PNC Financial Services Group Inc. Buys 2,912 Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI)

PNC Financial Services Group Inc. increased its stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 21.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,336 shares of the medical instruments supplier's stock after acquiring an additional 2,912 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Merit Medical Systems were worth $1,580,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MMSI. Louisiana State Employees Retirement System grew its holdings in shares of Merit Medical Systems by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 28,200 shares of the medical instruments supplier's stock worth $2,728,000 after purchasing an additional 100 shares in the last quarter. Tidal Investments LLC lifted its position in Merit Medical Systems by 1.0% in the third quarter. Tidal Investments LLC now owns 10,398 shares of the medical instruments supplier's stock worth $1,028,000 after purchasing an additional 104 shares during the period. Arizona State Retirement System boosted its stake in Merit Medical Systems by 0.8% during the fourth quarter. Arizona State Retirement System now owns 16,869 shares of the medical instruments supplier's stock worth $1,632,000 after buying an additional 137 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in Merit Medical Systems by 0.6% in the 3rd quarter. Glenmede Trust Co. NA now owns 28,637 shares of the medical instruments supplier's stock valued at $2,830,000 after buying an additional 170 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of Merit Medical Systems by 2.6% in the 3rd quarter. Captrust Financial Advisors now owns 7,440 shares of the medical instruments supplier's stock valued at $735,000 after buying an additional 187 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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Merit Medical Systems Stock Performance

Shares of NASDAQ:MMSI traded up $1.55 during trading on Wednesday, reaching $101.50. 404,377 shares of the stock were exchanged, compared to its average volume of 419,287. 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, Inc. has a 12 month low of $70.70 and a 12 month high of $111.45. The stock has a 50-day moving average price of $103.69 and a 200-day moving average price of $100.70. The firm has a market cap of $5.97 billion, a PE ratio of 49.75, a PEG ratio of 2.34 and a beta of 0.91.

Insiders Place Their Bets

In related news, CFO Raul Jr. Parra sold 12,451 shares of Merit Medical Systems stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $98.81, for a total value of $1,230,283.31. Following the transaction, the chief financial officer now directly owns 24,201 shares of the company's stock, valued at $2,391,300.81. The trade was a 33.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian G. Lloyd sold 25,000 shares of Merit Medical Systems stock in a transaction on Friday, February 28th. The shares were sold at an average price of $99.50, for a total transaction of $2,487,500.00. Following the completion of the sale, the insider now owns 38,993 shares of the company's stock, valued at $3,879,803.50. This represents a 39.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,132 shares of company stock valued at $11,139,521. 3.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MMSI has been the topic of a number of recent research reports. Barrington Research decreased their price objective 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. Wells Fargo & Company decreased their price objective on shares of Merit Medical Systems from $120.00 to $117.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC cut their target price on shares of Merit Medical Systems from $122.00 to $116.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Canaccord Genuity Group cut their price objective on Merit Medical Systems from $128.00 to $127.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Finally, Piper Sandler restated an "overweight" rating and set a $116.00 target price (up previously from $114.00) on shares of Merit Medical Systems in a report on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Merit Medical Systems presently has an average rating of "Moderate Buy" and a consensus target price of $110.78.

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.