Intech Investment Management LLC Boosts Stake in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Intech Investment Management LLC raised its position in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 67.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,024 shares of the medical instruments supplier’s stock after purchasing an additional 5,654 shares during the quarter. Intech Investment Management LLC’s holdings in Merit Medical Systems were worth $1,386,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MMSI. Point72 Asset Management L.P. raised its holdings in Merit Medical Systems by 147.2% in the second quarter. Point72 Asset Management L.P. now owns 634,613 shares of the medical instruments supplier’s stock valued at $54,545,000 after buying an additional 377,851 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Merit Medical Systems in the 3rd quarter valued at $21,156,000. Handelsbanken Fonder AB lifted its holdings in shares of Merit Medical Systems by 1,343.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 192,109 shares of the medical instruments supplier’s stock valued at $18,986,000 after acquiring an additional 178,800 shares in the last quarter. F M Investments LLC purchased a new stake in Merit Medical Systems during the 2nd quarter worth $12,550,000. Finally, Impax Asset Management Group plc acquired a new stake in Merit Medical Systems in the 3rd quarter valued at $11,860,000. 99.66% of the stock is owned by institutional investors and hedge funds.

Merit Medical Systems Stock Performance

Shares of MMSI stock opened at $104.00 on Wednesday. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 50.98, a PEG ratio of 2.62 and a beta of 0.89. Merit Medical Systems, Inc. has a one year low of $65.46 and a one year high of $106.87. The company’s 50-day simple moving average is $98.81 and its 200-day simple moving average is $91.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 EPS for the quarter, topping the consensus estimate of $0.80 by $0.06. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The company had revenue of $339.85 million during the quarter, compared to analyst estimates of $334.60 million. During the same quarter last year, the firm earned $0.75 EPS. The business’s revenue was up 7.8% on a year-over-year basis. Equities analysts anticipate that Merit Medical Systems, Inc. will post 3.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MMSI. Bank of America upped their target price on Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and issued a $110.00 price target (up previously from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Barrington Research reiterated an “outperform” rating and set a $114.00 price objective on shares of Merit Medical Systems in a research note on Thursday, October 31st. Robert W. Baird boosted their target price on shares of Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company raised their price target on shares of Merit Medical Systems from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.36.

Insider Buying and Selling at Merit Medical Systems

In other news, CFO Raul Jr. Parra sold 29,646 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total transaction of $2,905,900.92. Following the completion of the transaction, the chief financial officer now directly owns 16,361 shares of the company’s stock, valued at approximately $1,603,705.22. This represents a 64.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $101.55, for a total value of $1,269,375.00. Following the completion of the sale, the director now directly owns 32,391 shares in the company, valued at approximately $3,289,306.05. This trade represents a 27.85 % decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.

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.