PNC Financial Services Group Inc. Decreases Stock Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

PNC Financial Services Group Inc. trimmed its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 19.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,424 shares of the medical instruments supplier’s stock after selling 3,158 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Merit Medical Systems were worth $1,327,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Merit Medical Systems in the second quarter worth about $29,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Merit Medical Systems during the 1st quarter worth $44,000. USA Financial Formulas purchased a new position in shares of Merit Medical Systems during the 3rd quarter valued at about $59,000. GAMMA Investing LLC lifted its stake in Merit Medical Systems by 142.3% in the second quarter. GAMMA Investing LLC now owns 831 shares of the medical instruments supplier’s stock worth $71,000 after purchasing an additional 488 shares during the last quarter. Finally, National Bank of Canada FI bought a new position in Merit Medical Systems during the 2nd quarter worth approximately $77,000. 99.66% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Stock Performance

MMSI stock opened at $103.66 on Thursday. Merit Medical Systems, Inc. has a twelve month low of $65.46 and a twelve month high of $106.87. The business’s fifty day simple moving average is $98.91 and its two-hundred day simple moving average is $91.41. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 50.81, a PEG ratio of 2.60 and a beta of 0.89. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The business had revenue of $339.85 million for the quarter, compared to the consensus estimate of $334.60 million. During the same quarter in the prior year, the company earned $0.75 EPS. The business’s revenue was up 7.8% compared to the same quarter last year. Analysts predict that Merit Medical Systems, Inc. will post 3.36 earnings per share for the current year.

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 29,646 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $98.02, for a total transaction of $2,905,900.92. Following the sale, the chief financial officer now owns 16,361 shares of the company’s stock, valued at approximately $1,603,705.22. The trade was a 64.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $101.55, for a total value of $1,269,375.00. Following the completion of the sale, the director now owns 32,391 shares in the company, valued at approximately $3,289,306.05. This represents a 27.85 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

MMSI has been the subject of a number of analyst reports. Piper Sandler reiterated an “overweight” rating and set a $110.00 target price (up from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Needham & Company LLC restated a “buy” rating and issued a $109.00 price objective on shares of Merit Medical Systems in a report on Thursday, October 31st. Barrington Research reissued an “outperform” rating and issued a $114.00 target price on shares of Merit Medical Systems in a report on Thursday, October 31st. Wells Fargo & Company increased their target price on Merit Medical Systems from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, September 16th. Finally, Bank of America boosted their target price on Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.36.

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.