Merit Medical Systems, Inc. (NASDAQ:MMSI) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 425,823 shares of the medical instruments supplier's stock after selling 13,437 shares during the quarter. Bank of New York Mellon Corp owned about 0.72% of Merit Medical Systems worth $45,014,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of Merit Medical Systems by 2.5% in the first quarter. Principal Financial Group Inc. now owns 319,960 shares of the medical instruments supplier's stock valued at $33,823,000 after purchasing an additional 7,940 shares during the period. ZWJ Investment Counsel Inc. purchased a new position in Merit Medical Systems during the first quarter worth about $213,000. KBC Group NV boosted its stake in Merit Medical Systems by 18.8% during the first quarter. KBC Group NV now owns 2,691 shares of the medical instruments supplier's stock worth $284,000 after buying an additional 426 shares during the period. Lisanti Capital Growth LLC purchased a new position in Merit Medical Systems during the first quarter worth about $3,608,000. Finally, CWC Advisors LLC. boosted its stake in Merit Medical Systems by 32.2% during the first quarter. CWC Advisors LLC. now owns 5,737 shares of the medical instruments supplier's stock worth $606,000 after buying an additional 1,399 shares during the period. Hedge funds and other institutional investors own 99.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MMSI. Piper Sandler reaffirmed an "overweight" rating and set a $110.00 target price (up previously from $106.00) on shares of Merit Medical Systems in a research note on Friday, May 23rd. 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 Tuesday, July 8th. Barrington Research reduced their price target on shares of Merit Medical Systems from $111.00 to $103.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Raymond James Financial reduced their price target on shares of Merit Medical Systems from $116.00 to $108.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Canaccord Genuity Group set a $112.00 target price on shares of Merit Medical Systems and gave the company a "buy" rating in a report on Wednesday, May 21st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Merit Medical Systems presently has an average rating of "Moderate Buy" and a consensus target price of $109.11.

Merit Medical Systems Trading Up 0.7%

Shares of NASDAQ:MMSI traded up $0.59 during trading on Thursday, reaching $84.54. 1,158,111 shares of the stock were exchanged, compared to its average volume of 553,472. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.26 and a current ratio of 4.87. Merit Medical Systems, Inc. has a 12-month low of $82.62 and a 12-month high of $111.45. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 41.44, a price-to-earnings-growth ratio of 2.71 and a beta of 0.65. The firm's 50-day moving average price is $94.27 and its 200 day moving average price is $98.15.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.11. The business had revenue of $355.35 million during the quarter, compared to analyst estimates of $352.57 million. Merit Medical Systems had a net margin of 8.81% and a return on equity of 15.52%. The business's revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.77 earnings per share. On average, sell-side analysts anticipate that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Merit Medical Systems

In other news, Director F. Ann Millner sold 21,250 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $96.47, for a total transaction of $2,049,987.50. Following the completion of the transaction, the director owned 34,543 shares in the company, valued at approximately $3,332,363.21. This represents a 38.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fred P. Lampropoulos sold 400 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $95.61, for a total transaction of $38,244.00. Following the transaction, the chief executive officer owned 1,045,628 shares of the company's stock, valued at $99,972,493.08. This represents a 0.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 85,596 shares of company stock worth $8,171,433. 3.20% of the stock is owned by insiders.

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.