Renaissance Technologies LLC Acquires 188,000 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Renaissance Technologies increased its Merit Medical Systems stake by 149% in the first quarter, adding 188,000 shares to own 314,212 shares valued at approximately $21.7 million. Institutional investors collectively hold 99.66% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings, two Holds and one Sell. The stock has a “Moderate Buy” consensus rating and an average price target of $92.80.
• Merit Medical’s latest results exceeded expectations, with quarterly EPS of $0.94 versus the $0.84 estimate and revenue of $381.88 million, up 7.4% year over year. Shares opened at $80.84, while an insider sold 5,000 shares and another purchased 2,000 shares.

Renaissance Technologies LLC grew its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 149.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 314,212 shares of the medical instruments supplier's stock after purchasing an additional 188,000 shares during the quarter. Renaissance Technologies LLC owned about 0.53% of Merit Medical Systems worth $21,659,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lido Advisors LLC raised its holdings in shares of Merit Medical Systems by 3.8% in the fourth quarter. Lido Advisors LLC now owns 3,836 shares of the medical instruments supplier's stock valued at $324,000 after buying an additional 140 shares during the last quarter. AMI Asset Management Corp grew its holdings in Merit Medical Systems by 0.8% during the 1st quarter. AMI Asset Management Corp now owns 21,818 shares of the medical instruments supplier's stock worth $1,504,000 after acquiring an additional 168 shares during the last quarter. Maryland State Retirement & Pension System increased its position in Merit Medical Systems by 2.1% in the 4th quarter. Maryland State Retirement & Pension System now owns 8,693 shares of the medical instruments supplier's stock valued at $766,000 after acquiring an additional 180 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Merit Medical Systems by 11.0% in the fourth quarter. Blue Trust Inc. now owns 1,853 shares of the medical instruments supplier's stock worth $163,000 after acquiring an additional 184 shares during the last quarter. Finally, First Horizon Corp lifted its position in shares of Merit Medical Systems by 19.7% during the fourth quarter. First Horizon Corp now owns 1,117 shares of the medical instruments supplier's stock worth $98,000 after purchasing an additional 184 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wall Street Zen cut shares of Merit Medical Systems from a "strong-buy" rating to a "buy" rating in a research note on Sunday, April 5th. Canaccord Genuity Group reduced their price objective on Merit Medical Systems from $90.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, May 1st. Robert W. Baird set a $83.00 price objective on Merit Medical Systems in a research report on Friday, May 1st. Compass Point set a $107.00 target price on Merit Medical Systems in a research note on Monday, April 20th. Finally, Needham & Company LLC dropped their target price on Merit Medical Systems from $101.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.80.

Merit Medical Systems Trading Up 3.3%

MMSI opened at $80.84 on Thursday. The firm has a 50 day simple moving average of $69.06 and a 200 day simple moving average of $71.71. Merit Medical Systems, Inc. has a fifty-two week low of $59.74 and a fifty-two week high of $94.75. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 35.00, a price-to-earnings-growth ratio of 2.44 and a beta of 0.52. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.08 and a quick ratio of 3.46.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released its earnings results on Thursday, April 30th. The medical instruments supplier reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.10. The firm had revenue of $381.88 million during the quarter, compared to analyst estimates of $377.59 million. Merit Medical Systems had a net margin of 9.03% and a return on equity of 13.54%. The business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.86 EPS. On average, sell-side analysts anticipate that Merit Medical Systems, Inc. will post 3.62 earnings per share for the current year.

Insider Buying and Selling at Merit Medical Systems

In other news, Director Lynne N. Ward sold 5,000 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $62.61, for a total value of $313,050.00. Following the transaction, the director directly owned 7,809 shares in the company, valued at $488,921.49. This trade represents a 39.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brian G. Lloyd acquired 2,000 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were bought at an average cost of $62.62 per share, with a total value of $125,240.00. Following the completion of the purchase, the insider owned 2,000 shares of the company's stock, valued at $125,240. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.70% of the stock is owned by company insiders.

Merit Medical Systems Profile

Merit Medical Systems, Inc is a global manufacturer and marketer of a broad range of medical devices used in diagnostic and interventional procedures. The company's product portfolio encompasses vascular access, drainage, embolotherapy, and interventional oncology devices, as well as radiofrequency ablation systems and hemostasis solutions. These products serve physicians and hospitals in critical care settings and support minimally invasive treatment options across multiple specialties, including cardiology, radiology, oncology, neurology and endoscopy.

Founded in 1987 by Fred Lampropoulos, Merit Medical Systems has grown through both organic development and targeted acquisitions to expand its technology offerings and geographic reach.

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