Manning & Napier Slashes Intuitive Surgical Stake by 75% in Q1

Manning & Napier Advisors LLC reduced its holding in Intuitive Surgical, Inc. (NASDAQ:ISRG) by 75.5% during the first quarter, selling 3,636 shares and ending the period with 1,180 shares valued at approximately $544,000. The hedge fund’s divestment comes as other institutional investors expanded their positions: State Street Corp increased its stake by 1.0% to 15.7 million shares, Capital World Investors added 1.7% to 7.86 million shares, Norges Bank opened a new position worth about $2.86 billion, Invesco Ltd. lifted its holding by 17.4% to 4.13 million shares, and Wellington Management Group added 9.4% to 3.45 million shares. Institutional ownership now accounts for roughly 83.6% of Intuitive Surgical’s stock. The company reported quarterly earnings of $2.50 per share on revenue of $2.77 billion, beating analyst estimates, and its shares opened at $406.78. Analysts have recently adjusted target prices, with Truist Financial lowering its price target to $580 and Baird raising theirs to $610.