Iron Triangle Partners LP Buys New Stake in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Iron Triangle Partners LP purchased a new position in Merit Medical Systems, Inc. (NASDAQ:MMSI) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 253,000 shares of the medical instruments supplier’s stock, valued at approximately $25,004,000. Merit Medical Systems accounts for 3.5% of Iron Triangle Partners LP’s portfolio, making the stock its 14th largest holding.

A number of other institutional investors have also recently added to or reduced their stakes in MMSI. William Blair Investment Management LLC boosted its position in shares of Merit Medical Systems by 0.3% in the 2nd quarter. William Blair Investment Management LLC now owns 3,053,461 shares of the medical instruments supplier’s stock valued at $262,445,000 after purchasing an additional 10,512 shares during the period. Conestoga Capital Advisors LLC raised its holdings in shares of Merit Medical Systems by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 2,289,148 shares of the medical instruments supplier’s stock worth $226,236,000 after acquiring an additional 38,780 shares in the last quarter. FMR LLC raised its stake in shares of Merit Medical Systems by 70.1% during the 3rd quarter. FMR LLC now owns 1,577,246 shares of the medical instruments supplier’s stock worth $155,879,000 after purchasing an additional 649,799 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Merit Medical Systems by 8.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 727,340 shares of the medical instruments supplier’s stock valued at $71,883,000 after buying an additional 54,122 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Merit Medical Systems by 0.5% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 641,705 shares of the medical instruments supplier’s stock valued at $63,406,000 after buying an additional 3,068 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMSI has been the subject of a number of analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $110.00 target price (up from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. StockNews.com cut shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a report on Sunday, November 3rd. 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 report on Monday, September 16th. Barrington Research reissued an “outperform” rating and set a $114.00 price objective on shares of Merit Medical Systems in a report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $109.00 price objective on shares of Merit Medical Systems in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.36.

Merit Medical Systems Trading Up 0.9 %

Shares of MMSI stock opened at $104.83 on Tuesday. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 51.39, a P/E/G ratio of 2.58 and a beta of 0.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. Merit Medical Systems, Inc. has a 52-week low of $65.46 and a 52-week high of $106.87. The firm has a fifty day moving average of $99.16 and a 200-day moving average of $91.94.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The business had revenue of $339.85 million during the quarter, compared to analysts’ expectations of $334.60 million. During the same period in the prior year, the firm posted $0.75 EPS. Merit Medical Systems’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Merit Medical Systems, Inc. will post 3.36 earnings per share for the current fiscal year.

Insider Transactions at Merit Medical Systems

In related news, CFO Raul Jr. Parra sold 29,646 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total value of $2,905,900.92. Following the transaction, the chief financial officer now owns 16,361 shares in the company, valued at $1,603,705.22. This trade represents a 64.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $101.55, for a total transaction of $1,269,375.00. Following the completion of the transaction, the director now owns 32,391 shares in the company, valued at $3,289,306.05. This represents a 27.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.

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.