Norges Bank Invests $66.64 Million in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Norges Bank bought a new stake in Merit Medical Systems, Inc. (NASDAQ:MMSI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 688,983 shares of the medical instruments supplier’s stock, valued at approximately $66,638,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Merit Medical Systems by 305.4% in the third quarter. Barclays PLC now owns 112,727 shares of the medical instruments supplier’s stock valued at $11,142,000 after purchasing an additional 84,923 shares during the period. EULAV Asset Management boosted its position in Merit Medical Systems by 400.0% in the fourth quarter. EULAV Asset Management now owns 115,000 shares of the medical instruments supplier’s stock valued at $11,123,000 after buying an additional 92,000 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Merit Medical Systems by 85.6% in the 3rd 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 during the period. AMI Asset Management Corp raised its position in Merit Medical Systems by 28.7% during the 4th quarter. AMI Asset Management Corp now owns 33,041 shares of the medical instruments supplier’s stock worth $3,196,000 after buying an additional 7,367 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. acquired a new stake in Merit Medical Systems during the 4th quarter valued at approximately $800,000. Hedge funds and other institutional investors own 99.66% of the company’s stock.

Merit Medical Systems Price Performance

Merit Medical Systems stock opened at $103.96 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. The company’s fifty day moving average price is $104.43 and its 200 day moving average price is $101.25. The stock has a market capitalization of $6.12 billion, a P/E ratio of 50.96, a P/E/G ratio of 2.34 and a beta of 0.91. Merit Medical Systems, Inc. has a 1 year low of $70.70 and a 1 year high of $111.45.

Insider Activity

In other Merit Medical Systems news, CEO Fred P. Lampropoulos sold 31,320 shares of Merit Medical Systems stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $103.86, for a total transaction of $3,252,895.20. Following the sale, the chief executive officer now owns 1,086,028 shares of the company’s stock, valued at $112,794,868.08. The trade was a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brian G. Lloyd sold 25,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $99.50, for a total transaction of $2,487,500.00. Following the completion of the sale, the insider now owns 38,993 shares of the company’s stock, valued at $3,879,803.50. This trade represents a 39.07 % 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 over the last 90 days. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Merit Medical Systems in a report on Friday, March 28th. They set an “overweight” rating and a $120.00 target price for the company. Canaccord Genuity Group reduced their price objective on Merit Medical Systems from $128.00 to $127.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Piper Sandler restated an “overweight” rating and issued a $116.00 target price (up previously from $114.00) on shares of Merit Medical Systems in a research note on Wednesday, January 29th. Wells Fargo & Company dropped their target price on Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Finally, Barrington Research decreased their price target on Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Two 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $111.70.

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.