Nuveen LLC Invests $80.68 Million in Merit Medical Systems, Inc. $MMSI

Key Points

• Nuveen LLC has acquired a new position in Merit Medical Systems, purchasing 763,214 shares valued at approximately $80.68 million, representing 1.29% ownership of the company.
• Insider transactions reveal significant sales, including Director David Floyd, who sold 3,515 shares, reducing his holdings by 41.87% to 4,880 shares valued at around $459,500.
• Analysts have set a consensus rating of "Moderate Buy" for MMSI, with a target price averaging around $107.00, despite price adjustments from various research firms.

Nuveen LLC acquired a new stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 763,214 shares of the medical instruments supplier's stock, valued at approximately $80,679,000. Nuveen LLC owned about 1.29% of Merit Medical Systems at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MMSI. Invesco Ltd. grew its holdings in Merit Medical Systems by 16.4% during the first quarter. Invesco Ltd. now owns 1,787,289 shares of the medical instruments supplier's stock worth $188,934,000 after acquiring an additional 251,821 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in shares of Merit Medical Systems by 2.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,633,246 shares of the medical instruments supplier's stock worth $157,968,000 after purchasing an additional 36,489 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Merit Medical Systems by 0.6% during the 4th quarter. Royal Bank of Canada now owns 938,210 shares of the medical instruments supplier's stock worth $90,744,000 after purchasing an additional 5,932 shares during the period. Northern Trust Corp increased its holdings in shares of Merit Medical Systems by 12.8% in the 4th quarter. Northern Trust Corp now owns 750,936 shares of the medical instruments supplier's stock valued at $72,631,000 after purchasing an additional 85,483 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of Merit Medical Systems by 3.6% in the 4th quarter. Nuveen Asset Management LLC now owns 742,735 shares of the medical instruments supplier's stock valued at $71,837,000 after purchasing an additional 25,816 shares in the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Barrington Research restated an "outperform" rating and set a $103.00 target price on shares of Merit Medical Systems in a research report on Thursday, July 31st. Needham & Company LLC reissued a "buy" rating and set a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, July 18th. Raymond James Financial dropped their price objective on 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. Piper Sandler decreased their target price on 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. Finally, Wells Fargo & Company lowered their target price on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Merit Medical Systems has a consensus rating of "Moderate Buy" and an average price target of $107.00.

Insiders Place Their Bets

In related news, CEO Fred P. Lampropoulos sold 20,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $96.54, for a total transaction of $1,930,800.00. Following the completion of the sale, the chief executive officer directly owned 1,066,028 shares of the company's stock, valued at approximately $102,914,343.12. This trade represents a 1.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael R. Mcdonnell sold 1,750 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 6,395 shares in the company, valued at approximately $604,391.45. The trade was a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,779 shares of company stock worth $6,327,983. 3.70% of the stock is owned by insiders.

Merit Medical Systems Trading Up 1.4%

Shares of MMSI traded up $1.22 during mid-day trading on Monday, hitting $86.73. The company had a trading volume of 126,909 shares, compared to its average volume of 655,815. Merit Medical Systems, Inc. has a 1-year low of $81.04 and a 1-year high of $111.45. The business's 50-day simple moving average is $89.41 and its 200-day simple moving average is $95.68. The stock has a market cap of $5.14 billion, a PE ratio of 44.08, a P/E/G ratio of 2.80 and a beta of 0.66. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49.

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 (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $382.46 million during the quarter, compared to analysts' expectations of $372.47 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The business's quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 EPS. Sell-side analysts forecast that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current 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.