Bank of New York Mellon acquired 3.36 million shares of Intuitive Surgical during the second quarter. The investment carries a value of approximately $1.34 billion. This purchase gives the banking giant a 0.95% stake in the medical device company.
Intuitive Surgical (ISRG) shares fell 5.84% on Thursday. Reports linked the decline to executive insider sales conducted under pre-arranged trading plans.
Piper Sandler reiterated its overweight rating on the stock. The investment bank maintained a $470 price target. Analysts described the previous day's sell-off as unwarranted.