Steel Grove Capital Advisors LLC Acquires Shares of 4,650 Merit Medical Systems, Inc. $MMSI

Key Points

• Steel Grove Capital Advisors LLC acquired 4,650 shares of Merit Medical Systems, Inc. (NASDAQ:MMSI), valued at approximately $435,000, in the 2nd quarter of the year.
• Merit Medical reported earnings of $1.01 per share for the last quarter, exceeding analysts' expectations of $0.85, with revenues up 13.2% year-over-year.
• Wall Street analysts have a consensus rating of "Buy" for MMSI, with an average price target of $106.50, following several recent adjustments to their price targets.

Steel Grove Capital Advisors LLC purchased a new position in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,650 shares of the medical instruments supplier's stock, valued at approximately $435,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. William Blair Investment Management LLC lifted its stake in shares of Merit Medical Systems by 22.9% in the second quarter. William Blair Investment Management LLC now owns 739,600 shares of the medical instruments supplier's stock worth $69,138,000 after buying an additional 137,956 shares in the last quarter. Angeles Wealth Management LLC lifted its stake in shares of Merit Medical Systems by 13.8% in the second quarter. Angeles Wealth Management LLC now owns 2,351 shares of the medical instruments supplier's stock worth $220,000 after buying an additional 285 shares in the last quarter. Yousif Capital Management LLC lifted its stake in shares of Merit Medical Systems by 2.5% in the second quarter. Yousif Capital Management LLC now owns 22,568 shares of the medical instruments supplier's stock worth $2,110,000 after buying an additional 549 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in shares of Merit Medical Systems by 2.2% in the second quarter. Maryland State Retirement & Pension System now owns 17,369 shares of the medical instruments supplier's stock worth $1,624,000 after buying an additional 376 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in shares of Merit Medical Systems by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the medical instruments supplier's stock worth $2,580,000 after buying an additional 200 shares in the last quarter. 99.66% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Price Performance

Shares of MMSI opened at $84.15 on Wednesday. Merit Medical Systems, Inc. has a 1-year low of $78.12 and a 1-year high of $111.45. The stock has a market cap of $4.98 billion, a PE ratio of 42.72, a P/E/G ratio of 2.68 and a beta of 0.58. The firm has a 50-day simple moving average of $85.37 and a two-hundred day simple moving average of $89.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.09 and a quick ratio of 2.66.

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 earnings per share 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 during the quarter, compared to analysts' expectations of $372.47 million. During the same period last year, the business earned $0.92 earnings per share. The business's revenue for the quarter was up 13.2% on a year-over-year basis. As a group, analysts forecast that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.

Wall Street Analysts Forecast Growth

MMSI has been the topic of several research reports. Barrington Research reissued an "outperform" rating and issued a $103.00 price target on shares of Merit Medical Systems in a research note on Tuesday, October 7th. 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. Weiss Ratings restated a "hold (c+)" rating on shares of Merit Medical Systems in a research report on Wednesday, October 8th. Wells Fargo & Company cut their price objective 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. Finally, Raymond James Financial cut their price objective on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $106.50.

Insider Buying and Selling at Merit Medical Systems

In related news, Director Lynne N. Ward sold 3,000 shares of Merit Medical Systems stock in a transaction that occurred 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 completion of the transaction, the director owned 12,809 shares in the company, valued at approximately $1,134,365.04. The trade was a 18.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.70% of the company's stock.

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.

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