Westover Capital Advisors LLC Buys New Position in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Westover Capital Advisors LLC acquired a new stake in Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,560 shares of the medical instruments supplier's stock, valued at approximately $634,000.

Several other large investors also recently modified their holdings of MMSI. Louisiana State Employees Retirement System boosted its holdings in Merit Medical Systems by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 28,200 shares of the medical instruments supplier's stock valued at $2,728,000 after purchasing an additional 100 shares during the last quarter. Tidal Investments LLC raised its position in shares of Merit Medical Systems by 1.0% in the 3rd quarter. Tidal Investments LLC now owns 10,398 shares of the medical instruments supplier's stock valued at $1,028,000 after purchasing an additional 104 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in shares of Merit Medical Systems by 0.6% during 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 last quarter. Captrust Financial Advisors boosted its stake in shares of Merit Medical Systems by 2.6% during 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 during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Merit Medical Systems by 14.7% during the fourth quarter. GAMMA Investing LLC now owns 1,494 shares of the medical instruments supplier's stock worth $144,000 after buying an additional 191 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

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

Merit Medical Systems Stock Performance

Shares of NASDAQ MMSI traded down $1.78 during mid-day trading on Friday, hitting $99.95. The company had a trading volume of 571,334 shares, compared to its average volume of 582,651. Merit Medical Systems, Inc. has a 12 month low of $70.70 and a 12 month high of $111.45. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 49.00, a PEG ratio of 2.34 and a beta of 0.87. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82. The firm's 50 day simple moving average is $103.29 and its two-hundred day simple moving average is $100.30.

Insider Buying and Selling

In related news, CEO Fred P. Lampropoulos sold 31,320 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 1,086,028 shares of the company's stock, valued at $112,794,868.08. This represents a 2.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brian G. Lloyd sold 30,000 shares of Merit Medical Systems stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $102.90, for a total value of $3,087,000.00. Following the sale, the insider now directly owns 38,945 shares in the company, valued at $4,007,440.50. The trade was a 43.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,132 shares of company stock valued at $11,139,521 in the last quarter. Company insiders own 3.70% of the company's stock.

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.