Algert Global LLC Acquires Shares of 4,170 Merit Medical Systems, Inc. $MMSI

Key Points

• Algert Global LLC has acquired a new stake in Merit Medical Systems, Inc., purchasing 4,170 shares valued at approximately $441,000.
• Merit Medical reported a quarterly earnings per share of $1.01, exceeding analysts' estimates of $0.85, and achieved a revenue of $382.46 million for the quarter, up 13.2% year-over-year.
• Merit Medical's stock has a consensus rating of "Moderate Buy" from analysts, with an average target price of $107.00.

Algert Global LLC purchased a new position in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,170 shares of the medical instruments supplier's stock, valued at approximately $441,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE increased its holdings in Merit Medical Systems by 3.8% in the 1st quarter. US Bancorp DE now owns 3,936 shares of the medical instruments supplier's stock worth $416,000 after buying an additional 145 shares in the last quarter. Westover Capital Advisors LLC increased its holdings in Merit Medical Systems by 2.6% in the 1st quarter. Westover Capital Advisors LLC now owns 6,728 shares of the medical instruments supplier's stock worth $711,000 after buying an additional 168 shares in the last quarter. MeadowBrook Investment Advisors LLC increased its holdings in Merit Medical Systems by 5.9% in the 1st quarter. MeadowBrook Investment Advisors LLC now owns 3,065 shares of the medical instruments supplier's stock worth $324,000 after buying an additional 170 shares in the last quarter. Blue Trust Inc. increased its holdings in Merit Medical Systems by 15.9% in the 1st quarter. Blue Trust Inc. now owns 1,529 shares of the medical instruments supplier's stock worth $162,000 after buying an additional 210 shares in the last quarter. Finally, Xponance Inc. increased its holdings in Merit Medical Systems by 4.8% in the 1st quarter. Xponance Inc. now owns 4,689 shares of the medical instruments supplier's stock worth $496,000 after buying an additional 214 shares in the last quarter. 99.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MMSI. Piper Sandler cut their price target on Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price target on Merit Medical Systems and gave the company a "buy" rating in a research note on Wednesday, May 21st. Needham & Company LLC restated a "buy" rating and set a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, July 18th. Barrington Research reaffirmed an "outperform" rating and set a $103.00 price objective on shares of Merit Medical Systems in a research report on Thursday, July 31st. Finally, Wells Fargo & Company lowered their price objective on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $107.00.

Merit Medical Systems Price Performance

NASDAQ MMSI traded up $0.05 during trading hours on Friday, reaching $90.10. The company's stock had a trading volume of 141,250 shares, compared to its average volume of 646,173. The firm's 50-day moving average price is $88.44 and its 200-day moving average price is $94.59. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49. Merit Medical Systems, Inc. has a 1 year low of $81.04 and a 1 year high of $111.45. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 2.94 and a beta of 0.66.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $372.47 million. Merit Medical Systems had a return on equity of 15.07% and a net margin of 8.31%.The company's revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 EPS. On average, equities research analysts predict that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

Insider Transactions at Merit Medical Systems

In other news, Director Michael R. Mcdonnell sold 1,750 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $94.51, for a total transaction of $165,392.50. Following the sale, the director directly owned 6,395 shares of the company's stock, valued at $604,391.45. This represents a 21.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lynne N. Ward sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $88.56, for a total value of $265,680.00. Following the sale, the director owned 12,809 shares in the company, valued at $1,134,365.04. The trade was a 18.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,514 shares of company stock valued at $2,264,465 over the last 90 days. Insiders own 3.20% of the company's stock.

Merit Medical Systems Profile

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.