Royal Bank of Canada Sells 30,536 Shares of Merit Medical Systems, Inc. $MMSI

Key Points

• Royal Bank of Canada reduced its stake in Merit Medical Systems by 3.3%, owning approximately 1.54% of the company worth about $95.9 million after disposing of 30,536 shares.
• Other institutional investors, including GAMMA Investing LLC and KBC Group NV, have increased their positions in Merit Medical, reflecting a diverse approach among major shareholders.
• Merit Medical reported stronger-than-expected earnings with an EPS of $1.01 for the last quarter, exceeding analyst estimates and showing a 13.2% revenue increase compared to the previous year.

Royal Bank of Canada trimmed its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 3.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 907,674 shares of the medical instruments supplier's stock after selling 30,536 shares during the period. Royal Bank of Canada owned about 1.54% of Merit Medical Systems worth $95,949,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Merit Medical Systems during the first quarter worth $31,000. IFP Advisors Inc increased its stake 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 valued at $32,000 after buying an additional 287 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Merit Medical Systems by 119.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier's stock valued at $39,000 after buying an additional 200 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Merit Medical Systems in the 1st quarter valued at $41,000. Finally, Versant Capital Management Inc increased its stake 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 valued at $46,000 after buying an additional 410 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Merit Medical Systems Stock Performance

MMSI traded up $0.82 on Friday, reaching $92.97. The company had a trading volume of 580,755 shares, compared to its average volume of 452,486. Merit Medical Systems, Inc. has a fifty-two week low of $81.04 and a fifty-two week high of $111.45. The stock has a market cap of $5.51 billion, a P/E ratio of 47.19, a P/E/G ratio of 3.01 and a beta of 0.64. The company's fifty day moving average is $88.24 and its 200 day moving average is $93.79. 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 announced 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 net margin of 8.31% and a return on equity of 15.07%. The business had revenue of $382.46 million for the quarter, compared to analyst estimates of $372.47 million. During the same quarter in the prior year, the business earned $0.92 EPS. Merit Medical Systems's quarterly revenue was up 13.2% on a year-over-year basis. As a group, analysts predict that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Raymond James Financial lowered 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. Piper Sandler lowered 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. Needham & Company LLC reiterated a "buy" rating and issued a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, July 18th. 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 note on Wednesday, May 21st. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $103.00 target price on shares of Merit Medical Systems in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.00.

Insider Activity at Merit Medical Systems

In related news, CFO Raul Jr. Parra sold 15,181 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $93.75, for a total value of $1,423,218.75. Following the transaction, the chief financial officer owned 24,201 shares in the company, valued at approximately $2,268,843.75. This represents a 38.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fred P. Lampropoulos sold 400 shares of the company's stock in a transaction dated 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 transaction, 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. In the last 90 days, insiders have sold 21,014 shares of company stock worth $1,933,680. Insiders own 3.20% of the company's stock.

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.