PNC Financial Services Group Inc. Lowers Position in Merit Medical Systems, Inc. (NASDAQ:MMSI)

PNC Financial Services Group Inc. cut its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,163 shares of the medical instruments supplier's stock after selling 3,173 shares during the period. PNC Financial Services Group Inc.'s holdings in Merit Medical Systems were worth $1,391,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Opal Wealth Advisors LLC bought a new position in shares of Merit Medical Systems in the first quarter worth approximately $31,000. IFP Advisors Inc increased its position in shares of 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 worth $32,000 after purchasing an additional 287 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Merit Medical Systems in the first quarter worth approximately $41,000. Versant Capital Management Inc increased its position in shares of 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 worth $46,000 after purchasing an additional 410 shares during the last quarter. Finally, Harbour Investments Inc. bought a new position in shares of Merit Medical Systems in the first quarter worth approximately $66,000. 99.66% of the stock is currently owned by institutional investors.

Insider Activity

In other Merit Medical Systems news, Director Michael R. Mcdonnell sold 1,750 shares of Merit Medical Systems 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 completion of the transaction, the director directly owned 6,395 shares of the company's stock, valued at $604,391.45. This trade represents a 21.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Raul Jr. Parra sold 15,181 shares of Merit Medical Systems stock in a transaction on Friday, June 13th. The stock was sold at an average price of $93.75, for a total transaction of $1,423,218.75. Following the transaction, the chief financial officer directly owned 24,201 shares of the company's stock, valued at $2,268,843.75. The trade was a 38.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,779 shares of company stock valued at $6,327,983. Company insiders own 3.20% of the company's stock.

Merit Medical Systems Stock Up 0.2%

Shares of NASDAQ:MMSI traded up $0.21 on Friday, hitting $85.43. 61,143 shares of the company traded hands, compared to its average volume of 655,964. The stock has a 50 day simple moving average of $89.61 and a 200-day simple moving average of $96.03. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49. The company has a market cap of $5.06 billion, a PE ratio of 43.36, a PEG ratio of 2.82 and a beta of 0.66. Merit Medical Systems, Inc. has a 52 week low of $81.04 and a 52 week high of $111.45.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released 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 the consensus estimate of $372.47 million. During the same period in the previous year, the company posted $0.92 EPS. The business's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, research analysts expect that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MMSI. Canaccord Genuity Group set a $112.00 price objective on shares of Merit Medical Systems and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Barrington Research reiterated an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research report on Thursday, July 31st. Raymond James Financial reduced their price target on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. Needham & Company LLC reiterated a "buy" rating and set a $108.00 price target on shares of Merit Medical Systems in a research report on Friday, July 18th. Finally, Wells Fargo & Company reduced their price target on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.00.

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.