Dimensional Fund Advisors LP Sells 32,871 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Dimensional Fund Advisors LP reduced its stake in Merit Medical Systems by 2.8%, now holding 1,150,386 shares valued at approximately $121.6 million.
• Various institutional investors increased their positions, with Opal Wealth Advisors acquiring a new stake worth around $31,000 and IFP Advisors Inc lifting its stake by a staggering 1,435.0%.
• Merit Medical Systems reported earnings of $1.01 per share for the quarter, exceeding estimates, with revenue rising 13.2% year-over-year to $382.46 million.

Dimensional Fund Advisors LP cut its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 2.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,150,386 shares of the medical instruments supplier's stock after selling 32,871 shares during the period. Dimensional Fund Advisors LP owned approximately 1.95% of Merit Medical Systems worth $121,602,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MMSI. Walleye Capital LLC bought a new stake in Merit Medical Systems in the fourth quarter worth $499,000. First Trust Advisors LP lifted its stake in Merit Medical Systems by 15.1% in the fourth quarter. First Trust Advisors LP now owns 59,466 shares of the medical instruments supplier's stock worth $5,752,000 after purchasing an additional 7,781 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Merit Medical Systems by 4.7% in the fourth quarter. MetLife Investment Management LLC now owns 34,585 shares of the medical instruments supplier's stock worth $3,345,000 after purchasing an additional 1,557 shares during the last quarter. MML Investors Services LLC lifted its stake in Merit Medical Systems by 18.8% in the fourth quarter. MML Investors Services LLC now owns 21,021 shares of the medical instruments supplier's stock worth $2,033,000 after purchasing an additional 3,331 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in Merit Medical Systems by 74.2% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 32,089 shares of the medical instruments supplier's stock worth $3,103,000 after purchasing an additional 13,672 shares during the last quarter. 99.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MMSI. Wells Fargo & Company decreased their price objective on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Needham & Company LLC restated a "buy" rating and issued a $108.00 price objective on shares of Merit Medical Systems in a research report on Friday, July 18th. Canaccord Genuity Group set a $112.00 price objective on shares of Merit Medical Systems and gave the company a "buy" rating in a research report on Wednesday, May 21st. Barrington Research restated an "outperform" rating and issued a $103.00 price objective on shares of Merit Medical Systems in a research report on Thursday, July 31st. Finally, Piper Sandler decreased 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. Eight 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.00.

Insider Transactions at Merit Medical Systems

In related news, CFO Raul Jr. Parra sold 15,181 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $93.75, for a total transaction of $1,423,218.75. Following the transaction, the chief financial officer owned 24,201 shares in the company, valued at $2,268,843.75. This represents a 38.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Floyd sold 3,515 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $94.16, for a total transaction of $330,972.40. Following the transaction, the director owned 4,880 shares in the company, valued at approximately $459,500.80. This trade represents a 41.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,779 shares of company stock valued at $4,662,863. 3.70% of the stock is currently owned by insiders.

Merit Medical Systems Trading Up 0.9%

Shares of NASDAQ MMSI traded up $0.79 during midday trading on Tuesday, hitting $88.95. 170,552 shares of the company traded hands, compared to its average volume of 648,314. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.66 and a current ratio of 4.09. The stock has a 50-day moving average price of $88.61 and a 200 day moving average price of $94.79. The firm has a market cap of $5.27 billion, a P/E ratio of 45.15, 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 quarterly earnings data 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 business 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 firm posted $0.92 earnings per share. Merit Medical Systems's quarterly revenue was up 13.2% on a year-over-year basis. As a group, analysts expect that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Merit Medical Systems Company 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.