Intuitive Surgical (NASDAQ:ISRG) stock is rising higher on Tuesday after the company entered into an accelerated share repurchase agreement.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Intuitive has agreed to buy back $1 billion worth of ISRG stock from Citibank (NYSE:C). That will see the company initially obtaining roughly 3.6 million shares from Citibank.
The number of shares acquired in the deal will vary depending on the price of ISRG stock. Considering the deal won’t be finalized until the final week of December 2022, there’s time for price changes to alter the number of shares in the accelerated repurchase agreement.
Heavy Trading Follows Today’s Announcement
The idea of Intuitive Surgical taking part in an accelerated share repurchase agreement is exciting investors today. This has some 2 million shares of ISRG stock on the move as of this writing. That has already overtaken the daily average trading volume of about 1.99 million shares.
Intuitive Surgical is a company focused on the development, manufacturing and marketing of robots for invasive surgery. Its main product is the Da Vinci Surgical System, which is used for prostatectomies, cardiac valve repair and renal and gynecologic surgical procedures.
ISRG stock is up 6.4% as of Tuesday morning and down 34.8% since the start of the year.
Investors seeking out more recent stock market news are in luck!
We’ve got all of that ready to go in one place with the big stories for Tuesday! Among that is what has shares of Canopy Growth (NASDAQ:CGC), Xerox (NASDAQ:XRX) and JetBlue (NASDAQ:JBLU) stock moving today. You can check out all of that at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.