Wells Fargo & Company MN Acquires 30,834 Shares of Merit Medical Systems, Inc. (MMSI)

Wells Fargo & Company MN increased its holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 5.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 633,026 shares of the medical instruments supplier’s stock after purchasing an additional 30,834 shares during the period. Wells Fargo & Company MN owned approximately 1.16% of Merit Medical Systems worth $38,899,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Principal Financial Group Inc. raised its holdings in shares of Merit Medical Systems by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 413,577 shares of the medical instruments supplier’s stock valued at $18,755,000 after buying an additional 10,848 shares during the period. Bank of Montreal Can purchased a new stake in shares of Merit Medical Systems in the 2nd quarter valued at $2,382,000. Amalgamated Bank raised its holdings in shares of Merit Medical Systems by 14.4% in the 2nd quarter. Amalgamated Bank now owns 8,025 shares of the medical instruments supplier’s stock valued at $411,000 after buying an additional 1,010 shares during the period. Congress Asset Management Co. MA raised its holdings in shares of Merit Medical Systems by 8.6% in the 2nd quarter. Congress Asset Management Co. MA now owns 122,815 shares of the medical instruments supplier’s stock valued at $6,288,000 after buying an additional 9,767 shares during the period. Finally, Sawgrass Asset Management LLC raised its holdings in shares of Merit Medical Systems by 558.9% in the 2nd quarter. Sawgrass Asset Management LLC now owns 31,595 shares of the medical instruments supplier’s stock valued at $1,618,000 after buying an additional 26,800 shares during the period. Hedge funds and other institutional investors own 88.59% of the company’s stock.

MMSI has been the topic of several research analyst reports. Zacks Investment Research upgraded Merit Medical Systems from a “sell” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Monday, October 29th. Sidoti set a $79.00 price objective on Merit Medical Systems and gave the company a “buy” rating in a report on Tuesday, October 2nd. SunTrust Banks boosted their price objective on Merit Medical Systems to $68.00 and gave the company a “buy” rating in a report on Monday, August 27th. Canaccord Genuity boosted their price objective on Merit Medical Systems from $70.00 to $72.00 and gave the company a “buy” rating in a report on Friday, October 26th. Finally, Piper Jaffray Companies boosted their price objective on Merit Medical Systems from $58.00 to $72.00 and gave the company an “overweight” rating in a report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $68.10.

In other Merit Medical Systems news, Director F. Ann Millner sold 9,593 shares of the company’s stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $56.92, for a total transaction of $546,033.56. Following the sale, the director now owns 7,891 shares in the company, valued at approximately $449,155.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Ronald Frost sold 5,257 shares of the company’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $61.31, for a total value of $322,306.67. Following the sale, the chief operating officer now owns 5,257 shares in the company, valued at approximately $322,306.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,593 shares of company stock worth $2,379,286. 5.00% of the stock is owned by company insiders.

Shares of NASDAQ MMSI opened at $58.72 on Friday. The company has a current ratio of 2.77, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. Merit Medical Systems, Inc. has a 1-year low of $41.25 and a 1-year high of $66.34. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 37.89, a P/E/G ratio of 2.70 and a beta of 1.19.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings results on Thursday, October 25th. The medical instruments supplier reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.05. Merit Medical Systems had a return on equity of 10.86% and a net margin of 4.72%. The company had revenue of $221.66 million for the quarter, compared to the consensus estimate of $217.62 million. On average, research analysts expect that Merit Medical Systems, Inc. will post 1.66 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Merit Medical Systems (NASDAQ:MMSI)

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