Mackenzie Financial Corp Reduces Stake in Intuitive Surgical by 26.8%
Mackenzie Financial Corp has decreased its investment in Intuitive Surgical, Inc. by 26.8% during the first quarter of 2023, according to a report by Holdings Channel. The firm sold 91,181 shares, reducing its total holdings to 248,725 shares, which were valued at approximately $123,186,000 as of its latest filing with the Securities and Exchange Commission (SEC).
This reduction is part of a broader trend among institutional investors, with several hedge funds adjusting their positions in Intuitive Surgical. Notably, AlphaCore Capital LLC increased its stake by 4.2% during the fourth quarter, now owning 451 shares valued at around $235,000. Similarly, Accredited Investors Inc. raised its holdings by 1.9%, bringing its total to 1,040 shares worth $543,000 after acquiring an additional 19 shares.
In addition, Second Line Capital LLC and Colonial Trust Co SC increased their stakes by 3.4% and 8.8%, respectively, during the same period. Crown Wealth Group LLC also raised its stake by 4.8% in the first quarter, now holding 440 shares valued at $218,000. Overall, institutional investors now own approximately 83.64% of Intuitive Surgical’s stock.
Stock Performance and Insider Transactions
On Tuesday, Intuitive Surgical’s stock opened at $493.95, reflecting a slight decline of 0.4%. The stock’s 50-day moving average stands at $528.51, while the 200-day average is $534.63. The company has a market capitalization of $177.07 billion, a price-to-earnings ratio of 68.89, and a beta of 1.64. Over the past year, the stock has experienced a low of $425.00 and a high of $616.00.
In related developments, Jami K. Nachtsheim, a director at Intuitive Surgical, sold 2,400 shares on May 1, 2023, at an average price of $520.00, totaling $1,248,000. Following this transaction, Nachtsheim retained 6,371 shares, valued at approximately $3,312,920. This sale represented a 27.36% decrease in her ownership.
Additionally, Mark Brosius, Senior Vice President, sold 216 shares on June 6, 2023, at an average price of $563.11, amounting to $121,631.76. After this sale, Brosius owned 907 shares, valued at around $510,740.77, which marked a 19.23% drop in his holdings. Over the last three months, insiders have sold a total of 7,610 shares worth approximately $3,858,340, with company insiders currently holding 0.70% of the stock.
Analyst Ratings and Future Outlook
Several research firms have recently issued reports on Intuitive Surgical. Robert W. Baird lowered its price target from $600.00 to $575.00 while maintaining an “outperform” rating. Meanwhile, BTIG Research raised its target from $566.00 to $571.00, giving the stock a “buy” rating. Other analysts, including those from UBS Group and Evercore ISI, adjusted their price targets upwards to $585.00 and $550.00, respectively.
Currently, the consensus rating for Intuitive Surgical is “Moderate Buy,” with an average price target of $592.05. According to data from MarketBeat, one analyst has assigned a sell rating, five have a hold rating, and fifteen have issued buy ratings for the company’s stock.
Intuitive Surgical, Inc. specializes in developing and manufacturing products that improve minimally invasive surgical procedures. Its flagship product, the da Vinci Surgical System, allows for complex surgeries through less invasive methods. The company has also expanded its offerings to include the Ion endoluminal system, which facilitates minimally invasive lung biopsies.
For those interested in tracking the latest developments regarding Intuitive Surgical, including insider trades and institutional holdings, resources are available on financial websites such as HoldingsChannel.com.
