State of Alaska Department of Revenue boosted its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) by 126.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,389 shares of the medical instruments supplier’s stock after purchasing an additional 23,661 shares during the period. State of Alaska Department of Revenue owned about 0.08% of Merit Medical Systems worth $1,291,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Investment Advisory Services LLC purchased a new position in shares of Merit Medical Systems in the second quarter valued at about $29,000. Meeder Asset Management Inc. purchased a new position in shares of Merit Medical Systems in the second quarter valued at about $32,000. Financial Gravity Wealth Inc. lifted its position in shares of Merit Medical Systems by 5,241.7% in the second quarter. Financial Gravity Wealth Inc. now owns 641 shares of the medical instruments supplier’s stock valued at $38,000 after acquiring an additional 629 shares in the last quarter. BB&T Corp bought a new stake in shares of Merit Medical Systems in the second quarter worth about $204,000. Finally, Zions Bancorporation N.A. bought a new stake in shares of Merit Medical Systems in the second quarter worth about $220,000. Institutional investors own 98.58% of the company’s stock.
Several equities research analysts have recently issued reports on MMSI shares. Sidoti set a $74.00 target price on Merit Medical Systems and gave the stock a “buy” rating in a report on Friday, July 26th. Piper Jaffray Companies reduced their target price on Merit Medical Systems from $58.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, September 17th. Raymond James cut Merit Medical Systems from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. ValuEngine raised Merit Medical Systems from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Co cut Merit Medical Systems from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $71.00 to $46.00 in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $52.11.
Merit Medical Systems (NASDAQ:MMSI) last posted its earnings results on Thursday, July 25th. The medical instruments supplier reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08). The company had revenue of $255.50 million for the quarter, compared to analysts’ expectations of $258.58 million. Merit Medical Systems had a return on equity of 10.40% and a net margin of 4.10%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. Equities analysts expect that Merit Medical Systems, Inc. will post 1.78 earnings per share for the current year.
In other news, Director Michael E. Stillabower sold 40,750 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $40.05, for a total transaction of $1,632,037.50. Following the transaction, the director now directly owns 78,618 shares of the company’s stock, valued at $3,148,650.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Fred P. Lampropoulos sold 150,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $30.72, for a total value of $4,608,000.00. Following the transaction, the chief executive officer now directly owns 929,991 shares in the company, valued at $28,569,323.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 234,530 shares of company stock valued at $7,853,050. 4.75% of the stock is owned by company insiders.
Merit Medical Systems Profile
Merit Medical Systems, Inc manufactures and markets disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy. The company operates through Cardiovascular and Endoscopy segments. It provides peripheral intervention products, including access, angiography, intervention, and drainage and biopsy for diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, hemostasis, intervention, and electrophysiology and cardiac rhythm management products to treat various heart conditions.
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