Townsquare Capital LLC Increases Stock Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Key Points

• Townsquare Capital LLC increased its stake in Merit Medical Systems by 11.3%, now holding 37,753 shares worth approximately $3.99 million.
• Institutional and hedge fund ownership is high, accounting for 99.66% of Merit Medical Systems' stock, with multiple firms significantly increasing their positions in the first quarter.
• Merit Medical Systems reported strong earnings with an EPS of $1.01, exceeding analysts' expectations and reflecting a revenue increase of 13.2% from the previous year.

Townsquare Capital LLC lifted its position in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 11.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,753 shares of the medical instruments supplier's stock after purchasing an additional 3,846 shares during the period. Townsquare Capital LLC owned 0.06% of Merit Medical Systems worth $3,991,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MMSI. Zions Bancorporation National Association UT bought a new stake in shares of Merit Medical Systems during the 1st quarter worth approximately $4,988,000. Wolverine Asset Management LLC acquired a new position in Merit Medical Systems during the 1st quarter worth approximately $60,000. Citigroup Inc. increased its position in Merit Medical Systems by 6.9% during the 1st quarter. Citigroup Inc. now owns 88,301 shares of the medical instruments supplier's stock worth $9,334,000 after purchasing an additional 5,684 shares in the last quarter. Westwood Holdings Group Inc. increased its position in Merit Medical Systems by 12.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 687,501 shares of the medical instruments supplier's stock worth $72,676,000 after purchasing an additional 73,866 shares in the last quarter. Finally, US Bancorp DE increased its position in Merit Medical Systems by 3.8% during the 1st quarter. US Bancorp DE now owns 3,936 shares of the medical instruments supplier's stock worth $416,000 after purchasing an additional 145 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Merit Medical Systems Stock Performance

NASDAQ MMSI traded up $1.39 on Wednesday, reaching $86.15. 466,505 shares of the stock were exchanged, compared to its average volume of 662,397. 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, Inc. has a one year low of $81.04 and a one year high of $111.45. The company's 50-day simple moving average is $89.80 and its two-hundred day simple moving average is $96.17. The firm has a market capitalization of $5.10 billion, a PE ratio of 43.73, a PEG ratio of 2.75 and a beta of 0.66.

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, beating analysts' consensus estimates of $0.85 by $0.16. The firm had revenue of $382.46 million during the quarter, compared to analyst estimates of $372.47 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The business's revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 earnings per share. Analysts expect that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.

Insider Activity

In related news, Director F. Ann Millner sold 21,250 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $96.47, for a total value of $2,049,987.50. Following the sale, the director owned 34,543 shares in the company, valued at $3,332,363.21. This represents a 38.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fred P. Lampropoulos sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $96.54, for a total value of $1,930,800.00. Following the completion of the sale, the chief executive officer owned 1,066,028 shares in the company, valued at approximately $102,914,343.12. This represents a 1.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,029 shares of company stock valued at $8,377,970. 3.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Piper Sandler decreased their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Barrington Research reaffirmed an "outperform" rating and set a $103.00 price target on shares of Merit Medical Systems in a research report on Thursday, July 31st. Canaccord Genuity Group set a $112.00 price target on shares of Merit Medical Systems and gave the company a "buy" rating in a research report on Wednesday, May 21st. Raymond James Financial cut 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 report on Thursday, July 31st. Finally, Wells Fargo & Company cut 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 report on Thursday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Merit Medical Systems has a consensus rating of "Moderate Buy" and a consensus target price 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.