Envestnet Portfolio Solutions Inc. Increases Stake in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Envestnet Portfolio Solutions Inc. increased its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 29.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,391 shares of the medical instruments supplier’s stock after purchasing an additional 1,215 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Merit Medical Systems were worth $521,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MMSI. Natixis Advisors LLC increased its holdings in shares of Merit Medical Systems by 7.2% in the fourth quarter. Natixis Advisors LLC now owns 72,435 shares of the medical instruments supplier’s stock worth $7,006,000 after buying an additional 4,891 shares during the period. Swiss National Bank grew its position in Merit Medical Systems by 0.9% during the 4th quarter. Swiss National Bank now owns 114,500 shares of the medical instruments supplier’s stock worth $11,074,000 after acquiring an additional 1,000 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in Merit Medical Systems by 4.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 2,347 shares of the medical instruments supplier’s stock worth $227,000 after purchasing an additional 103 shares during the period. HighTower Advisors LLC lifted its position in Merit Medical Systems by 0.7% in the fourth quarter. HighTower Advisors LLC now owns 55,844 shares of the medical instruments supplier’s stock valued at $5,401,000 after purchasing an additional 401 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its stake in shares of Merit Medical Systems by 10.4% during the fourth quarter. King Luther Capital Management Corp now owns 61,014 shares of the medical instruments supplier’s stock valued at $5,901,000 after purchasing an additional 5,751 shares during the period. 99.66% of the stock is owned by institutional investors.

Merit Medical Systems Stock Performance

Shares of Merit Medical Systems stock opened at $104.74 on Wednesday. Merit Medical Systems, Inc. has a 12 month low of $70.70 and a 12 month high of $111.45. The firm has a market capitalization of $6.16 billion, a P/E ratio of 51.34, a P/E/G ratio of 2.34 and a beta of 0.91. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $104.21 and a two-hundred day simple moving average of $100.92.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MMSI. Raymond James lifted their target price on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 31st. Needham & Company LLC decreased their price objective on shares of Merit Medical Systems from $122.00 to $116.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Canaccord Genuity Group dropped their target price on shares of Merit Medical Systems from $128.00 to $127.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Piper Sandler reaffirmed an “overweight” rating and set a $116.00 price target (up previously from $114.00) on shares of Merit Medical Systems in a research report on Wednesday, January 29th. Finally, Wells Fargo & Company decreased their target price on Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $110.78.

Insider Buying and Selling

In related news, CFO Raul Jr. Parra sold 12,451 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $98.81, for a total transaction of $1,230,283.31. Following the completion of the transaction, the chief financial officer now owns 24,201 shares of the company’s stock, valued at $2,391,300.81. This trade represents a 33.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian G. Lloyd sold 25,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $99.50, for a total value of $2,487,500.00. Following the completion of the sale, the insider now directly owns 38,993 shares in the company, valued at approximately $3,879,803.50. This represents a 39.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 109,132 shares of company stock worth $11,139,521 in the last three months. 3.70% of the stock is owned by corporate 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.