Congress Wealth Management LLC DE Raises Stock Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Congress Wealth Management LLC DE increased its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 3.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,214 shares of the medical instruments supplier’s stock after purchasing an additional 3,188 shares during the period. Congress Wealth Management LLC DE owned approximately 0.16% of Merit Medical Systems worth $8,822,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pathstone Holdings LLC increased its holdings in shares of Merit Medical Systems by 20.1% in the 3rd quarter. Pathstone Holdings LLC now owns 34,950 shares of the medical instruments supplier’s stock worth $3,454,000 after buying an additional 5,844 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Merit Medical Systems by 216.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,064 shares of the medical instruments supplier’s stock valued at $995,000 after acquiring an additional 6,887 shares during the last quarter. Intech Investment Management LLC raised its position in Merit Medical Systems by 67.6% during the third quarter. Intech Investment Management LLC now owns 14,024 shares of the medical instruments supplier’s stock valued at $1,386,000 after purchasing an additional 5,654 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Merit Medical Systems by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 727,340 shares of the medical instruments supplier’s stock worth $71,883,000 after purchasing an additional 54,122 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of 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 in the last quarter. 99.66% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Price Performance

MMSI stock opened at $104.68 on Tuesday. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 51.31, a PEG ratio of 2.34 and a beta of 0.91. The firm’s 50-day moving average price is $104.11 and its two-hundred day moving average price is $100.87. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57. Merit Medical Systems, Inc. has a 12-month low of $70.70 and a 12-month high of $111.45.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MMSI shares. Needham & Company LLC dropped their target price 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. Piper Sandler restated an “overweight” rating and issued a $116.00 price objective (up from $114.00) on shares of Merit Medical Systems in a report on Wednesday, January 29th. Wells Fargo & Company cut their price objective on shares of Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Raymond James lifted their target price on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 31st. Finally, Barrington Research cut their price target on shares of Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $110.78.

Insider Activity at Merit Medical Systems

In related news, CEO Fred P. Lampropoulos sold 31,320 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 1,086,028 shares of the company’s stock, valued at $112,794,868.08. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Raul Jr. Parra sold 12,451 shares of Merit Medical Systems stock in a transaction on Friday, February 28th. The shares were sold at an average price of $98.81, for a total transaction of $1,230,283.31. Following the completion of the sale, the chief financial officer now owns 24,201 shares in the company, valued at approximately $2,391,300.81. This trade represents a 33.97 % 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 worth $11,139,521 in the last 90 days. Company insiders own 3.70% of the company’s stock.

About Merit Medical Systems

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.