Merit Medical Systems, Inc. $MMSI Shares Bought by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. significantly increased its holdings in Merit Medical Systems, acquiring 345,070 shares and growing its stake by 109.4% in the first quarter, bringing its total to 660,394 shares valued at approximately $69.8 million.
• Merit Medical Systems is receiving favorable ratings from analysts, with a consensus price target of $107.00 and most analysts issuing a "buy" rating for the stock.
• Insider sales have been reported, with CFO Raul Jr. Parra selling over 15,000 shares at an average price of $93.75, representing a decrease of 38.55% in his ownership of the stock.

Ameriprise Financial Inc. raised its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 109.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 660,394 shares of the medical instruments supplier's stock after purchasing an additional 345,070 shares during the period. Ameriprise Financial Inc. owned 1.12% of Merit Medical Systems worth $69,810,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MMSI. Opal Wealth Advisors LLC purchased a new stake in shares of Merit Medical Systems during the first quarter valued at about $31,000. IFP Advisors Inc lifted its position in shares of Merit Medical Systems by 1,435.0% during the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock valued at $32,000 after buying an additional 287 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Merit Medical Systems during the first quarter valued at about $41,000. Versant Capital Management Inc lifted its position in shares of Merit Medical Systems by 1,518.5% during the first quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier's stock valued at $46,000 after buying an additional 410 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Merit Medical Systems during the first quarter valued at about $60,000. Hedge funds and other institutional investors own 99.66% of the company's stock.

Insider Transactions at Merit Medical Systems

In other news, CFO Raul Jr. Parra sold 15,181 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $93.75, for a total value of $1,423,218.75. Following the sale, the chief financial officer owned 24,201 shares in the company, valued at $2,268,843.75. This represents a 38.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lynne N. Ward sold 3,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $88.56, for a total value of $265,680.00. Following the completion of 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 a total of 21,014 shares of company stock worth $1,933,680 over the last three months. 3.70% of the stock is currently owned by insiders.

Merit Medical Systems Stock Performance

Shares of NASDAQ:MMSI traded up $0.49 during trading on Monday, hitting $90.54. The stock had a trading volume of 366,258 shares, compared to its average volume of 462,198. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 45.96, a price-to-earnings-growth ratio of 2.93 and a beta of 0.64. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49. The stock has a 50-day simple moving average of $88.37 and a two-hundred day simple moving average of $94.15.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last announced 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. Merit Medical Systems had a return on equity of 15.07% and a net margin of 8.31%.The firm had revenue of $382.46 million during the quarter, compared to analysts' expectations of $372.47 million. During the same period last year, the business posted $0.92 earnings per share. The company's revenue for the quarter was up 13.2% compared to the same quarter last year. On average, equities research analysts expect that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on MMSI. Barrington Research reissued an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research report on Thursday, July 31st. Piper Sandler decreased their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. 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. Wells Fargo & Company dropped their price target on 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. Finally, Raymond James Financial dropped their price target on 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. 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, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.00.

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.