Congress Asset Management Co. Buys 6,963 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Congress Asset Management Co. increased its stake in Merit Medical Systems, Inc. by 1.1%, adding 6,963 shares, bringing its total ownership to 635,089 shares valued at approximately $59.4 million.
• Shares of Merit Medical Systems recently opened at $80.06, down 3.6%, with a market cap of $4.74 billion and a reported quarterly EPS of $1.01, exceeding estimates by $0.16.
• Analysts maintain a consensus "Buy" rating for Merit Medical Systems, with price targets ranging from $100.00 to $108.00, indicating strong investor confidence despite recent stock price fluctuations.

Congress Asset Management Co. lifted its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 635,089 shares of the medical instruments supplier's stock after acquiring an additional 6,963 shares during the quarter. Congress Asset Management Co. owned about 1.07% of Merit Medical Systems worth $59,368,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the business. Significant Wealth Partners LLC increased its position in Merit Medical Systems by 3.6% in the 2nd quarter. Significant Wealth Partners LLC now owns 4,898 shares of the medical instruments supplier's stock worth $458,000 after buying an additional 171 shares during the period. Public Employees Retirement System of Ohio increased its position in Merit Medical Systems by 6.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 66,102 shares of the medical instruments supplier's stock worth $6,179,000 after buying an additional 4,012 shares during the period. Maseco LLP bought a new position in Merit Medical Systems in the 2nd quarter worth approximately $28,000. Park Avenue Securities LLC increased its position in Merit Medical Systems by 11.9% in the 2nd quarter. Park Avenue Securities LLC now owns 6,402 shares of the medical instruments supplier's stock worth $598,000 after buying an additional 683 shares during the period. Finally, Diversified Trust Co increased its position in Merit Medical Systems by 1.3% in the 2nd quarter. Diversified Trust Co now owns 13,030 shares of the medical instruments supplier's stock worth $1,218,000 after buying an additional 162 shares during the period. 99.66% of the stock is owned by institutional investors.

Merit Medical Systems Stock Down 3.6%

Shares of NASDAQ:MMSI opened at $80.06 on Friday. Merit Medical Systems, Inc. has a 12 month low of $79.10 and a 12 month high of $111.45. The company's 50-day moving average price is $86.25 and its two-hundred day moving average price is $92.25. 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 cap of $4.74 billion, a P/E ratio of 40.64, a P/E/G ratio of 2.80 and a beta of 0.64.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its quarterly earnings data 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. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The firm had revenue of $382.46 million for the quarter, compared to analyst estimates of $372.47 million. During the same quarter in the prior year, the firm earned $0.92 EPS. The company's revenue was up 13.2% on a year-over-year basis. As a group, research analysts forecast that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, Director Lynne N. Ward sold 3,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $88.56, for a total transaction of $265,680.00. Following the transaction, the director directly owned 12,809 shares in the company, valued at approximately $1,134,365.04. This represents a 18.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MMSI. Barrington Research reiterated an "outperform" rating and issued a $103.00 target price on shares of Merit Medical Systems in a research note on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $108.00 price objective on shares of Merit Medical Systems in a research report on Friday, July 18th. Wells Fargo & Company lowered their target price on shares of 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. Piper Sandler cut their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Finally, Raymond James Financial cut their price target on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $107.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.