Hsbc Holdings PLC Has $12.78 Million Position in Merit Medical Systems, Inc. $MMSI

Key Points

• Hsbc Holdings PLC significantly increased its ownership in Merit Medical Systems, acquiring a total of 121,587 shares valued at approximately $12.78 million, marking a 1,371.6% increase during Q1.
• Several other institutional investors, including American Century Companies Inc. and Fuller & Thaler Asset Management, have also bolstered their positions, indicating strong institutional interest in the stock.
• Merit Medical reported an EPS of $1.01 for the last quarter, surpassing analysts' estimates, and its stock has received an average price target of $107.00 from brokerage firms.

Hsbc Holdings PLC grew its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 1,371.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,587 shares of the medical instruments supplier's stock after purchasing an additional 113,325 shares during the period. Hsbc Holdings PLC owned approximately 0.21% of Merit Medical Systems worth $12,784,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. raised its position in Merit Medical Systems by 8.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,766,711 shares of the medical instruments supplier's stock valued at $186,759,000 after buying an additional 133,465 shares during the period. Wellington Management Group LLP boosted its position in Merit Medical Systems by 15.3% during the 1st quarter. Wellington Management Group LLP now owns 260,084 shares of the medical instruments supplier's stock worth $27,493,000 after acquiring an additional 34,448 shares during the period. Algert Global LLC purchased a new position in Merit Medical Systems during the 1st quarter valued at about $441,000. Raymond James Financial Inc. increased its holdings in shares of Merit Medical Systems by 1.6% in the 1st quarter. Raymond James Financial Inc. now owns 513,865 shares of the medical instruments supplier's stock valued at $54,321,000 after purchasing an additional 8,022 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Merit Medical Systems by 29.1% in the first quarter. American Century Companies Inc. now owns 30,537 shares of the medical instruments supplier's stock worth $3,228,000 after purchasing an additional 6,879 shares in the last quarter. Hedge funds and other institutional investors own 99.66% of the company's stock.

Insiders Place Their Bets

In related news, Director David Floyd sold 3,515 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $94.16, for a total value of $330,972.40. Following the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Raul Jr. Parra sold 15,181 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $93.75, for a total value of $1,423,218.75. Following the sale, the chief financial officer directly 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 sold 66,779 shares of company stock worth $6,327,983 in the last three months. 3.20% of the stock is owned by insiders.

Merit Medical Systems Stock Up 3.3%

Merit Medical Systems stock opened at $89.45 on Monday. 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 1-year low of $81.04 and a 1-year high of $111.45. The firm's fifty day simple moving average is $88.73 and its 200-day simple moving average is $94.94. The company has a market capitalization of $5.30 billion, a P/E ratio of 45.41, a P/E/G ratio of 2.92 and a beta of 0.66.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $372.47 million. During the same period in the prior year, the business posted $0.92 earnings per share. The business's quarterly revenue was up 13.2% on a year-over-year basis. Sell-side analysts forecast that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MMSI. Piper Sandler lowered their price objective on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Wells Fargo & Company lowered their price target on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Barrington Research reaffirmed an "outperform" rating and issued a $103.00 price target on shares of Merit Medical Systems in a research note on Thursday, July 31st. Needham & Company LLC reissued a "buy" rating and set a $108.00 price objective on shares of Merit Medical Systems in a research report on Friday, July 18th. Finally, Raymond James Financial dropped their target price on Merit Medical Systems from $108.00 to $102.00 and set an "outperform" 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 stock. According to data from MarketBeat, the stock presently has an average 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.

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