Russell Investments Group Ltd. Increases Position in Merit Medical Systems, Inc. $MMSI

Key Points

• Russell Investments Group Ltd. increased its stake in Merit Medical Systems by 52.8%, buying an additional 13,825 shares during the first quarter, bringing their total ownership to 40,008 shares valued at approximately $4.23 million.
• Insider selling was noted, with Director David Floyd selling 3,515 shares for over $330,000, marking a significant decrease in his position, which has raised concerns about insider sentiment.
• Merit Medical Systems reported a 13.2% year-over-year revenue growth of $382.46 million in its latest quarter, surpassing analysts' expectations, with earnings per share of $1.01 versus an expected $0.85.

Russell Investments Group Ltd. grew its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 52.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,008 shares of the medical instruments supplier's stock after purchasing an additional 13,825 shares during the period. Russell Investments Group Ltd. owned approximately 0.07% of Merit Medical Systems worth $4,229,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Merit Medical Systems by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,959 shares of the medical instruments supplier's stock valued at $207,000 after purchasing an additional 465 shares during the last quarter. KBC Group NV lifted its holdings in shares of Merit Medical Systems by 18.8% during the 1st quarter. KBC Group NV now owns 2,691 shares of the medical instruments supplier's stock valued at $284,000 after purchasing an additional 426 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Merit Medical Systems by 332.7% during the 4th quarter. Lazard Asset Management LLC now owns 4,682 shares of the medical instruments supplier's stock valued at $452,000 after purchasing an additional 3,600 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Merit Medical Systems during the 1st quarter valued at $294,000. Finally, Group One Trading LLC purchased a new stake in shares of Merit Medical Systems during the 4th quarter valued at $77,000. Hedge funds and other institutional investors own 99.66% of the company's stock.

Merit Medical Systems Stock Performance

Shares of NASDAQ MMSI traded down $0.74 during trading on Thursday, reaching $90.05. 507,143 shares of the company traded hands, compared to its average volume of 541,889. The firm's fifty day simple moving average is $88.44 and its 200 day simple moving average is $94.59. The stock has a market cap of $5.33 billion, a P/E ratio of 45.71, a PEG ratio of 2.94 and a beta of 0.66. Merit Medical Systems, Inc. has a 12-month low of $81.04 and a 12-month high of $111.45. The company has a current ratio of 4.09, a quick ratio of 2.66 and a debt-to-equity ratio of 0.49.

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

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 15,181 shares of Merit Medical Systems stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $93.75, for a total transaction of $1,423,218.75. Following the completion of the transaction, the chief financial officer owned 24,201 shares in the company, valued at approximately $2,268,843.75. This trade represents a 38.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Floyd sold 3,515 shares of Merit Medical Systems stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $94.16, for a total value of $330,972.40. Following the transaction, the director owned 4,880 shares of the company's stock, valued at $459,500.80. The trade was a 41.87% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,779 shares of company stock worth $4,662,863. Insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

MMSI has been the subject of several analyst reports. Wells Fargo & Company decreased their price objective on Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Needham & Company LLC restated a "buy" rating and issued a $108.00 target price on shares of Merit Medical Systems in a research note on Friday, July 18th. Barrington Research reiterated an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research note on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price objective on Merit Medical Systems and gave the company a "buy" rating in a report on Wednesday, May 21st. Finally, Raymond James Financial cut their price objective on Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Merit Medical Systems currently has an average rating of "Moderate Buy" and an average price target of $107.00.

Merit Medical Systems 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.