Merit Medical Systems, Inc. $MMSI Shares Sold by AMI Asset Management Corp

Key Points

• AMI Asset Management Corp reduced its stake in Merit Medical Systems by 36.9% in Q2, owning about 19,986 shares worth around $1.87 million after the sale.
• The stock received favorable ratings from several brokerages, maintaining a buy rating and an average price target of $107.50, despite some analysts slightly lowering their price objectives.
• Merit Medical Systems reported a Q2 earnings per share of $1.01, surpassing estimates and showing a 13.2% year-over-year revenue growth with total revenue of $382.46 million.

AMI Asset Management Corp cut its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 36.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,986 shares of the medical instruments supplier's stock after selling 11,692 shares during the quarter. AMI Asset Management Corp's holdings in Merit Medical Systems were worth $1,868,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MMSI. Maseco LLP acquired a new position in Merit Medical Systems in the second quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new position in Merit Medical Systems in the first quarter valued at approximately $31,000. IFP Advisors Inc boosted its holdings in Merit Medical Systems by 1,435.0% in the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock valued at $32,000 after purchasing an additional 287 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Merit Medical Systems by 55.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier's stock valued at $35,000 after purchasing an additional 134 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Merit Medical Systems by 119.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier's stock valued at $39,000 after purchasing an additional 200 shares in the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on MMSI. Needham & Company LLC reaffirmed 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 reissued an "outperform" rating and issued a $103.00 price objective on shares of Merit Medical Systems in a report on Tuesday, September 23rd. Raymond James Financial decreased their price objective on Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Wells Fargo & Company decreased their price objective on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Finally, Piper Sandler decreased their price objective on Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $107.50.

Merit Medical Systems Price Performance

Shares of MMSI opened at $82.08 on Thursday. Merit Medical Systems, Inc. has a twelve month low of $79.10 and a twelve month high of $111.45. The stock's 50 day moving average is $86.05 and its two-hundred day moving average is $91.79. The firm has a market capitalization of $4.86 billion, a PE ratio of 41.66, a P/E/G ratio of 2.80 and a beta of 0.58. 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 (NASDAQ:MMSI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $372.47 million. During the same quarter in the previous year, the company earned $0.92 EPS. The firm's revenue for the quarter was up 13.2% compared to the same quarter last year. Research analysts anticipate that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, Director Lynne N. Ward sold 3,000 shares of the stock in a transaction on 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 in the company, valued at approximately $1,134,365.04. This represents a 18.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.20% of the company's stock.

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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