Citigroup Inc. Buys 5,684 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Citigroup Inc. increased its stake in Merit Medical Systems by 6.9%, now holding approximately $9.33 million worth of shares.
• Significant institutional investments were noted, with Tidal Investments LLC boosting its stake by 3,197.9% in the last quarter.
• Merit Medical Systems reported a quarterly EPS of $1.01, exceeding analyst expectations and reflecting a 13.2% year-over-year revenue growth.

Citigroup Inc. grew its position in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 6.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 88,301 shares of the medical instruments supplier's stock after acquiring an additional 5,684 shares during the quarter. Citigroup Inc. owned about 0.15% of Merit Medical Systems worth $9,334,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MMSI. Tidal Investments LLC grew its stake in Merit Medical Systems by 3,197.9% in the fourth quarter. Tidal Investments LLC now owns 342,912 shares of the medical instruments supplier's stock valued at $33,166,000 after purchasing an additional 332,514 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Merit Medical Systems in the fourth quarter valued at approximately $21,824,000. GAMMA Investing LLC boosted its position in Merit Medical Systems by 13,761.2% in the first quarter. GAMMA Investing LLC now owns 207,086 shares of the medical instruments supplier's stock valued at $21,891,000 after buying an additional 205,592 shares during the last quarter. Iron Triangle Partners LP boosted its position in Merit Medical Systems by 60.9% in the 4th quarter. Iron Triangle Partners LP now owns 407,022 shares of the medical instruments supplier's stock worth $39,367,000 after purchasing an additional 154,022 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Merit Medical Systems by 12.8% in the 4th quarter. Northern Trust Corp now owns 750,936 shares of the medical instruments supplier's stock worth $72,631,000 after purchasing an additional 85,483 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Canaccord Genuity Group set a $112.00 target price on Merit Medical Systems and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Wells Fargo & Company dropped their target price on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Needham & Company LLC restated a "buy" rating and issued a $108.00 target price on shares of Merit Medical Systems in a report on Friday, July 18th. Raymond James Financial lowered their price target on Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Finally, Barrington Research restated an "outperform" rating and set a $103.00 target price on shares of Merit Medical Systems in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $107.00.

Merit Medical Systems Stock Up 1.1%

Shares of NASDAQ MMSI traded up $0.99 on Tuesday, hitting $87.15. The company had a trading volume of 301,756 shares, compared to its average volume of 655,402. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45. The business has a 50 day moving average of $89.24 and a two-hundred day moving average of $95.52. 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 firm has a market capitalization of $5.16 billion, a P/E ratio of 44.24, a PEG ratio of 2.80 and a beta of 0.66.

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

Insider Transactions at Merit Medical Systems

In other news, Director Lynne N. Ward sold 2,433 shares of Merit Medical Systems stock in a transaction on Monday, August 11th. The stock was sold at an average price of $84.89, for a total transaction of $206,537.37. Following the transaction, the director directly owned 12,809 shares in the company, valued at approximately $1,087,356.01. This trade represents a 15.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Floyd sold 3,515 shares of Merit Medical Systems stock in a transaction on Friday, May 30th. The shares were sold at an average price of $94.16, for a total value of $330,972.40. Following the transaction, the director owned 4,880 shares in the company, valued at approximately $459,500.80. This trade represents a 41.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,779 shares of company stock worth $6,327,983 over the last quarter. Insiders own 3.20% of the company's stock.

Merit Medical Systems Company 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.