Prudential Financial Inc. Boosts Stock Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Prudential Financial Inc. increased its position in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) by 14.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 69,671 shares of the medical instruments supplier’s stock after buying an additional 8,623 shares during the quarter. Prudential Financial Inc.’s holdings in Merit Medical Systems were worth $6,739,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its position in shares of Merit Medical Systems by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 28,200 shares of the medical instruments supplier’s stock worth $2,728,000 after acquiring an additional 100 shares during the period. Avantax Advisory Services Inc. increased its stake in shares of 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 valued at $227,000 after purchasing an additional 103 shares in the last quarter. Tidal Investments LLC raised its holdings in Merit Medical Systems by 1.0% in the 3rd quarter. Tidal Investments LLC now owns 10,398 shares of the medical instruments supplier’s stock worth $1,028,000 after purchasing an additional 104 shares during the period. Arizona State Retirement System boosted its position in Merit Medical Systems by 0.8% during the fourth quarter. Arizona State Retirement System now owns 16,869 shares of the medical instruments supplier’s stock worth $1,632,000 after purchasing an additional 137 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its holdings in Merit Medical Systems by 0.6% in the third quarter. Glenmede Trust Co. NA now owns 28,637 shares of the medical instruments supplier’s stock valued at $2,830,000 after purchasing an additional 170 shares during the period. Institutional investors and hedge funds own 99.66% of the company’s stock.

Merit Medical Systems Stock Up 0.6 %

Shares of MMSI opened at $103.94 on Monday. The stock has a fifty day simple moving average of $104.30 and a two-hundred day simple moving average of $101.06. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $6.12 billion, a PE ratio of 50.95, a price-to-earnings-growth ratio of 2.34 and a beta of 0.91. Merit Medical Systems, Inc. has a 52-week low of $70.70 and a 52-week high of $111.45.

Analysts Set New Price Targets

MMSI has been the subject of several research analyst reports. JPMorgan Chase & Co. initiated coverage on Merit Medical Systems in a research note on Friday. They set an “overweight” rating and a $120.00 target price for the company. Raymond James upped their price objective on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 31st. Needham & Company LLC dropped their target price 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. Wells Fargo & Company decreased their price target on shares of Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Finally, Barrington Research cut their price objective on Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $111.70.

Insider Buying and Selling

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 12,451 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Fred P. Lampropoulos sold 31,320 shares of Merit Medical Systems stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $103.86, for a total value of $3,252,895.20. Following the completion of the sale, the chief executive officer now owns 1,086,028 shares in the company, valued at $112,794,868.08. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,132 shares of company stock worth $11,139,521. Insiders own 3.70% of the company’s stock.

About Merit Medical Systems

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.