Merit Medical Systems, Inc. $MMSI Stock Acquired by Mountain Pacific Investment Advisers LLC

Key Points

• Mountain Pacific Investment Advisers increased its Merit Medical Systems stake by 88.8% in the third quarter, to 38,048 shares valued at about $3.28 million. Institutional investors and hedge funds collectively own 99.66% of the company.
• Merit Medical beat quarterly earnings and revenue estimates, reporting $1.12 per share and $416.24 million in revenue; revenue rose 8.4% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $105.55. Canaccord raised its target to $121, while the shares recently opened at $84.16.

Mountain Pacific Investment Advisers LLC boosted its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 88.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,048 shares of the medical instruments supplier's stock after acquiring an additional 17,899 shares during the quarter. Mountain Pacific Investment Advisers LLC owned 0.06% of Merit Medical Systems worth $3,281,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MMSI. William Blair Investment Management LLC acquired a new stake in shares of Merit Medical Systems in the 2nd quarter valued at about $78,894,000. Irenic Capital Management LP bought a new stake in shares of Merit Medical Systems in the second quarter valued at about $37,623,000. The Manufacturers Life Insurance Company bought a new stake in shares of Merit Medical Systems in the second quarter valued at about $33,591,000. Bank of New York Mellon Corp bought a new stake in shares of Merit Medical Systems in the second quarter valued at about $28,470,000. Finally, Fifth Third Bancorp boosted its position in shares of Merit Medical Systems by 24,625.6% during the first quarter. Fifth Third Bancorp now owns 313,026 shares of the medical instruments supplier's stock worth $21,577,000 after buying an additional 311,760 shares during the period. 99.66% of the stock is owned by institutional investors and hedge funds.

Merit Medical Systems Trading Down 0.2%

Merit Medical Systems stock opened at $84.16 on Wednesday. The firm has a 50-day moving average of $88.35 and a 200-day moving average of $77.17. Merit Medical Systems, Inc. has a one year low of $59.74 and a one year high of $94.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.52 and a quick ratio of 3.05. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 21.67, a P/E/G ratio of 2.07 and a beta of 0.56.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The medical instruments supplier reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.08. The company had revenue of $416.24 million during the quarter, compared to analysts' expectations of $410.56 million. Merit Medical Systems had a return on equity of 14.12% and a net margin of 9.94%. Merit Medical Systems's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.92 EPS. On average, equities analysts expect that Merit Medical Systems, Inc. will post 3.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MMSI has been the subject of a number of research reports. Canaccord Genuity Group increased their price objective on Merit Medical Systems from $94.00 to $121.00 and gave the stock a "buy" rating in a report on Friday. Piper Sandler lifted their target price on Merit Medical Systems from $96.00 to $106.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Needham & Company LLC boosted their target price on Merit Medical Systems from $101.00 to $106.00 and gave the company a "buy" rating in a research note on Friday. Wells Fargo & Company upped their price target on Merit Medical Systems from $83.00 to $92.00 and gave the stock an "equal weight" rating in a research report on Friday, October 30th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $100.00 price target on shares of Merit Medical Systems in a research note on Friday, July 31st. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $105.55.

About Merit Medical Systems

Merit Medical Systems, Inc is a medical device company that develops, manufactures and distributes disposable products used in interventional, diagnostic and therapeutic procedures. Its devices are designed for use by healthcare professionals in hospitals, outpatient facilities and other clinical settings.

The company's product portfolio includes devices for vascular access, angiography, intervention, drainage, embolization, oncology and cardiac procedures. Merit also offers products used in peripheral intervention, spine procedures and other specialized areas of minimally invasive medicine, including kits, accessories and related procedural equipment.

Founded in 1987 and headquartered in South Jordan, Utah, Merit Medical serves healthcare providers through a global commercial and manufacturing network.

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