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King Luther Capital Management Corp Purchases 5,668 Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI)

Merit Medical Systems logo with Medical background

Key Points

  • King Luther Capital Management Corp increased its stake in Merit Medical Systems by 9.3%, acquiring an additional 5,668 shares to hold a total of 66,682 shares worth approximately $7.05 million.
  • Merit Medical reported $1.01 earnings per share (EPS) for the last quarter, surpassing analyst estimates of $0.85 and achieving a 13.2% year-over-year revenue growth.
  • Brokerages generally maintain a positive outlook on Merit Medical, with a consensus rating of "Moderate Buy" and an average price target of $107.00 for the stock.
  • Looking to export and analyze Merit Medical Systems data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

King Luther Capital Management Corp lifted its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,682 shares of the medical instruments supplier's stock after acquiring an additional 5,668 shares during the period. King Luther Capital Management Corp owned 0.11% of Merit Medical Systems worth $7,049,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Merit Medical Systems by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,959 shares of the medical instruments supplier's stock worth $207,000 after acquiring an additional 465 shares during the period. KBC Group NV lifted its holdings in shares of Merit Medical Systems by 18.8% during the 1st quarter. KBC Group NV now owns 2,691 shares of the medical instruments supplier's stock worth $284,000 after acquiring an additional 426 shares during the period. Lazard Asset Management LLC raised its holdings in Merit Medical Systems by 332.7% in the fourth quarter. Lazard Asset Management LLC now owns 4,682 shares of the medical instruments supplier's stock valued at $452,000 after buying an additional 3,600 shares during the period. SG Americas Securities LLC purchased a new position in Merit Medical Systems in the first quarter valued at approximately $294,000. Finally, Group One Trading LLC purchased a new position in Merit Medical Systems in the fourth quarter valued at approximately $77,000. 99.66% of the stock is currently owned by hedge funds and other institutional investors.

Merit Medical Systems Stock Up 1.6%

Shares of Merit Medical Systems stock traded up $1.39 during trading on Wednesday, hitting $86.15. 466,505 shares of the stock traded hands, compared to its average volume of 815,665. The stock has a market cap of $5.10 billion, a P/E ratio of 43.73, a PEG ratio of 2.77 and a beta of 0.66. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.66 and a current ratio of 4.09. Merit Medical Systems, Inc. has a twelve month low of $81.04 and a twelve month high of $111.45. The company has a fifty day moving average price of $89.80 and a two-hundred day moving average price of $96.17.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share (EPS) for the quarter, beating 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 business had revenue of $382.46 million during the quarter, compared to analyst estimates of $372.47 million. During the same period in the previous year, the company earned $0.92 EPS. The firm's revenue was up 13.2% on a year-over-year basis. Equities research analysts predict that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MMSI has been the topic of several research reports. Robert W. Baird cut their price target on shares of Merit Medical Systems from $111.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Needham & Company LLC restated a "buy" rating and issued a $108.00 price target on shares of Merit Medical Systems in a report on Friday, July 18th. Barrington Research restated an "outperform" rating and issued a $103.00 price target on shares of Merit Medical Systems in a report on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price target on shares of Merit Medical Systems and gave the company a "buy" rating in a report on Wednesday, May 21st. Finally, Piper Sandler cut their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $107.00.

View Our Latest Stock Report on MMSI

Insider Buying and Selling

In other Merit Medical Systems news, Director Lynne N. Ward sold 2,433 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $84.89, for a total value of $206,537.37. Following the sale, the director directly owned 12,809 shares in the company, valued at $1,087,356.01. This represents a 15.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Fred P. Lampropoulos sold 20,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $96.54, for a total value of $1,930,800.00. Following the completion of the sale, the chief executive officer owned 1,066,028 shares in the company, valued at $102,914,343.12. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,029 shares of company stock worth $8,377,970. 3.20% of the stock is currently owned by company insiders.

About Merit Medical Systems

(Free Report)

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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Institutional Ownership by Quarter for Merit Medical Systems (NASDAQ:MMSI)

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