Bank of New York Mellon Corp Buys 9,358 Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI)

Bank of New York Mellon Corp raised its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 514,541 shares of the medical instruments supplier’s stock after acquiring an additional 9,358 shares during the period. Bank of New York Mellon Corp owned about 0.89% of Merit Medical Systems worth $44,225,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Congress Asset Management Co. MA grew its stake in shares of Merit Medical Systems by 4,411.3% in the first quarter. Congress Asset Management Co. MA now owns 518,485 shares of the medical instruments supplier’s stock worth $39,275,000 after purchasing an additional 506,992 shares during the last quarter. Norges Bank purchased a new position in shares of Merit Medical Systems in the 4th quarter worth about $38,165,000. The Manufacturers Life Insurance Company boosted its stake in Merit Medical Systems by 818.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 278,452 shares of the medical instruments supplier’s stock worth $21,151,000 after purchasing an additional 248,140 shares in the last quarter. Westwood Holdings Group Inc. grew its position in Merit Medical Systems by 17.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 880,327 shares of the medical instruments supplier’s stock valued at $66,685,000 after purchasing an additional 131,977 shares during the last quarter. Finally, Congress Wealth Management LLC DE bought a new stake in Merit Medical Systems during the 1st quarter valued at about $5,502,000. Institutional investors own 99.66% of the company’s stock.

Merit Medical Systems Stock Up 0.7 %

Shares of MMSI stock opened at $96.68 on Monday. The company has a 50 day simple moving average of $88.05 and a two-hundred day simple moving average of $81.20. The stock has a market cap of $5.63 billion, a P/E ratio of 55.56, a P/E/G ratio of 2.51 and a beta of 0.88. Merit Medical Systems, Inc. has a 12 month low of $62.58 and a 12 month high of $96.99. The company has a current ratio of 6.24, a quick ratio of 4.64 and a debt-to-equity ratio of 0.62.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings data on Thursday, August 1st. The medical instruments supplier reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $338.00 million during the quarter, compared to analyst estimates of $334.94 million. Merit Medical Systems had a return on equity of 15.29% and a net margin of 9.02%. On average, research analysts expect that Merit Medical Systems, Inc. will post 3.31 earnings per share for the current year.

Insider Transactions at Merit Medical Systems

In related news, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the completion of the transaction, the director now directly owns 32,391 shares in the company, valued at approximately $2,753,235. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Merit Medical Systems news, COO Neil Peterson sold 7,500 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $81.85, for a total transaction of $613,875.00. Following the sale, the chief operating officer now directly owns 14,819 shares of the company’s stock, valued at $1,212,935.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $85.00, for a total value of $1,062,500.00. Following the completion of the transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $2,753,235. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MMSI shares. Barrington Research reiterated an “outperform” rating and set a $100.00 price target on shares of Merit Medical Systems in a report on Tuesday, July 16th. Piper Sandler increased their target price on Merit Medical Systems from $97.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Bank of America boosted their price target on Merit Medical Systems from $87.00 to $92.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Robert W. Baird started coverage on Merit Medical Systems in a research report on Friday, June 28th. They set an “outperform” rating and a $96.00 price objective on the stock. Finally, Needham & Company LLC lifted their price objective on Merit Medical Systems from $94.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $98.20.

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.