Intuitive Surgical (ISRG) Downgraded by Zacks Investment Research to “Hold”

Intuitive Surgical (NASDAQ:ISRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Over the last three months, Intuitive Surgical has been consistently trading above the broader industry. Procedure performance in Asia showed continued strength with solid growth in China, Japan and Korea. Moreover, the company gained significantly on the CE Mark approval for da Vinci X in Europe. The stock has got a further boost on the FDA approval of the same in the recent past. A positive outlook for the coming quarters also raises our confidence in the stock. However, unfavorable foreign exchange movements are impacting the company’s results. Intuitive Surgical expects margins to fluctuate based on the company’s mix of new products, mix of systems in instrument and accessory revenue segments, and the reinstatement of the medical device tax in 2018. The company’s da Vinci Surgical System has a long sale and purchase order cycle which might act against the company’s growth.”

Other research analysts also recently issued reports about the company. Wedbush reissued a “buy” rating on shares of Intuitive Surgical in a report on Tuesday, October 10th. Royal Bank of Canada restated a “hold” rating and issued a $333.33 price objective on shares of Intuitive Surgical in a research report on Friday, September 1st. Vetr upgraded Intuitive Surgical from a “hold” rating to a “buy” rating and set a $340.77 price objective for the company in a research report on Monday, August 28th. Canaccord Genuity restated a “hold” rating on shares of Intuitive Surgical in a research report on Tuesday, October 17th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Intuitive Surgical in a research report on Monday, October 16th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Intuitive Surgical currently has a consensus rating of “Buy” and an average target price of $335.32.

Shares of Intuitive Surgical (ISRG) traded down $4.55 during midday trading on Wednesday, reaching $367.35. The company’s stock had a trading volume of 732,300 shares, compared to its average volume of 977,099. Intuitive Surgical has a fifty-two week low of $208.24 and a fifty-two week high of $405.05. The firm has a market capitalization of $41,670.57, a P/E ratio of 49.22, a PEG ratio of 5.17 and a beta of 0.48.

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 the Zacks’ consensus estimate 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 during the quarter, compared to the consensus estimate of $753.25 million. During the same quarter in the previous year, the company posted $2.06 earnings per share. The company’s revenue was up 18.0% compared to the same quarter last year. equities analysts anticipate that Intuitive Surgical will post 7.85 earnings per share for the current fiscal year.

In other news, SVP Curet Myriam sold 262 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $373.00, for a total value of $97,726.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig H. Barratt sold 15,000 shares of the company’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $371.18, for a total value of $5,567,700.00. Following the completion of the transaction, the insider now directly owns 7,500 shares in the company, valued at approximately $2,783,850. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,944 shares of company stock valued at $21,432,971. 2.20% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. ETF Managers Group LLC purchased a new stake in Intuitive Surgical during the 2nd quarter worth about $110,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Intuitive Surgical in the 2nd quarter valued at about $120,000. Parallel Advisors LLC increased its holdings in shares of Intuitive Surgical by 3.9% in the 2nd quarter. Parallel Advisors LLC now owns 159 shares of the medical equipment provider’s stock valued at $149,000 after acquiring an additional 6 shares during the last quarter. Lincoln National Corp purchased a new position in shares of Intuitive Surgical in the 3rd quarter valued at about $200,000. Finally, MUFG Americas Holdings Corp purchased a new position in shares of Intuitive Surgical in the 3rd quarter valued at about $208,000. 32.72% of the stock is currently owned by hedge funds and other institutional investors.

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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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