Edgestream Partners L.P. Invests $879,000 in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Edgestream Partners L.P. purchased a new position in Merit Medical Systems, Inc. (NASDAQ:MMSI) in the third quarter, Holdings Channel reports. The fund purchased 8,898 shares of the medical instruments supplier’s stock, valued at approximately $879,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC grew its position in shares of Merit Medical Systems by 70.1% in the 3rd quarter. FMR LLC now owns 1,577,246 shares of the medical instruments supplier’s stock worth $155,879,000 after acquiring an additional 649,799 shares in the last quarter. Point72 Asset Management L.P. boosted 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 worth $54,545,000 after purchasing an additional 377,851 shares during the period. International Assets Investment Management LLC bought a new stake in Merit Medical Systems during the third quarter valued at $21,156,000. Handelsbanken Fonder AB raised its holdings in shares of Merit Medical Systems by 1,343.5% during the third quarter. Handelsbanken Fonder AB now owns 192,109 shares of the medical instruments supplier’s stock worth $18,986,000 after purchasing an additional 178,800 shares during the period. Finally, F M Investments LLC bought a new position in shares of Merit Medical Systems in the 2nd quarter worth about $12,550,000. 99.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

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

Merit Medical Systems Stock Up 0.6 %

Merit Medical Systems stock opened at $105.49 on Thursday. The company’s 50-day moving average price is $99.41 and its two-hundred day moving average price is $92.19. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of 51.71, a PEG ratio of 2.60 and a beta of 0.84. Merit Medical Systems, Inc. has a 52 week low of $65.46 and a 52 week high of $106.87. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57.

Merit Medical Systems (NASDAQ:MMSI) last announced 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. The firm had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.75 earnings per share. On average, analysts expect that Merit Medical Systems, Inc. will post 3.36 EPS for the current fiscal year.

Merit Medical Systems Company 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.