Aberdeen Group plc Sells 30,015 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Aberdeen Group plc reduced its stake in Merit Medical Systems by 5.0%, selling 30,015 shares and holding a total of 572,211 shares valued at approximately $53.49 million.
• Merit Medical Systems reported Q2 earnings of $1.01 per share, exceeding expectations of $0.85, alongside revenue of $382.46 million, which also surpassed analyst forecasts.
• Research analysts have set varied price targets for Merit Medical, with a consensus target of $107.50, reflecting a general optimism with eight analysts rating it a buy.

Aberdeen Group plc lessened its position in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 5.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 572,211 shares of the medical instruments supplier's stock after selling 30,015 shares during the period. Aberdeen Group plc owned 0.97% of Merit Medical Systems worth $53,490,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MMSI. Park Avenue Securities LLC grew its holdings in Merit Medical Systems by 18.8% in the 1st quarter. Park Avenue Securities LLC now owns 5,719 shares of the medical instruments supplier's stock worth $605,000 after acquiring an additional 907 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Merit Medical Systems by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,959 shares of the medical instruments supplier's stock valued at $207,000 after purchasing an additional 465 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Merit Medical Systems during the 1st quarter valued at about $294,000. Elevation Point Wealth Partners LLC boosted its stake in shares of Merit Medical Systems by 27.7% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 4,003 shares of the medical instruments supplier's stock valued at $423,000 after purchasing an additional 869 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Merit Medical Systems during the 1st quarter valued at about $31,000. Institutional investors own 99.66% of the company's stock.

Merit Medical Systems Trading Down 4.2%

Shares of NASDAQ MMSI opened at $78.99 on Friday. Merit Medical Systems, Inc. has a 1 year low of $78.12 and a 1 year high of $111.45. The stock has a market cap of $4.68 billion, a P/E ratio of 40.10, a price-to-earnings-growth ratio of 2.54 and a beta of 0.58. The firm has a 50-day moving average of $85.83 and a 200 day moving average of $90.76. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.09 and a quick ratio of 2.66.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.16. The business had revenue of $382.46 million during the quarter, compared to analysts' expectations of $372.47 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The business's revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 earnings per share. As a group, sell-side analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

Analysts Set New Price Targets

MMSI has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $108.00 target price on shares of Merit Medical Systems in a research note on Friday, July 18th. Raymond James Financial cut their target price on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. Wells Fargo & Company cut their target price on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Piper Sandler cut their target price on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Finally, Barrington Research reissued an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research report on Tuesday, October 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Merit Medical Systems presently has an average rating of "Moderate Buy" and a consensus target price of $107.50.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, Director Lynne N. Ward sold 3,000 shares of Merit Medical Systems stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $88.56, for a total value of $265,680.00. Following the completion of the transaction, the director directly owned 12,809 shares of the company's stock, valued at approximately $1,134,365.04. The trade was a 18.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.20% of the company's stock.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.

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