Price T Rowe Associates Inc. MD Cuts Stock Position in Merit Medical Systems, Inc. $MMSI

Key Points

• Price T Rowe Associates Inc. MD reduced its position in Merit Medical Systems by 2.7% during the first quarter, now holding approximately 1.27% of the company with a value of $79.5 million.
• Several institutional investors, including US Bancorp DE and Blue Trust Inc., have increased their stakes in Merit Medical Systems, reflecting a strong institutional interest as 99.66% of the stock is owned by institutional investors.
• Merit Medical reported $1.01 EPS in its last quarterly earnings, surpassing analyst expectations, along with a 13.2% year-over-year increase in revenue, resulting in a current forecast of $3.37 EPS for the year.

Price T Rowe Associates Inc. MD lessened its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 752,030 shares of the medical instruments supplier's stock after selling 20,849 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.27% of Merit Medical Systems worth $79,498,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in Merit Medical Systems in the 1st quarter worth approximately $31,000. IFP Advisors Inc grew its position in Merit Medical Systems by 1,435.0% in 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 during the period. Bayforest Capital Ltd bought a new stake in Merit Medical Systems in the 1st quarter worth approximately $41,000. Versant Capital Management Inc grew its position in Merit Medical Systems by 1,518.5% in the 1st 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 period. Finally, Wolverine Asset Management LLC bought a new stake in Merit Medical Systems in the 1st quarter worth approximately $60,000. Institutional investors own 99.66% of the company's stock.

Insiders Place Their Bets

In other Merit Medical Systems news, Director Lynne N. Ward sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $88.56, for a total value of $265,680.00. Following the completion of the sale, the director owned 12,809 shares in the company, valued at approximately $1,134,365.04. This represents a 18.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael R. Mcdonnell sold 1,750 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $94.51, for a total value of $165,392.50. Following the completion of the sale, the director owned 6,395 shares of the company's stock, valued at $604,391.45. The trade was a 21.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,514 shares of company stock worth $2,264,465. 3.70% of the stock is currently owned by corporate insiders.

Merit Medical Systems Stock Performance

Shares of NASDAQ:MMSI traded up $0.49 during midday trading on Friday, hitting $90.54. The company had a trading volume of 366,258 shares, compared to its average volume of 462,198. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.09 and a quick ratio of 2.66. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 45.96, a PEG ratio of 2.93 and a beta of 0.64. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45. The company has a fifty day moving average of $88.41 and a two-hundred day moving average of $94.27.

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, topping the consensus estimate 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 firm had revenue of $382.46 million during the quarter, compared to analyst estimates of $372.47 million. During the same period in the prior year, the business posted $0.92 EPS. Merit Medical Systems's revenue was up 13.2% on a year-over-year basis. On average, equities research analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MMSI shares. Canaccord Genuity Group set a $112.00 target price on shares of Merit Medical Systems and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Wells Fargo & Company cut their target price on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Needham & Company LLC reissued a "buy" rating and set a $108.00 price objective on shares of Merit Medical Systems in a research report on Friday, July 18th. Barrington Research restated an "outperform" rating and issued a $103.00 price objective on shares of Merit Medical Systems in a research note on Thursday, July 31st. Finally, Piper Sandler reduced their price objective on 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. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.00.

About Merit Medical Systems

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.