Envestnet Asset Management Inc. Boosts Holdings in Merit Medical Systems, Inc. $MMSI

Envestnet Asset Management Inc. raised its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 10.2% during the third quarter, Holdings Channel reports. The fund owned 269,189 shares of the medical instruments supplier’s stock after buying an additional 25,026 shares during the period. Envestnet Asset Management Inc.’s holdings in Merit Medical Systems were worth $22,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new stake in shares of Merit Medical Systems in the third quarter valued at $1,644,000. Norges Bank purchased a new stake in Merit Medical Systems in the 2nd quarter worth about $53,697,000. Fort Washington Investment Advisors Inc. OH raised its stake in Merit Medical Systems by 69.7% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 301,718 shares of the medical instruments supplier’s stock valued at $25,112,000 after acquiring an additional 123,912 shares during the period. Westwood Holdings Group Inc. raised its stake in Merit Medical Systems by 11.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 768,970 shares of the medical instruments supplier’s stock valued at $71,883,000 after acquiring an additional 81,469 shares during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in Merit Medical Systems by 250.5% during the third quarter. Thrivent Financial for Lutherans now owns 750,066 shares of the medical instruments supplier’s stock valued at $62,428,000 after purchasing an additional 536,072 shares during the last quarter. 99.66% of the stock is owned by institutional investors.

Merit Medical Systems Stock Up 3.6%

Shares of NASDAQ MMSI opened at $81.66 on Friday. The stock has a market capitalization of $4.84 billion, a P/E ratio of 41.88, a PEG ratio of 2.14 and a beta of 0.61. Merit Medical Systems, Inc. has a one year low of $77.62 and a one year high of $110.10. The firm’s 50 day simple moving average is $84.56 and its two-hundred day simple moving average is $85.09. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.28 and a quick ratio of 2.86.

Insider Activity at Merit Medical Systems

In related news, Chairman Fred P. Lampropoulos sold 25,000 shares of Merit Medical Systems stock in a transaction on Friday, November 21st. The shares were sold at an average price of $87.31, for a total value of $2,182,750.00. Following the transaction, the chairman owned 1,029,955 shares in the company, valued at $89,925,371.05. This trade represents a 2.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 60,000 shares of company stock worth $5,189,900. 3.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $108.00 price objective on shares of Merit Medical Systems in a report on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Merit Medical Systems in a report on Monday, December 29th. Piper Sandler reiterated an “overweight” rating and issued a $109.00 price target (up from $105.00) on shares of Merit Medical Systems in a research report on Friday, October 31st. Barrington Research reaffirmed an “outperform” rating and set a $106.00 target price on shares of Merit Medical Systems in a report on Friday, November 14th. Finally, BTIG Research started coverage on Merit Medical Systems in a research report on Friday, February 6th. They set a “buy” rating and a $107.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.00.

Merit Medical Systems Profile

Merit Medical Systems, Inc is a global manufacturer and marketer of a broad range of medical devices used in diagnostic and interventional procedures. The company’s product portfolio encompasses vascular access, drainage, embolotherapy, and interventional oncology devices, as well as radiofrequency ablation systems and hemostasis solutions. These products serve physicians and hospitals in critical care settings and support minimally invasive treatment options across multiple specialties, including cardiology, radiology, oncology, neurology and endoscopy.

Founded in 1987 by Fred Lampropoulos, Merit Medical Systems has grown through both organic development and targeted acquisitions to expand its technology offerings and geographic reach.