Sumitomo Mitsui Asset Management Company LTD trimmed its position in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 15.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,628 shares of the medical instruments supplier’s stock after selling 5,362 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Merit Medical Systems were worth $1,820,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Mount Yale Investment Advisors LLC acquired a new position in Merit Medical Systems during the 1st quarter valued at about $156,000. Campbell & CO Investment Adviser LLC acquired a new position in Merit Medical Systems during the 2nd quarter valued at about $206,000. Mutual Advisors LLC acquired a new position in Merit Medical Systems during the 2nd quarter valued at about $208,000. Intrust Bank NA acquired a new position in Merit Medical Systems during the 2nd quarter valued at about $211,000. Finally, Stifel Financial Corp acquired a new position in Merit Medical Systems during the 1st quarter valued at about $244,000. 86.20% of the stock is owned by institutional investors and hedge funds.
MMSI has been the subject of a number of analyst reports. Sidoti set a $79.00 price target on Merit Medical Systems and gave the company a “buy” rating in a research note on Tuesday, October 2nd. Canaccord Genuity lifted their price target on Merit Medical Systems from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. BidaskClub upgraded Merit Medical Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 27th. Raymond James lifted their price target on Merit Medical Systems from $59.00 to $61.00 and gave the company an “outperform” rating in a research note on Tuesday, July 24th. Finally, SunTrust Banks lifted their price target on Merit Medical Systems to $68.00 and gave the company a “buy” rating in a research note on Monday, August 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $67.10.
Shares of NASDAQ MMSI opened at $62.72 on Friday. Merit Medical Systems, Inc. has a twelve month low of $36.21 and a twelve month high of $66.34. The company has a market capitalization of $3.49 billion, a PE ratio of 49.00, a price-to-earnings-growth ratio of 3.02 and a beta of 1.38. The company has a current ratio of 2.66, a quick ratio of 1.45 and a debt-to-equity ratio of 0.56.
Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Monday, July 23rd. The medical instruments supplier reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. Merit Medical Systems had a return on equity of 10.48% and a net margin of 2.44%. The firm had revenue of $224.81 million for the quarter, compared to the consensus estimate of $214.64 million. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s revenue was up 20.5% compared to the same quarter last year. On average, analysts forecast that Merit Medical Systems, Inc. will post 1.64 EPS for the current fiscal year.
About Merit Medical Systems
Merit Medical Systems, Inc designs, develops, manufactures, and markets various disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy. The company operates through Cardiovascular and Endoscopy segments. It provides various peripheral intervention products, including access, angiography, intervention, and drainage and biopsy products to alleviate patients suffering from peripheral vascular and non-vascular diseases; and cardiac intervention products to aid in the treatment of various cardiac conditions specific to interventional cardiology and electrophysiology, including cardiac rhythm management and lead management.
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