PNC Financial Services Group Inc. Sells 3,173 Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI)

PNC Financial Services Group Inc. cut its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 19.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,163 shares of the medical instruments supplier's stock after selling 3,173 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Merit Medical Systems were worth $1,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Merit Medical Systems during the fourth quarter valued at approximately $48,926,000. FMR LLC lifted its holdings in shares of Merit Medical Systems by 31.6% during the fourth quarter. FMR LLC now owns 2,076,439 shares of the medical instruments supplier's stock valued at $200,833,000 after purchasing an additional 499,193 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Merit Medical Systems by 3,197.9% during the fourth quarter. Tidal Investments LLC now owns 342,912 shares of the medical instruments supplier's stock valued at $33,166,000 after purchasing an additional 332,514 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Merit Medical Systems during the fourth quarter valued at approximately $21,824,000. Finally, GAMMA Investing LLC raised its holdings in Merit Medical Systems by 13,761.2% in the 1st quarter. GAMMA Investing LLC now owns 207,086 shares of the medical instruments supplier's stock worth $21,891,000 after acquiring an additional 205,592 shares during the last quarter. 99.66% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Michael R. Mcdonnell sold 1,750 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $94.51, for a total transaction of $165,392.50. Following the completion of the sale, the director owned 6,395 shares in the company, valued at approximately $604,391.45. This trade represents a 21.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Raul Jr. Parra sold 15,181 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $93.75, for a total value of $1,423,218.75. Following the sale, the chief financial officer owned 24,201 shares of the company's stock, valued at $2,268,843.75. This represents a 38.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,029 shares of company stock valued at $8,377,970 in the last three months. 3.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MMSI has been the subject of a number of recent analyst reports. Piper Sandler decreased their price objective on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Raymond James Financial decreased their price objective on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price objective on shares of Merit Medical Systems and gave the stock a "buy" rating in a report on Wednesday, May 21st. Robert W. Baird decreased their price objective on shares of Merit Medical Systems from $111.00 to $110.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $103.00 target price on shares of Merit Medical Systems in a research report on Thursday, July 31st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $107.00.

Merit Medical Systems Stock Performance

Shares of MMSI stock traded up $1.39 during mid-day trading on Wednesday, reaching $86.15. 466,505 shares of the company's stock traded hands, compared to its average volume of 662,397. Merit Medical Systems, Inc. has a 12 month low of $81.04 and a 12 month high of $111.45. The firm has a market capitalization of $5.10 billion, a PE ratio of 43.73, a price-to-earnings-growth ratio of 2.75 and a beta of 0.66. The firm has a 50 day moving average price of $89.80 and a two-hundred day moving average price of $96.17. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.66 and a current ratio of 4.09.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 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 for the quarter, compared to analysts' expectations of $372.47 million. During the same period last year, the firm earned $0.92 earnings per share. The business's quarterly revenue was up 13.2% on a year-over-year basis. On average, research analysts forecast that Merit Medical Systems, Inc. will post 3.37 EPS 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.