Merit Medical Systems, Inc. $MMSI Stake Increased by Hsbc Holdings PLC

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

Other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Merit Medical Systems during the first quarter valued at about $31,000. IFP Advisors Inc increased its stake in Merit Medical Systems by 1,435.0% during the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock worth $32,000 after acquiring an additional 287 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Merit Medical Systems during the first quarter worth about $41,000. Versant Capital Management Inc increased its stake in Merit Medical Systems by 1,518.5% during the first quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier's stock worth $46,000 after acquiring an additional 410 shares during the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in Merit Medical Systems during the first quarter worth about $60,000. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Merit Medical Systems Stock Up 0.5%

Shares of NASDAQ MMSI traded up $0.49 on Friday, hitting $90.54. The company had a trading volume of 366,258 shares, compared to its average volume of 478,851. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45. The business has a 50 day moving average of $88.41 and a two-hundred day 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 firm has a market capitalization of $5.36 billion, a P/E ratio of 45.96, a PEG ratio of 2.93 and a beta of 0.66.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share for the quarter, topping the consensus estimate 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 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 prior year, the business earned $0.92 earnings per share. The company's revenue was up 13.2% compared to the same quarter last year. As a group, equities research analysts forecast that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on MMSI shares. Needham & Company LLC restated a "buy" rating and set 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 for the company in a research note on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price target on Merit Medical Systems and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Wells Fargo & Company dropped their price target on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Finally, Barrington Research restated an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research note on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Merit Medical Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.00.

Insider Buying and Selling

In related news, Director Lynne N. Ward sold 3,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $88.56, for a total value of $265,680.00. Following the completion of the transaction, the director owned 12,809 shares of the company's stock, valued at approximately $1,134,365.04. This represents a 18.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael R. Mcdonnell sold 1,750 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $94.51, for a total value of $165,392.50. Following the sale, the director owned 6,395 shares of the company's stock, valued at approximately $604,391.45. This trade represents a 21.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,514 shares of company stock worth $2,264,465 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

About Merit Medical Systems

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.