Prudential Financial Inc. Purchases 8,623 Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI)

Prudential Financial Inc. boosted its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 14.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,671 shares of the medical instruments supplier's stock after acquiring an additional 8,623 shares during the quarter. Prudential Financial Inc. owned approximately 0.12% of Merit Medical Systems worth $6,739,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. lifted its holdings in Merit Medical Systems by 71.0% in the 3rd quarter. Citigroup Inc. now owns 74,656 shares of the medical instruments supplier's stock worth $7,378,000 after purchasing an additional 30,988 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Merit Medical Systems in the third quarter valued at approximately $228,000. FMR LLC raised its position in shares of Merit Medical Systems by 70.1% in the third quarter. FMR LLC now owns 1,577,246 shares of the medical instruments supplier's stock valued at $155,879,000 after purchasing an additional 649,799 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Merit Medical Systems by 310.3% in the third quarter. BNP Paribas Financial Markets now owns 164,724 shares of the medical instruments supplier's stock worth $16,280,000 after buying an additional 124,576 shares during the last quarter. Finally, Townsquare Capital LLC boosted its holdings in shares of Merit Medical Systems by 4.5% during the 3rd quarter. Townsquare Capital LLC now owns 28,581 shares of the medical instruments supplier's stock worth $2,825,000 after buying an additional 1,238 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 Stock Performance

Merit Medical Systems stock traded down $11.46 during trading hours on Friday, hitting $92.50. The stock had a trading volume of 2,000,794 shares, compared to its average volume of 461,792. The company has a 50-day moving average of $104.19 and a two-hundred day moving average of $101.21. 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, Inc. has a fifty-two week low of $70.70 and a fifty-two week high of $111.45. The company has a market cap of $5.44 billion, a PE ratio of 45.34, a price-to-earnings-growth ratio of 2.34 and a beta of 0.91.

Analyst Upgrades and Downgrades

MMSI has been the subject of a number of research analyst reports. Piper Sandler reissued an "overweight" rating and set a $116.00 target price (up previously from $114.00) on shares of Merit Medical Systems in a research report on Wednesday, January 29th. Needham & Company LLC cut their price objective on Merit Medical Systems from $122.00 to $116.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Barrington Research decreased their target price on Merit Medical Systems from $115.00 to $111.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. Wells Fargo & Company lowered their target price on Merit Medical Systems from $120.00 to $117.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. began coverage on Merit Medical Systems in a report on Friday, March 28th. They set an "overweight" rating and a $120.00 price target for the company. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.70.

Insider Activity

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

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.