Maverick Capital Ltd. Buys Shares of 1,272,511 Merit Medical Systems, Inc. $MMSI

Key Points

• Maverick Capital Ltd. has invested approximately $134.52 million in Merit Medical Systems, acquiring 1,272,511 shares, which makes up 2.4% of its portfolio.
• In the last quarterly earnings report, Merit Medical reported an Earnings Per Share (EPS) of $1.01, exceeding analyst expectations by $0.16 and showing a 13.2% increase in revenue year-over-year.
• Merit Medical's stock has received several analyst ratings, including a consensus rating of "Moderate Buy" with a target price averaging around $107.00.

Maverick Capital Ltd. bought a new stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,272,511 shares of the medical instruments supplier's stock, valued at approximately $134,517,000. Merit Medical Systems comprises 2.4% of Maverick Capital Ltd.'s investment portfolio, making the stock its 12th largest position. Maverick Capital Ltd. owned about 2.15% of Merit Medical Systems as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Evergreen Capital Management LLC raised its holdings in Merit Medical Systems by 2.4% in the 1st quarter. Evergreen Capital Management LLC now owns 4,616 shares of the medical instruments supplier's stock valued at $488,000 after acquiring an additional 108 shares during the period. Driehaus Capital Management LLC raised its holdings in Merit Medical Systems by 172.9% in the 1st quarter. Driehaus Capital Management LLC now owns 227,814 shares of the medical instruments supplier's stock valued at $24,082,000 after acquiring an additional 144,350 shares during the period. CreativeOne Wealth LLC raised its holdings in Merit Medical Systems by 35.8% in the 1st quarter. CreativeOne Wealth LLC now owns 20,953 shares of the medical instruments supplier's stock valued at $2,215,000 after acquiring an additional 5,520 shares during the period. Virtus Advisers LLC bought a new position in Merit Medical Systems in the 1st quarter valued at about $162,000. Finally, Comerica Bank raised its holdings in Merit Medical Systems by 7.2% in the 1st quarter. Comerica Bank now owns 226,805 shares of the medical instruments supplier's stock valued at $23,976,000 after acquiring an additional 15,305 shares during the period. 99.66% of the stock is owned by institutional investors.

Insider Activity at Merit Medical Systems

In related news, CEO Fred P. Lampropoulos sold 400 shares of Merit Medical Systems stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $95.61, for a total value of $38,244.00. Following the transaction, the chief executive officer directly owned 1,045,628 shares of the company's stock, valued at $99,972,493.08. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lynne N. Ward sold 3,000 shares of Merit Medical Systems stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $88.56, for a total transaction of $265,680.00. Following the completion of the transaction, the director directly owned 12,809 shares in the company, valued at $1,134,365.04. This trade represents a 18.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,014 shares of company stock valued at $1,933,680 over the last three months. 3.20% of the stock is owned by insiders.

Merit Medical Systems Stock Performance

Shares of MMSI traded up $0.82 during mid-day trading on Friday, hitting $92.97. 580,755 shares of the company's stock were exchanged, compared to its average volume of 452,486. Merit Medical Systems, Inc. has a 52 week low of $81.04 and a 52 week high of $111.45. The stock's 50-day simple moving average is $88.24 and its 200-day simple moving average is $93.87. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 47.19, a price-to-earnings-growth ratio of 2.99 and a beta of 0.64. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last announced 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. The company had revenue of $382.46 million for the quarter, compared to analysts' expectations of $372.47 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The business's revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share. On average, equities research analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.

Wall Street Analyst Weigh In

MMSI has been the topic of several research analyst reports. Barrington Research reissued 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. Piper Sandler lowered their target price 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. 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 report on Thursday, July 31st. Finally, Raymond James Financial lowered their target price on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $107.00.

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.