment provider’s stock valued at $1,446,000 after purchasing an additional 258 shares during the period. M&T Bank Corp increased its position in Intuitive Surgical by 3.5% during the 2nd quarter. M&T Bank Corp now owns 26,821 shares of the medical equipment provider’s stock valued at $15,282,000 after purchasing an additional 915 shares during the period. Avestar Capital LLC increased its position in Intuitive Surgical by 20.8% during the 2nd quarter. Avestar Capital LLC now owns 1,102 shares of the medical equipment provider’s stock valued at $628,000 after purchasing an additional 190 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in shares of Intuitive Surgical by 110.5% in the 2nd quarter. Pacer Advisors Inc. now owns 19,741 shares of the medical equipment provider’s stock valued at $11,249,000 after buying an additional 10,362 shares in the last quarter. 87.24% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently weighed in on the stock. Wells Fargo & Co raised their price target on shares of Intuitive Surgical from $632.00 to $727.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Sanford C. Bernstein raised their price target on shares of Intuitive Surgical from $625.00 to $725.00 and gave the company an “outperform” rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their price target on shares of Intuitive Surgical from $600.00 to $700.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Bank of America restated a “buy” rating and issued a $650.00 price target on shares of Intuitive Surgical in a report on Thursday, April 9th. Finally, Raymond James raised their price target on shares of Intuitive Surgical from $600.00 to $725.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $660.67.

Shares of NASDAQ:ISRG traded down $1.95 during trading on Friday, hitting $685.44. 547,284 shares of the stock traded hands, compared to its average volume of 680,297. The company has a market cap of $80.44 billion, a price-to-earnings ratio of 72.08, a P/E/G ratio of 11.96 and a beta of 0.93. The company has a fifty day moving average price of $601.51 and a two-hundred day moving average price of $554.82. Intuitive Surgical, Inc. has a 52-week low of $360.50 and a 52-week high of $704.00.

Intuitive Surgical (NASDAQ:ISRG) last posted its earnings results on Tuesday, July 21st. The medical equipment provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.52. The firm had revenue of $852.10 million during the quarter, compared to analyst estimates of $675.15 million. Intuitive Surgical had a net margin of 26.07% and a return on equity of 13.62%. During the same period in the previous year, the firm earned $3.25 EPS. As a group, equities research analysts anticipate that Intuitive Surgical, Inc. will post 7.17 EPS for the current fiscal year.

In other news, CFO Marshall Mohr sold 7,500 shares of Intuitive Surgical stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $677.19, for a total transaction of $5,078,925.00. Following the completion of the transaction, the chief financial officer now directly owns 22,172 shares of the company’s stock, valued at approximately $15,014,656.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Amy L. Ladd sold 55 shares of Intuitive Surgical stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $665.13, for a total transaction of $36,582.15. Following the transaction, the director now directly owns 128 shares of the company’s stock, valued at $85,136.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,515 shares of company stock valued at $21,147,697. Insiders own 1.60% of the company’s stock.

About Intuitive Surgical

Intuitive Surgical, Inc designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. Its da Vinci Surgical System transforms the surgeon's natural hand movements outside the body into corresponding micro-movements inside the patient's body. The company's da Vinci Surgical System include surgeon's consoles, patient-side carts, 3-D vision systems, da Vinci skills simulators, da Vinci Xi integrated table motions, and Firefly fluorescence imaging products that enable surgeons to perform various surgical procedures, including gynecologic, urologic, general, cardiothoracic, and head and neck surgical procedures.

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Institutional Ownership by Quarter for Intuitive Surgical (NASDAQ:ISRG)

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