Envestnet Asset Management Inc. Has $22.41 Million Position in Merit Medical Systems, Inc. $MMSI

Envestnet Asset Management Inc. increased its position in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) by 10.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 269,189 shares of the medical instruments supplier’s stock after acquiring an additional 25,026 shares during the period. Envestnet Asset Management Inc. owned about 0.45% of Merit Medical Systems worth $22,405,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Merit Medical Systems by 1.1% during the second quarter. State Street Corp now owns 2,218,432 shares of the medical instruments supplier’s stock worth $207,379,000 after purchasing an additional 24,569 shares during the period. Geode Capital Management LLC raised its position in Merit Medical Systems by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,437,397 shares of the medical instruments supplier’s stock worth $134,384,000 after purchasing an additional 39,620 shares during the last quarter. Maverick Capital Ltd. raised its position in Merit Medical Systems by 8.4% during the 2nd quarter. Maverick Capital Ltd. now owns 1,379,408 shares of the medical instruments supplier’s stock worth $128,947,000 after purchasing an additional 106,897 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Merit Medical Systems by 25.9% during the 2nd quarter. Franklin Resources Inc. now owns 884,607 shares of the medical instruments supplier’s stock worth $82,693,000 after buying an additional 181,815 shares during the period. Finally, Westwood Holdings Group Inc. grew its position in shares of Merit Medical Systems by 11.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 768,970 shares of the medical instruments supplier’s stock valued at $71,883,000 after buying an additional 81,469 shares during the last quarter. 99.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

MMSI has been the topic of several analyst reports. BTIG Research started coverage on Merit Medical Systems in a report on Friday, February 6th. They issued a “buy” rating and a $107.00 target price on the stock. Zacks Research lowered shares of Merit Medical Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Piper Sandler reissued an “overweight” rating and set a $109.00 target price (up previously from $105.00) on shares of Merit Medical Systems in a research note on Friday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $108.00 target price on shares of Merit Medical Systems in a report on Friday, January 9th. Finally, Wells Fargo & Company dropped their price objective on Merit Medical Systems from $103.00 to $95.00 and set an “overweight” rating on the stock in a research note on Friday, November 14th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $106.00.

Insider Activity

In related news, Chairman Fred P. Lampropoulos sold 25,000 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $87.31, for a total transaction of $2,182,750.00. Following the completion of the sale, the chairman directly owned 1,029,955 shares of the company’s stock, valued at approximately $89,925,371.05. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 60,000 shares of company stock valued at $5,189,900 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Merit Medical Systems Stock Up 3.6%

MMSI stock opened at $81.66 on Friday. The stock’s 50 day moving average is $84.56 and its 200-day moving average is $85.09. Merit Medical Systems, Inc. has a twelve month low of $77.62 and a twelve month high of $110.10. The firm has a market capitalization of $4.84 billion, a PE ratio of 41.88, a P/E/G ratio of 2.14 and a beta of 0.61. The company has a quick ratio of 2.86, a current ratio of 4.28 and a debt-to-equity ratio of 0.48.

Merit Medical Systems Profile

Merit Medical Systems, Inc is a global manufacturer and marketer of a broad range of medical devices used in diagnostic and interventional procedures. The company’s product portfolio encompasses vascular access, drainage, embolotherapy, and interventional oncology devices, as well as radiofrequency ablation systems and hemostasis solutions. These products serve physicians and hospitals in critical care settings and support minimally invasive treatment options across multiple specialties, including cardiology, radiology, oncology, neurology and endoscopy.

Founded in 1987 by Fred Lampropoulos, Merit Medical Systems has grown through both organic development and targeted acquisitions to expand its technology offerings and geographic reach.