KLP Kapitalforvaltning AS Makes New Investment in Merit Medical Systems, Inc. (NASDAQ:MMSI)

KLP Kapitalforvaltning AS bought a new stake in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,100 shares of the medical instruments supplier’s stock, valued at approximately $1,170,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its stake in Merit Medical Systems by 70.1% during the third quarter. FMR LLC now owns 1,577,246 shares of the medical instruments supplier’s stock valued at $155,879,000 after acquiring an additional 649,799 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Merit Medical Systems during the 4th quarter valued at $48,926,000. Bryn Mawr Capital Management LLC purchased a new position in shares of Merit Medical Systems during the 4th quarter valued at $36,057,000. Two Sigma Advisers LP increased its holdings in shares of Merit Medical Systems by 218.9% in the third quarter. Two Sigma Advisers LP now owns 445,500 shares of the medical instruments supplier’s stock worth $44,029,000 after purchasing an additional 305,800 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Merit Medical Systems by 85.6% in the third quarter. JPMorgan Chase & Co. now owns 575,946 shares of the medical instruments supplier’s stock worth $56,921,000 after buying an additional 265,648 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on MMSI. Canaccord Genuity Group reduced their target price on Merit Medical Systems from $128.00 to $127.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Barrington Research decreased their price objective on shares of Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $116.00 target price (up from $114.00) on shares of Merit Medical Systems in a research note on Wednesday, January 29th. Raymond James boosted their price target on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 31st. Finally, JPMorgan Chase & Co. initiated coverage on shares of Merit Medical Systems in a research report on Friday. They set an “overweight” rating and a $120.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $111.70.

Insider Buying and Selling

In related news, Director Stephen C. Evans sold 5,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $105.31, for a total transaction of $526,550.00. Following the completion of the sale, the director now directly owns 4,657 shares in the company, valued at $490,428.67. This represents a 51.78 % decrease in their position. 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 the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $98.81, for a total value of $1,230,283.31. Following the transaction, the chief financial officer now owns 24,201 shares in the company, valued at approximately $2,391,300.81. The trade was a 33.97 % decrease in their ownership of the stock. 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. 3.70% of the stock is owned by company insiders.

Merit Medical Systems Trading Up 0.6 %

Shares of MMSI opened at $103.94 on Friday. Merit Medical Systems, Inc. has a fifty-two week low of $70.70 and a fifty-two week high of $111.45. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of 50.95, a PEG ratio of 2.34 and a beta of 0.91. The firm has a 50 day moving average price of $104.30 and a 200-day moving average price of $101.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36.

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.