During the third quarter, Cullen Frost Bankers Inc. increased its stake in Intuitive Surgical by purchasing 3,450 additional shares, lifting its total holdings to 82,056 shares valued at $36.7 million. Commerzbank Aktiengesellschaft FI added 752 shares to reach 11,802 shares ($5.3 million), while Whittier Trust Co. of Nevada Inc. acquired 3,964 shares for a 49,093-share position ($22.2 million). Whittier Trust Co. also boosted its stake by 7.7%, adding 7,128 shares to hold 100,093 shares ($45.3 million). CIBC Asset Management Inc. and Robocap Asset Management Ltd. grew their positions by 1.3% and 27.2% to 159,566 shares ($71.4 million) and 14,542 shares ($6.5 million), respectively. In total, institutional investors and hedge funds now own 83.64% of the company’s outstanding shares.

Over the past two months, five major brokerages updated their outlooks on Intuitive Surgical. Truist Financial raised its target from $620 to $650 and reiterated a Buy rating. Royal Bank of Canada lifted its target from $625 to $650 and maintained an Outperform rating. BTIG Research reconfirmed its Buy view with a $616 target. Leerink Partners increased its objective from $593 to $600 with an Outperform assessment, and HSBC upped its price objective from $595 to $644 alongside a Buy recommendation. Among 26 covering analysts, one assigns a Strong Buy, 15 a Buy, nine a Hold and one a Sell, resulting in an average consensus of Moderate Buy and a mean target of $617.57.

Intuitive Surgical reported adjusted fourth-quarter earnings of $2.53 per share, exceeding consensus by $0.26, on revenue of $2.87 billion, up 18.8% year-over-year and $150 million above expectations. Procedure volume growth was driven by a 17% increase in da Vinci surgeries and a 44% surge in Ion procedures, although Ion system placements fell from 69 to 42 units. System revenue reached $786 million (versus $655 million a year earlier), while instruments and accessories generated $1.66 billion, a 17% rise. For 2026, management forecasts da Vinci procedure growth of 13%–15% (down from 18% in 2025) and a non-GAAP gross margin of 67%–68%, with a 1.2 percentage point tariff headwind.