Merit Medical Systems, Inc. $MMSI Stake Lessened by Jump Financial LLC

Key Points

• Jump Financial LLC reduced its stake in Merit Medical Systems by 59.9%, resulting in an ownership of 12,998 shares worth approximately $1.37 million.
• Merit Medical Systems reported a revenue of $382.46 million for the last quarter, exceeding estimates and marking a 13.2% year-over-year increase.
• Analysts maintain a consensus rating of "Moderate Buy" for the stock with an average price target of $107.00, supported by multiple brokerages' positive assessments.

Jump Financial LLC trimmed its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 59.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,998 shares of the medical instruments supplier's stock after selling 19,431 shares during the period. Jump Financial LLC's holdings in Merit Medical Systems were worth $1,374,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MMSI. Nuveen LLC acquired a new stake in Merit Medical Systems during the first quarter worth approximately $80,679,000. Ameriprise Financial Inc. raised its position in shares of Merit Medical Systems by 109.4% in the 1st quarter. Ameriprise Financial Inc. now owns 660,394 shares of the medical instruments supplier's stock worth $69,810,000 after buying an additional 345,070 shares during the period. Tidal Investments LLC boosted its holdings in Merit Medical Systems by 3,197.9% in the fourth quarter. Tidal Investments LLC now owns 342,912 shares of the medical instruments supplier's stock valued at $33,166,000 after acquiring an additional 332,514 shares during the last quarter. Invesco Ltd. boosted its holdings in Merit Medical Systems by 16.4% in the first quarter. Invesco Ltd. now owns 1,787,289 shares of the medical instruments supplier's stock valued at $188,934,000 after acquiring an additional 251,821 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in Merit Medical Systems in the fourth quarter valued at $21,824,000. 99.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Piper Sandler reduced their target price on 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 reduced their price objective on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Barrington Research restated an "outperform" rating and set a $103.00 price objective on shares of Merit Medical Systems in a research note on Thursday, July 31st. Needham & Company LLC restated a "buy" rating and set a $108.00 price objective on shares of Merit Medical Systems in a research note on Friday, July 18th. Finally, Canaccord Genuity Group set a $112.00 price objective on Merit Medical Systems and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $107.00.

Merit Medical Systems Stock Down 0.3%

Shares of NASDAQ:MMSI traded down $0.27 during trading on Tuesday, hitting $90.28. The company's stock had a trading volume of 187,502 shares, compared to its average volume of 644,842. 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 company has a market capitalization of $5.35 billion, a PE ratio of 45.70, a PEG ratio of 2.93 and a beta of 0.64. Merit Medical Systems, Inc. has a fifty-two week low of $81.04 and a fifty-two week high of $111.45. The stock's 50-day moving average price is $88.37 and its two-hundred day moving average price is $94.15.

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 the consensus estimate of $0.85 by $0.16. The firm had revenue of $382.46 million during the quarter, compared to analyst estimates of $372.47 million. Merit Medical Systems had a return on equity of 15.07% and a net margin of 8.31%.Merit Medical Systems's quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 earnings per share. As a group, sell-side analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, CEO Fred P. Lampropoulos sold 400 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $95.61, for a total transaction of $38,244.00. Following the completion of the transaction, the chief executive officer directly owned 1,045,628 shares of the company's stock, valued at approximately $99,972,493.08. This trade represents a 0.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lynne N. Ward sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $88.56, for a total value of $265,680.00. Following the transaction, the director directly owned 12,809 shares of the company's stock, valued at approximately $1,134,365.04. The trade was a 18.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,014 shares of company stock valued at $1,933,680. 3.70% of the stock is owned by corporate insiders.

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.