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

Edgestream Partners L.P. bought a new stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,898 shares of the medical instruments supplier's stock, valued at approximately $879,000.

Several other institutional investors also recently bought and sold shares of MMSI. Opal Wealth Advisors LLC acquired a new stake in Merit Medical Systems in the 2nd quarter valued at $29,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Merit Medical Systems during the first quarter worth approximately $44,000. USA Financial Formulas purchased a new position in Merit Medical Systems in the 3rd quarter valued at $59,000. GAMMA Investing LLC boosted its stake in Merit Medical Systems by 142.3% during the 2nd quarter. GAMMA Investing LLC now owns 831 shares of the medical instruments supplier's stock worth $71,000 after purchasing an additional 488 shares during the last quarter. Finally, National Bank of Canada FI acquired a new stake in shares of Merit Medical Systems in the second quarter valued at about $77,000. 99.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MMSI. StockNews.com lowered Merit Medical Systems from a "buy" rating to a "hold" rating in a research note on Sunday, November 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $109.00 target price on shares of Merit Medical Systems in a report on Thursday, October 31st. Wells Fargo & Company boosted their price objective on Merit Medical Systems from $85.00 to $103.00 and gave the stock an "equal weight" rating in a research report on Monday, September 16th. Piper Sandler reiterated an "overweight" rating and set a $110.00 target price (up previously from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. Finally, Robert W. Baird raised their price objective on shares of Merit Medical Systems from $107.00 to $109.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $103.36.

Merit Medical Systems Stock Performance

Merit Medical Systems stock traded down $0.79 during mid-day trading on Thursday, reaching $104.70. 404,913 shares of the company were exchanged, compared to its average volume of 435,362. The firm's 50-day simple moving average is $99.41 and its two-hundred day simple moving average is $92.19. Merit Medical Systems, Inc. has a twelve month low of $65.46 and a twelve month high of $106.87. The firm has a market cap of $6.10 billion, a PE ratio of 51.71, a price-to-earnings-growth ratio of 2.60 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 (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. Merit Medical Systems had a net margin of 9.05% and a return on equity of 15.61%. The firm 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 company posted $0.75 earnings per share. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. Equities analysts predict that Merit Medical Systems, Inc. will post 3.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Raul Jr. Parra sold 29,646 shares of the company'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 completion of the sale, the chief financial officer now owns 16,361 shares of the company's stock, valued at $1,603,705.22. This represents a 64.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director F. Ann Millner sold 12,500 shares of the business's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $101.55, for a total value of $1,269,375.00. Following the transaction, the director now directly owns 32,391 shares in the company, valued at $3,289,306.05. This trade 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 currently owned by company insiders.

About Merit Medical Systems

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.