JPMorgan Chase & Co. Has $56.92 Million Stock Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

JPMorgan Chase & Co. lifted its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) by 85.6% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 575,946 shares of the medical instruments supplier’s stock after buying an additional 265,648 shares during the period. JPMorgan Chase & Co. owned about 0.99% of Merit Medical Systems worth $56,921,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of MMSI. USA Financial Formulas bought a new position in shares of Merit Medical Systems in the third quarter worth about $59,000. National Bank of Canada FI bought a new position in Merit Medical Systems in the 2nd quarter valued at approximately $77,000. Farther Finance Advisors LLC boosted its position in Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after buying an additional 260 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Merit Medical Systems during the second quarter worth $112,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Merit Medical Systems during the third quarter worth $120,000. 99.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MMSI shares. Needham & Company LLC reaffirmed a “buy” rating and set a $109.00 price target on shares of Merit Medical Systems in a research note on Thursday, October 31st. Raymond James raised their target price on Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 31st. Robert W. Baird upped their price target on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Piper Sandler restated an “overweight” rating and set a $110.00 price objective (up from $100.00) on shares of Merit Medical Systems in a research report on Monday, September 9th. Finally, Wells Fargo & Company upgraded Merit Medical Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $103.00 to $120.00 in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $107.70.

Insider Activity at Merit Medical Systems

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

Merit Medical Systems Stock Down 0.2 %

MMSI stock opened at $95.89 on Friday. The stock’s 50 day simple moving average is $101.05 and its 200 day simple moving average is $94.81. The company has a market cap of $5.59 billion, a P/E ratio of 47.01, a price-to-earnings-growth ratio of 2.55 and a beta of 0.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. Merit Medical Systems, Inc. has a fifty-two week low of $70.70 and a fifty-two week high of $108.07.

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

Merit Medical Systems Company 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.