Citigroup Inc. Acquires 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. increased its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 6.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 88,301 shares of the medical instruments supplier's stock after buying an additional 5,684 shares during the quarter. Citigroup Inc. owned 0.15% of Merit Medical Systems worth $9,334,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. raised its stake in Merit Medical Systems by 2.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,633,246 shares of the medical instruments supplier's stock worth $157,968,000 after buying an additional 36,489 shares during the period. Royal Bank of Canada raised its stake in Merit Medical Systems by 0.6% during the 4th quarter. Royal Bank of Canada now owns 938,210 shares of the medical instruments supplier's stock worth $90,744,000 after buying an additional 5,932 shares during the period. Northern Trust Corp raised its stake in Merit Medical Systems by 12.8% during the 4th quarter. Northern Trust Corp now owns 750,936 shares of the medical instruments supplier's stock worth $72,631,000 after buying an additional 85,483 shares during the period. Nuveen Asset Management LLC raised its stake in Merit Medical Systems by 3.6% during the 4th quarter. Nuveen Asset Management LLC now owns 742,735 shares of the medical instruments supplier's stock worth $71,837,000 after buying an additional 25,816 shares during the period. Finally, Westwood Holdings Group Inc. raised its stake in Merit Medical Systems by 12.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 687,501 shares of the medical instruments supplier's stock worth $72,676,000 after buying an additional 73,866 shares during the period. Institutional investors and hedge funds own 99.66% of the company's stock.

Insider Buying and Selling

In other news, Director David Floyd sold 3,515 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $94.16, for a total value of $330,972.40. Following the completion of the transaction, the director owned 4,880 shares in the company, valued at $459,500.80. This trade represents a 41.87% 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, CFO Raul Jr. Parra sold 15,181 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $93.75, for a total value of $1,423,218.75. Following the completion of the transaction, the chief financial officer owned 24,201 shares of the company's stock, valued at $2,268,843.75. The trade was a 38.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,779 shares of company stock worth $6,327,983 over the last three months. Company insiders own 3.20% of the company's stock.

Merit Medical Systems Stock Down 0.8%

Shares of NASDAQ MMSI traded down $0.73 during mid-day trading on Thursday, hitting $86.63. The company had a trading volume of 413,016 shares, compared to its average volume of 597,570. The company has a market capitalization of $5.13 billion, a PE ratio of 43.97, a price-to-earnings-growth ratio of 2.86 and a beta of 0.66. The firm has a 50-day simple moving average of $88.80 and a two-hundred day simple moving average of $95.26. The company has a current ratio of 4.09, a quick ratio of 2.66 and a debt-to-equity ratio of 0.49. Merit Medical Systems, Inc. has a one year low of $81.04 and a one year high of $111.45.

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 for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $382.46 million during 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%.Merit Medical Systems's revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.92 EPS. On average, equities analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on MMSI shares. Robert W. Baird dropped their price objective on Merit Medical Systems from $111.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Needham & Company LLC reissued a "buy" rating and issued a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, July 18th. Piper Sandler dropped their price target on 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. 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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.00.

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.