Norges Bank Takes Position in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Norges Bank bought a new stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 688,983 shares of the medical instruments supplier's stock, valued at approximately $66,638,000. Norges Bank owned approximately 1.18% of Merit Medical Systems as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Merit Medical Systems by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 6,648,659 shares of the medical instruments supplier's stock valued at $643,058,000 after acquiring an additional 63,314 shares during the period. State Street Corp increased its holdings in shares of Merit Medical Systems by 0.7% during the 3rd quarter. State Street Corp now owns 2,231,701 shares of the medical instruments supplier's stock valued at $220,559,000 after purchasing an additional 15,098 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Merit Medical Systems by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,357,265 shares of the medical instruments supplier's stock valued at $134,165,000 after purchasing an additional 17,490 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Merit Medical Systems by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 748,561 shares of the medical instruments supplier's stock worth $72,401,000 after buying an additional 21,221 shares in the last quarter. Finally, Congress Asset Management Co. grew its position in Merit Medical Systems by 1.8% during the fourth quarter. Congress Asset Management Co. now owns 600,686 shares of the medical instruments supplier's stock valued at $58,098,000 after buying an additional 10,710 shares during the period. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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Merit Medical Systems Price Performance

Shares of NASDAQ:MMSI traded down $4.03 during midday trading on Tuesday, hitting $88.48. The company's stock had a trading volume of 1,177,025 shares, compared to its average volume of 470,016. The company has a market cap of $5.23 billion, a P/E ratio of 43.37, a price-to-earnings-growth ratio of 2.34 and a beta of 0.85. Merit Medical Systems, Inc. has a 12-month low of $70.70 and a 12-month high of $111.45. The business's 50 day simple moving average is $103.11 and its 200 day simple moving average is $101.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36.

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, Director Stephen C. Evans sold 5,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $105.31, for a total value of $526,550.00. Following the completion of the sale, the director now directly owns 4,657 shares in the company, valued at $490,428.67. This represents a 51.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Fred P. Lampropoulos sold 31,320 shares of Merit Medical Systems stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $103.86, for a total value of $3,252,895.20. Following the transaction, the chief executive officer now owns 1,086,028 shares in the company, valued at approximately $112,794,868.08. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,132 shares of company stock worth $11,139,521. Insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MMSI shares. Canaccord Genuity Group decreased their price objective on shares of 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. Needham & Company LLC lowered 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. Piper Sandler restated 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. Barrington Research decreased their target price on Merit Medical Systems from $115.00 to $111.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company dropped their price target 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. 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 company's stock. Based on data from MarketBeat.com, Merit Medical Systems has an average rating of "Moderate Buy" and a consensus price target of $111.70.

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.