Northern Trust Corp Sells 22,408 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Northern Trust Corp reduced its holdings in Merit Medical Systems by 3.0%, selling 22,408 shares and now owns 728,528 shares worth approximately $77 million.
• Several analysts have adjusted their price targets for Merit Medical, with Piper Sandler lowering it from $110 to $105 while maintaining an "overweight" rating.
• Merit Medical Systems reported $1.01 earnings per share for the last quarter, beating estimates and reflecting a 13.2% year-over-year revenue growth to $382.46 million.

Northern Trust Corp trimmed its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 3.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 728,528 shares of the medical instruments supplier's stock after selling 22,408 shares during the quarter. Northern Trust Corp owned 1.23% of Merit Medical Systems worth $77,013,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in Merit Medical Systems during the 1st quarter worth approximately $31,000. IFP Advisors Inc increased its stake in Merit Medical Systems by 1,435.0% during the 1st quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock worth $32,000 after purchasing an additional 287 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Merit Medical Systems during the 1st quarter worth approximately $41,000. Versant Capital Management Inc grew its stake in shares of Merit Medical Systems by 1,518.5% during the 1st quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier's stock worth $46,000 after acquiring an additional 410 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new position in shares of Merit Medical Systems during the 1st quarter worth approximately $60,000. 99.66% of the stock is owned by institutional investors.

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, Director David Floyd sold 3,515 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $94.16, for a total transaction of $330,972.40. Following the completion of the sale, the director owned 4,880 shares of the company's stock, valued at $459,500.80. This trade represents a 41.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael R. Mcdonnell sold 1,750 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $94.51, for a total value of $165,392.50. Following the sale, the director directly owned 6,395 shares of the company's stock, valued at $604,391.45. This represents a 21.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,779 shares of company stock worth $6,327,983. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler decreased their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company decreased their price target on shares of 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. Barrington Research reaffirmed an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research note on Thursday, July 31st. Raymond James Financial decreased their price target on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, July 18th. Eight 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $107.00.

Merit Medical Systems Price Performance

NASDAQ:MMSI opened at $89.45 on Monday. Merit Medical Systems, Inc. has a 1-year low of $81.04 and a 1-year high of $111.45. The company has a current ratio of 4.09, a quick ratio of 2.66 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $88.73 and a 200 day simple moving average of $94.94. The stock has a market capitalization of $5.30 billion, a PE ratio of 45.41, a P/E/G ratio of 2.92 and a beta of 0.66.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released its earnings results 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. 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 during the quarter, compared to analysts' expectations of $372.47 million. During the same period last year, the business earned $0.92 earnings per share. The firm's revenue was up 13.2% on a year-over-year basis. On average, research analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

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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