Merit Medical Systems Inc. (NASDAQ:MMSI) Chief Operating Officer Peterson Neil recently engaged in transactions involving the company's stock, according to a new SEC filing. On June 10, 2024, Neil sold 7,500 shares of Merit Medical at a weighted average price of $81.846, netting a total of $613,845 from the sale. The transactions occurred in multiple trades ranging from $81.325 to $82.185 per share.
In addition to the sale, on the same day, Neil also acquired 7,500 shares of the company's common stock at a price of $44.8 per share, amounting to a total transaction value of $336,000. These transactions were executed under a Rule 10b5-1 trading plan, which Neil had adopted on March 11, 2024.
Merit Medical Systems Inc., headquartered in South Jordan, Utah, specializes in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, and endoscopy.
The recent transactions by Neil have resulted in a change in his holdings of Merit Medical stock. Following the sale, Neil's direct ownership in the company has decreased to 14,819 shares. However, it's worth noting that the COO still holds derivative securities in the form of non-qualified stock options, which could potentially increase his stake in the company upon exercise.
Investors and followers of Merit Medical Systems Inc. often monitor the buying and selling activity of company insiders as it can provide insights into the company's performance and insiders' view of the stock's value. The details of the transactions, including the number of shares sold at each price point within the range, are available upon request from the company or the SEC.
In other recent news, Merit Medical Systems has been making significant strides. The company's first-quarter results exceeded expectations, with revenue reaching $324 million, marking a 9.3% increase on a constant currency basis, and earnings per share of $0.77. These figures surpassed the Street's projections of $316 million in revenue and an EPS of $0.71. Additionally, the company received FDA 510(k) clearance for its Siege Vascular Plug and launched its Bearing nsPVA Express Prefilled Syringe in the United States and Australia.
Moreover, Silvia M. Perez, currently the President of the Commercial Branding and Transportation Division at 3M Company (NYSE:MMM), has been elected to Merit Medical's board of directors. Analysts from Piper Sandler and Canaccord Genuity (TSX:CF) have updated their stock ratings for Merit Medical, with Piper Sandler increasing its price target to $97.00 and Canaccord Genuity reducing its target to $102, both maintaining positive outlooks on the stock.
These recent developments reflect Merit Medical's ongoing commitment to growth and innovation in the healthcare industry.
InvestingPro Insights
Merit Medical Systems Inc. (NASDAQ:MMSI) has been a topic of interest for investors, particularly following recent insider transactions. To provide further insights, here are some key metrics and tips from InvestingPro that could be valuable for understanding the company's current financial standing and future prospects.
InvestingPro Data:
- Merit Medical's market capitalization stands at $4.87 billion, reflecting its position in the market.
- With a Price/Earnings (P/E) ratio of 47.36 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 46.69, the company is trading at a high earnings multiple.
- The company has experienced a revenue growth of 9.39% over the last twelve months as of Q1 2024, signaling a solid increase in its business activities.
InvestingPro Tips:
- Merit Medical is expected to see growth in net income this year, which may be a positive signal for investors looking for profitable companies.
- However, it's notable that 5 analysts have revised their earnings estimates downwards for the upcoming period, which could indicate potential challenges ahead.
Additional insights are available for those interested in a deeper analysis of Merit Medical Systems Inc. There are 14 more InvestingPro Tips that can be explored by visiting https://www.investing.com/pro/MMSI. These tips offer a comprehensive view of the company's financial health, stock performance, and market valuation.
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