Raymond James Financial Inc. Buys 8,022 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Raymond James Financial Inc. has increased its holdings in Merit Medical Systems, owning 513,865 shares worth approximately $54.3 million after purchasing an additional 8,022 shares in the first quarter.
• Merit Medical Systems reported a quarterly EPS of $1.01, outperforming analysts' expectations of $0.85, and showed a 13.2% revenue increase year-over-year.
• The current market sentiment for Merit Medical Systems is positive, with a consensus rating of "Moderate Buy" and an average price target of $107.00 among eight analysts.

Raymond James Financial Inc. boosted its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 513,865 shares of the medical instruments supplier's stock after purchasing an additional 8,022 shares during the quarter. Raymond James Financial Inc. owned about 0.87% of Merit Medical Systems worth $54,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in shares of Merit Medical Systems during the first quarter worth approximately $31,000. IFP Advisors Inc raised its stake in shares of Merit Medical Systems by 1,435.0% during the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock worth $32,000 after acquiring an additional 287 shares in the last quarter. Bayforest Capital Ltd purchased a new position in shares of Merit Medical Systems during the first quarter worth approximately $41,000. Versant Capital Management Inc raised its stake in shares of Merit Medical Systems by 1,518.5% during the first quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier's stock worth $46,000 after acquiring an additional 410 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Merit Medical Systems during the first quarter worth approximately $60,000. 99.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barrington Research reissued an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research note 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. Piper Sandler decreased 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 note on Thursday, July 31st. Wells Fargo & Company decreased 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 note on Thursday, July 31st. Finally, Raymond James Financial decreased 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 note on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Merit Medical Systems presently has a consensus rating of "Moderate Buy" and an average target price of $107.00.

Insiders Place Their Bets

In related news, Director Lynne N. Ward sold 3,000 shares of Merit Medical Systems stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $88.56, for a total value of $265,680.00. Following the sale, the director owned 12,809 shares in the company, valued at $1,134,365.04. The trade was a 18.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fred P. Lampropoulos sold 400 shares of Merit Medical Systems stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $95.61, for a total transaction of $38,244.00. Following the completion of the sale, the chief executive officer owned 1,045,628 shares in the company, valued at approximately $99,972,493.08. This trade represents a 0.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,779 shares of company stock valued at $4,662,863 over the last quarter. 3.20% of the stock is owned by company insiders.

Merit Medical Systems Trading Up 1.9%

Shares of Merit Medical Systems stock traded up $1.73 on Wednesday, hitting $90.79. The stock had a trading volume of 608,261 shares, compared to its average volume of 566,393. 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, Inc. has a one year low of $81.04 and a one year high of $111.45. The stock has a market cap of $5.38 billion, a price-to-earnings ratio of 46.09, a PEG ratio of 2.89 and a beta of 0.66. The stock's 50-day simple moving average is $88.49 and its two-hundred day simple moving average is $94.72.

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

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.