KLP Kapitalforvaltning AS Acquires Shares of 12,100 Merit Medical Systems, Inc. (NASDAQ:MMSI)

KLP Kapitalforvaltning AS purchased a new stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,100 shares of the medical instruments supplier's stock, valued at approximately $1,170,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. lifted its stake in Merit Medical Systems by 40.2% in the fourth quarter. American Century Companies Inc. now owns 23,658 shares of the medical instruments supplier's stock valued at $2,288,000 after buying an additional 6,789 shares during the period. Virtu Financial LLC bought a new stake in shares of Merit Medical Systems in the 4th quarter valued at about $203,000. Magnetar Financial LLC acquired a new stake in shares of Merit Medical Systems in the 4th quarter valued at approximately $780,000. Teacher Retirement System of Texas boosted its stake in Merit Medical Systems by 108.5% during the 4th quarter. Teacher Retirement System of Texas now owns 39,400 shares of the medical instruments supplier's stock worth $3,811,000 after acquiring an additional 20,506 shares during the last quarter. Finally, Xponance Inc. grew its holdings in Merit Medical Systems by 19.1% during the fourth quarter. Xponance Inc. now owns 4,475 shares of the medical instruments supplier's stock valued at $433,000 after purchasing an additional 719 shares during the period. 99.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wells Fargo & Company cut their target price on shares of Merit Medical Systems from $120.00 to $117.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Barrington Research reduced their target price on Merit Medical Systems from $115.00 to $111.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. JPMorgan Chase & Co. started coverage on Merit Medical Systems in a research note on Friday, March 28th. They issued an "overweight" rating and a $120.00 target price for the company. Needham & Company LLC dropped their price target on Merit Medical Systems from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $116.00 price objective (up from $114.00) on shares of Merit Medical Systems in a research report on Wednesday, January 29th. Two 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $111.70.

Remove Ads

Insiders Place Their Bets

In related news, CFO Raul Jr. Parra sold 12,451 shares of the firm's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $98.81, for a total value of $1,230,283.31. Following the completion of the transaction, the chief financial officer now directly owns 24,201 shares of the company's stock, valued at approximately $2,391,300.81. This trade represents a 33.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian G. Lloyd sold 25,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $99.50, for a total transaction of $2,487,500.00. Following the sale, the insider now directly owns 38,993 shares in the company, valued at $3,879,803.50. This trade represents a 39.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 109,132 shares of company stock valued at $11,139,521 in the last three months. 3.70% of the stock is currently owned by corporate insiders.

Merit Medical Systems Stock Down 2.9 %

MMSI traded down $3.08 during trading hours on Thursday, hitting $103.96. 723,057 shares of the company's stock were exchanged, compared to its average volume of 455,851. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 50.96, a PEG ratio of 2.34 and a beta of 0.91. Merit Medical Systems, Inc. has a 1-year low of $70.70 and a 1-year high of $111.45. The stock's 50-day moving average is $104.43 and its two-hundred day moving average is $101.25. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57.

Merit Medical Systems 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.