Central Pacific Bank Trust Division Buys New Shares in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Central Pacific Bank Trust Division acquired a new stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,770 shares of the medical instruments supplier’s stock, valued at approximately $133,000.

Other institutional investors have also recently made changes to their positions in the company. Lido Advisors LLC acquired a new stake in shares of Merit Medical Systems in the 3rd quarter worth about $253,000. Royal Bank of Canada boosted its holdings in Merit Medical Systems by 5.3% in the 3rd quarter. Royal Bank of Canada now owns 624,421 shares of the medical instruments supplier’s stock worth $43,100,000 after buying an additional 31,204 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Merit Medical Systems by 69.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 103,099 shares of the medical instruments supplier’s stock worth $7,116,000 after buying an additional 42,191 shares during the period. Diversified Trust Co boosted its holdings in Merit Medical Systems by 3.0% in the 3rd quarter. Diversified Trust Co now owns 10,150 shares of the medical instruments supplier’s stock worth $701,000 after buying an additional 292 shares during the period. Finally, Comerica Bank purchased a new stake in Merit Medical Systems in the 3rd quarter worth approximately $14,022,000. Institutional investors and hedge funds own 99.66% of the company’s stock.

Analyst Upgrades and Downgrades

MMSI has been the topic of several recent analyst reports. Needham & Company LLC increased their target price on shares of Merit Medical Systems from $85.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Piper Sandler increased their target price on shares of Merit Medical Systems from $95.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Baird R W raised shares of Merit Medical Systems to a “strong-buy” rating in a report on Friday, June 28th. Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Merit Medical Systems in a report on Tuesday, July 2nd. Finally, Robert W. Baird started coverage on shares of Merit Medical Systems in a research note on Friday, June 28th. They set an “outperform” rating and a $96.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Merit Medical Systems has an average rating of “Moderate Buy” and a consensus target price of $96.20.

Insider Activity

In related news, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the completion of the sale, the director now directly owns 32,391 shares in the company, valued at $2,753,235. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Neil Peterson sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $81.85, for a total transaction of $613,875.00. Following the completion of the sale, the chief operating officer now directly owns 14,819 shares in the company, valued at $1,212,935.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the sale, the director now owns 32,391 shares of the company’s stock, valued at $2,753,235. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.

Merit Medical Systems Stock Performance

Shares of MMSI traded up $0.64 during mid-day trading on Wednesday, hitting $86.59. 19,400 shares of the company traded hands, compared to its average volume of 445,127. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.38 and a current ratio of 6.03. The stock has a 50-day moving average price of $82.00 and a two-hundred day moving average price of $78.22. Merit Medical Systems, Inc. has a 1 year low of $62.58 and a 1 year high of $87.44. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 49.40, a P/E/G ratio of 2.39 and a beta of 0.88.

Merit Medical Systems (NASDAQ:MMSI) last released its quarterly earnings data on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.06. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.02%. The firm had revenue of $323.51 million during the quarter, compared to analysts’ expectations of $315.57 million. During the same period in the previous year, the company earned $0.64 earnings per share. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts anticipate that Merit Medical Systems, Inc. will post 3.27 earnings per share for the current year.

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.