Abner Herrman & Brock Sours on Intuitive Surgical

Abner Herrman & Brock LLC (AHB) reduced its stake in Intuitive Surgical (NASDAQ:ISRG) by almost 10,000 shares, worth over $4.5 million, during the quarter ended September 30, 2025.

What happened

According to its October 14, 2025 SEC filing, Abner Herrman & Brock trimmed its position in Intuitive Surgical (NASDAQ:ISRG) by 9,629 shares in Q3 2025. The estimated transaction value was approximately $4.62 million based on the average price during Q3 2025. The fund’s holding now stands at 21,861 shares, worth $9.78 million as of September 30, 2025.

What else to know

The fund's position in Intuitive Surgical is now 1.01% of its total 13F assets under management (AUM).

AHB's top holdings after the filing, as of September 30, 2025:

• Nvidia (NASDAQ:NVDA): $77.59 million (8.0% of AUM)
• International Business Machines (NYSE:IBM): $40.97 million (4.2% of AUM)
• Microsoft (NASDAQ:MSFT): $40.62 million (4.2% of AUM)
• Netflix (NASDAQ:NFLX): $40.30 million (4.2% of AUM)
• JPMorgan Chase (NYSE:JPM): $39.06 million (4.0% of AUM)

As of October 13, 2025, Intuitive Surgical shares were priced at $435.73, down 10.6% over the past year, underperforming the S&P 500 by 25.1 percentage points.

Company Overview

Data as of market close 13 October, 2025.

Company Snapshot

Intuitive Surgical develops, manufactures, and markets minimally invasive healthcare technologies. It is known for its da Vinci surgical system, which uses robotic technology to assist surgery. The company also developed the Ion endoluminal system for diagnostic lung procedures.

The company generates revenue from sales of surgical systems, instruments and accessories, and service contracts. Its primary customers are hospitals, surgical centers, and healthcare providers in the United States and internationally.

It has over 15,600 employees. The company’s strategy centers on continuous innovation in surgical robotics and expanding its network and installed base.

Foolish take

Intuitive Surgical fell by 10% in the three months between June and September. The stock dropped on the back of tariff concerns, uncertainty around Medicaid cuts, and increasing pressure from competitors. It is hard to know, but Abner Herrman & Brock's sale of 30% of its position could have been driven that somewhat lackluster performance.

The firm reduced its holdings during Q3: before Intuitive Surgical's October earnings report which went a long way to reassure investors. The company's Q3 results beat analyst expectations on both revenue and earnings. Numbers of procedures worldwide were up 20% year on year and there's strong demand for its latest da Vinci 5 model.

AHB also slightly pared back its positions in Intuitive's competitors, Stryker (NYSE:SYK) and Abbott Laboratories (NYSE:ABT). It isn't a dramatic shift, but it may show AHB is a little less positive about healthcare technology companies. At the same time, the firm also increased its exposure to big tech stocks like Nvidia, Microsoft, Amazon (NASDAQ:AMZN), and Tesla (NASDAQ:TSLA).

Glossary

AUM: Assets Under Management; the total market value of investments managed by a fund or firm.
13F: A quarterly SEC filing required from institutional investment managers disclosing their equity holdings.
Stake: The amount of ownership or shares held in a company by an investor or fund.
Top holdings: The largest individual investments within a fund's portfolio, usually by market value.
Minimally invasive surgery: Surgical procedures performed through small incisions, reducing recovery time and risk compared to traditional surgery.
Da Vinci Surgical System: A robotic platform developed by Intuitive Surgical for performing minimally invasive surgeries.
Ion endoluminal system: Intuitive Surgical's robotic-assisted platform for minimally invasive lung biopsy procedures.
Service contracts: Agreements for ongoing maintenance and support of products, often generating recurring revenue for companies.
Installed base: The total number of a company’s products currently in use by customers.
Quarter ended: The last day of a three-month financial reporting period.
Transaction value: The estimated dollar amount of a specific purchase or sale of securities.
TTM: The 12-month period ending with the most recent quarterly report.

JPMorgan Chase is an advertising partner of Motley Fool Money. Emma Newbery has positions in Amazon and Nvidia. The Motley Fool has positions in and recommends Abbott Laboratories, Amazon, International Business Machines, Intuitive Surgical, JPMorgan Chase, Microsoft, Netflix, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.