Principal Financial Group Inc. Sells 8,296 Shares of Merit Medical Systems, Inc. $MMSI

Principal Financial Group Inc. lowered its position in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 317,118 shares of the medical instruments supplier’s stock after selling 8,296 shares during the period. Principal Financial Group Inc. owned 0.54% of Merit Medical Systems worth $26,394,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in Merit Medical Systems by 7.3% in the first quarter. AQR Capital Management LLC now owns 16,361 shares of the medical instruments supplier’s stock worth $1,730,000 after purchasing an additional 1,114 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Merit Medical Systems by 16.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 719,313 shares of the medical instruments supplier’s stock valued at $76,039,000 after buying an additional 103,878 shares in the last quarter. KLP Kapitalforvaltning AS grew its position in shares of Merit Medical Systems by 5.2% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 12,100 shares of the medical instruments supplier’s stock worth $1,131,000 after buying an additional 600 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Merit Medical Systems by 0.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the medical instruments supplier’s stock worth $2,580,000 after acquiring an additional 200 shares in the last quarter. Finally, Maryland State Retirement & Pension System lifted its position in Merit Medical Systems by 2.2% during the 2nd quarter. Maryland State Retirement & Pension System now owns 17,369 shares of the medical instruments supplier’s stock valued at $1,624,000 after acquiring an additional 376 shares during the period. Hedge funds and other institutional investors own 99.66% of the company’s stock.

Analysts Set New Price Targets

MMSI has been the topic of a number of analyst reports. Zacks Research cut Merit Medical Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Canaccord Genuity Group increased their target price on Merit Medical Systems from $93.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Barrington Research reaffirmed an “outperform” rating and issued a $106.00 price target on shares of Merit Medical Systems in a research report on Friday, November 14th. BTIG Research started coverage on shares of Merit Medical Systems in a research report on Friday. They set a “buy” rating and a $107.00 price objective on the stock. Finally, Robert W. Baird set a $108.00 target price on shares of Merit Medical Systems in a report on Tuesday, December 16th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $106.00.

Insider Buying and Selling at Merit Medical Systems

In other news, Chairman Fred P. Lampropoulos sold 25,000 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $87.31, for a total value of $2,182,750.00. Following the transaction, the chairman directly owned 1,029,955 shares in the company, valued at $89,925,371.05. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 60,000 shares of company stock worth $5,189,900. 3.20% of the stock is owned by corporate insiders.

Merit Medical Systems Stock Performance

Shares of MMSI stock opened at $82.50 on Friday. The company has a quick ratio of 2.86, a current ratio of 4.28 and a debt-to-equity ratio of 0.48. The company has a 50 day moving average price of $84.92 and a 200-day moving average price of $85.22. Merit Medical Systems, Inc. has a 52 week low of $78.12 and a 52 week high of $110.67. The firm has a market capitalization of $4.89 billion, a PE ratio of 42.31, a P/E/G ratio of 2.16 and a beta of 0.61.

About Merit Medical Systems

Merit Medical Systems, Inc is a global manufacturer and marketer of a broad range of medical devices used in diagnostic and interventional procedures. The company’s product portfolio encompasses vascular access, drainage, embolotherapy, and interventional oncology devices, as well as radiofrequency ablation systems and hemostasis solutions. These products serve physicians and hospitals in critical care settings and support minimally invasive treatment options across multiple specialties, including cardiology, radiology, oncology, neurology and endoscopy.

Founded in 1987 by Fred Lampropoulos, Merit Medical Systems has grown through both organic development and targeted acquisitions to expand its technology offerings and geographic reach.