Premier Fund Managers Ltd Grows Stock Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Key Points

• Premier Fund Managers Ltd increased its stake in Merit Medical Systems by 1,336.0% during the first quarter, owning 6,620 shares valued at approximately $687,000.
• A number of institutional investors, including Norges Bank and Raymond James Financial, have also made significant investments in Merit Medical Systems, resulting in institutional ownership of 99.66%.
• Equity analysts have rated the stock predominantly as a "buy," with an average target price of $109.11 following various target adjustments by firms like Canaccord Genuity and Needham & Company.

Premier Fund Managers Ltd lifted its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 1,336.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,620 shares of the medical instruments supplier's stock after buying an additional 6,159 shares during the period. Premier Fund Managers Ltd's holdings in Merit Medical Systems were worth $687,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MMSI. American Century Companies Inc. increased its holdings in Merit Medical Systems by 40.2% in the fourth quarter. American Century Companies Inc. now owns 23,658 shares of the medical instruments supplier's stock valued at $2,288,000 after purchasing an additional 6,789 shares during the period. LPL Financial LLC boosted its position in Merit Medical Systems by 23.9% during the fourth quarter. LPL Financial LLC now owns 54,592 shares of the medical instruments supplier's stock valued at $5,555,000 after acquiring an additional 10,526 shares during the last quarter. Norges Bank bought a new stake in Merit Medical Systems during the fourth quarter valued at $66,638,000. New Age Alpha Advisors LLC bought a new stake in Merit Medical Systems during the fourth quarter valued at $414,000. Finally, Pictet Asset Management Holding SA boosted its position in Merit Medical Systems by 13.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 8,675 shares of the medical instruments supplier's stock valued at $839,000 after acquiring an additional 1,049 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Merit Medical Systems Stock Down 0.1%

NASDAQ:MMSI traded down $0.08 on Friday, hitting $84.78. The stock had a trading volume of 699,324 shares, compared to its average volume of 806,765. The company has a debt-to-equity ratio of 0.49, a quick ratio of 3.26 and a current ratio of 4.09. The stock has a market cap of $5.01 billion, a P/E ratio of 43.04, a price-to-earnings-growth ratio of 2.24 and a beta of 0.66. Merit Medical Systems, Inc. has a 1 year low of $81.04 and a 1 year high of $111.45. The firm's fifty day simple moving average is $91.39 and its two-hundred day simple moving average is $97.18.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The medical instruments supplier reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $382.46 million during the quarter, compared to analyst estimates of $372.47 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The company's revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter last year, the business posted $0.92 EPS. Analysts predict that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Insider Activity at Merit Medical Systems

In other news, Director F. Ann Millner sold 21,250 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $96.47, for a total transaction of $2,049,987.50. Following the completion of the sale, the director owned 34,543 shares in the company, valued at $3,332,363.21. This trade represents a 38.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael R. Mcdonnell sold 1,750 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $94.51, for a total transaction of $165,392.50. Following the sale, the director owned 6,395 shares of the company's stock, valued at approximately $604,391.45. The trade was a 21.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,596 shares of company stock worth $8,171,433 over the last 90 days. Corporate insiders own 3.20% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barrington Research reaffirmed an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research report on Thursday. Raymond James Financial cut 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. Piper Sandler cut their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating on the stock in a research report on Thursday. Wells Fargo & Company cut their price objective 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. Finally, 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. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Merit Medical Systems has an average rating of "Moderate Buy" and an average price target of $107.00.

Merit Medical Systems Company 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.