Iron Triangle Partners LP reduced its position in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 43.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,738 shares of the medical instruments supplier's stock after selling 177,284 shares during the quarter. Merit Medical Systems accounts for approximately 3.9% of Iron Triangle Partners LP's investment portfolio, making the stock its 12th largest holding. Iron Triangle Partners LP owned approximately 0.39% of Merit Medical Systems worth $24,286,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Merit Medical Systems in the first quarter valued at about $31,000. IFP Advisors Inc grew its stake 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 during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake 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 during the last quarter. Bayforest Capital Ltd purchased a new position in Merit Medical Systems in the first quarter valued at about $41,000. Finally, Versant Capital Management Inc grew its stake in Merit Medical Systems by 1,518.5% in the first quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier's stock valued at $46,000 after purchasing an additional 410 shares during the last quarter. Hedge funds and other institutional investors own 99.66% of the company's stock.
Insider Activity at Merit Medical Systems
In related news, CFO Raul Jr. Parra sold 15,181 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $93.75, for a total value of $1,423,218.75. Following the transaction, the chief financial officer directly owned 24,201 shares in the company, valued at approximately $2,268,843.75. This represents a 38.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Fred P. Lampropoulos sold 400 shares of the company's 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 completion of the transaction, the chief executive officer owned 1,045,628 shares in the company, valued at $99,972,493.08. This represents a 0.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,014 shares of company stock worth $1,933,680. Insiders own 3.70% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on MMSI shares. Canaccord Genuity Group set a $112.00 target price on Merit Medical Systems and gave the company a "buy" rating in a research note on Wednesday, May 21st. Raymond James Financial lowered their price target 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. Piper Sandler lowered their price target 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. Barrington Research restated an "outperform" rating and issued a $103.00 price objective on shares of Merit Medical Systems in a research note on Thursday, July 31st. Finally, Wells Fargo & Company reduced their price objective 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. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $107.00.
Check Out Our Latest Stock Analysis on Merit Medical Systems
Merit Medical Systems Price Performance
MMSI stock traded up $0.05 during mid-day trading on Tuesday, reaching $90.59. 300,737 shares of the company's stock were exchanged, compared to its average volume of 645,171. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.09 and a quick ratio of 2.66. The stock's 50 day moving average is $88.37 and its 200 day moving average is $94.15. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 45.98, a price-to-earnings-growth ratio of 2.93 and a beta of 0.64. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45.
Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share (EPS) 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 business had revenue of $382.46 million during the quarter, compared to analyst estimates of $372.47 million. During the same period in the prior year, the business earned $0.92 earnings per share. The business's revenue was up 13.2% compared to the same quarter last year. On average, research analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.
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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