Merit Medical Systems, Inc. $MMSI Shares Acquired by Comerica Bank

Key Points

• Comerica Bank increased its holdings in Merit Medical Systems, Inc. by 7.2% during the 1st quarter, ending with 226,805 shares worth approximately $23.98 million.
• Numerous institutional investors, including Walleye Capital LLC and Ameriprise Financial Inc., have also raised their stakes significantly in Merit Medical Systems during the same period, showing strong interest in the stock.
• Merit Medical Systems reported an EPS of $1.01 for the last quarter, surpassing analyst expectations and reflecting a 13.2% year-over-year increase in revenue, driven by strong demand for its medical products.

Comerica Bank grew its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 7.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 226,805 shares of the medical instruments supplier's stock after buying an additional 15,305 shares during the period. Comerica Bank owned 0.38% of Merit Medical Systems worth $23,976,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of MMSI. Nuveen LLC acquired a new stake in shares of Merit Medical Systems in the first quarter valued at about $80,679,000. Ameriprise Financial Inc. raised its position in shares of Merit Medical Systems by 109.4% in the first quarter. Ameriprise Financial Inc. now owns 660,394 shares of the medical instruments supplier's stock valued at $69,810,000 after buying an additional 345,070 shares during the last quarter. Tidal Investments LLC raised its position in shares of 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 buying an additional 332,514 shares during the last quarter. Invesco Ltd. raised its position in shares of Merit Medical Systems by 16.4% in the first quarter. Invesco Ltd. now owns 1,787,289 shares of the medical instruments supplier's stock valued at $188,934,000 after buying an additional 251,821 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Merit Medical Systems in the fourth quarter valued at about $21,824,000. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MMSI. Canaccord Genuity Group set a $112.00 price objective on shares of Merit Medical Systems and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Wells Fargo & Company cut their price objective on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Raymond James Financial cut their price objective on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Barrington Research restated 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, Piper Sandler cut their price objective 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. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.00.

Merit Medical Systems Trading Up 0.5%

Shares of MMSI traded up $0.49 during trading on Friday, reaching $90.54. 366,258 shares of the company traded hands, compared to its average volume of 478,851. Merit Medical Systems, Inc. has a twelve month low of $81.04 and a twelve month high of $111.45. The stock has a 50-day simple moving average of $88.41 and a 200-day simple moving average of $94.37. 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 market cap of $5.36 billion, a PE ratio of 45.96, a price-to-earnings-growth ratio of 2.93 and a beta of 0.66.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.16. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The company had revenue of $382.46 million during the quarter, compared to the consensus estimate of $372.47 million. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The firm's quarterly revenue was up 13.2% on a year-over-year basis. On average, analysts anticipate that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Insider Activity

In related news, CFO Raul Jr. Parra sold 15,181 shares of Merit Medical Systems stock in a transaction that occurred on 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 in the company, valued at $2,268,843.75. The trade was a 38.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael R. Mcdonnell sold 1,750 shares of Merit Medical Systems 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 completion of the transaction, the director owned 6,395 shares of the company's stock, valued at $604,391.45. This represents a 21.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,514 shares of company stock worth $2,264,465 over the last three months. 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.