Comerica Bank Increases Stock Position in Merit Medical Systems, Inc. $MMSI

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 position in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 7.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MMSI. Opal Wealth Advisors LLC bought a new stake in Merit Medical Systems in the 1st quarter valued at about $31,000. IFP Advisors Inc increased its stake in shares of Merit Medical Systems by 1,435.0% in the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock worth $32,000 after purchasing an additional 287 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Merit Medical Systems by 119.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier's stock worth $39,000 after purchasing an additional 200 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of Merit Medical Systems in the first quarter valued at approximately $41,000. Finally, Versant Capital Management Inc lifted its stake in shares of Merit Medical Systems by 1,518.5% during the 1st 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 in the last quarter. Institutional investors own 99.66% of the company's stock.

Merit Medical Systems Price Performance

Shares of NASDAQ:MMSI traded down $0.74 during trading on Thursday, reaching $90.05. The company had a trading volume of 507,143 shares, compared to its average volume of 541,889. The company has a fifty day moving average of $88.44 and a two-hundred day moving average of $94.59. The company has a current ratio of 4.09, a quick ratio of 2.66 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $5.33 billion, a P/E ratio of 25.94, a price-to-earnings-growth ratio of 2.94 and a beta of 0.66. Merit Medical Systems, Inc. has a 12 month low of $81.04 and a 12 month high of $111.45.

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, beating analysts' consensus estimates 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 business had revenue of $382.46 million for the quarter, compared to analysts' expectations of $372.47 million. During the same quarter in the prior year, the firm earned $0.92 earnings per share. The firm's revenue was up 13.2% on a year-over-year basis. Equities research analysts forecast that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Floyd sold 3,515 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $94.16, for a total transaction of $330,972.40. Following the transaction, the director owned 4,880 shares of the company's stock, valued at approximately $459,500.80. This trade represents a 41.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael R. Mcdonnell sold 1,750 shares of the business's stock in a transaction 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 sale, the director directly owned 6,395 shares of the company's stock, valued at $604,391.45. This represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,779 shares of company stock valued at $4,662,863 over the last 90 days. Company insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Piper Sandler reduced 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 note on Thursday, July 31st. Barrington Research reiterated an "outperform" rating and issued a $103.00 price target on shares of Merit Medical Systems in a research report on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price objective on Merit Medical Systems and gave the stock a "buy" rating in a report on Wednesday, May 21st. Needham & Company LLC restated a "buy" rating and issued a $108.00 target price on shares of Merit Medical Systems in a research note on Friday, July 18th. Finally, Wells Fargo & Company decreased their price target on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a research 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 company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.