469,551 Merit Medical Systems, Inc. $MMSI Shares Sold by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors cut its Merit Medical stake by 23.7%, selling 469,551 shares in the third quarter. It still held 1.51 million shares, worth about $130.2 million, making MMSI its fourth-largest holding.
• Merit Medical reported quarterly earnings of $1.12 per share, above the $1.04 consensus estimate, while revenue rose 8.4% year over year to $416.24 million, also topping forecasts.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $105.55; eight analysts rate the stock Buy and five rate it Hold.

Conestoga Capital Advisors LLC cut its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 23.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,510,239 shares of the medical instruments supplier's stock after selling 469,551 shares during the quarter. Merit Medical Systems comprises about 3.9% of Conestoga Capital Advisors LLC's holdings, making the stock its 4th biggest holding. Conestoga Capital Advisors LLC owned about 2.53% of Merit Medical Systems worth $130,228,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Merit Medical Systems by 11.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,854 shares of the medical instruments supplier's stock valued at $12,055,000 after acquiring an additional 18,276 shares in the last quarter. Jupiter Topco LLC purchased a new position in shares of Merit Medical Systems during the 2nd quarter worth approximately $1,908,000. Trillium Asset Management LLC bought a new position in shares of Merit Medical Systems in the 2nd quarter worth approximately $6,105,000. Irenic Capital Management LP bought a new position in shares of Merit Medical Systems in the 2nd quarter worth approximately $37,623,000. Finally, Quantinno Capital Management LP raised its position in shares of Merit Medical Systems by 200.3% in the 1st quarter. Quantinno Capital Management LP now owns 17,612 shares of the medical instruments supplier's stock worth $1,214,000 after acquiring an additional 11,747 shares in the last quarter. 99.66% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Stock Performance

Shares of MMSI opened at $90.63 on Thursday. The company has a quick ratio of 3.05, a current ratio of 4.52 and a debt-to-equity ratio of 0.42. The stock has a market cap of $5.43 billion, a P/E ratio of 34.07, a P/E/G ratio of 2.06 and a beta of 0.56. The business's 50 day moving average price is $88.34 and its 200-day moving average price is $77.22. Merit Medical Systems, Inc. has a 52 week low of $59.74 and a 52 week high of $94.85.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The medical instruments supplier reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.08. Merit Medical Systems had a return on equity of 14.12% and a net margin of 9.94%. The company had revenue of $416.24 million during the quarter, compared to analyst estimates of $410.56 million. During the same quarter last year, the company earned $0.92 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts anticipate that Merit Medical Systems, Inc. will post 3.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Zacks Research lowered Merit Medical Systems from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 19th. Wells Fargo & Company increased their price objective on Merit Medical Systems from $83.00 to $92.00 and gave the stock an "equal weight" rating in a report on Friday, October 30th. Piper Sandler raised their price objective on Merit Medical Systems from $96.00 to $106.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. BTIG Research boosted their target price on shares of Merit Medical Systems from $105.00 to $110.00 and gave the company a "buy" rating in a report on Friday, October 30th. Finally, Needham & Company LLC upped their target price on shares of Merit Medical Systems from $101.00 to $106.00 and gave the stock a "buy" rating in a research report on Friday, October 30th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $105.55.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc is a medical device company that develops, manufactures and distributes disposable products used in interventional, diagnostic and therapeutic procedures. Its devices are designed for use by healthcare professionals in hospitals, outpatient facilities and other clinical settings.

The company's product portfolio includes devices for vascular access, angiography, intervention, drainage, embolization, oncology and cardiac procedures. Merit also offers products used in peripheral intervention, spine procedures and other specialized areas of minimally invasive medicine, including kits, accessories and related procedural equipment.

Founded in 1987 and headquartered in South Jordan, Utah, Merit Medical serves healthcare providers through a global commercial and manufacturing network.

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