Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $128.00

Merit Medical Systems (NASDAQ:MMSI) had its price target boosted by Canaccord Genuity Group from $127.00 to $128.00 in a report issued on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical instruments supplier’s stock.

A number of other analysts also recently commented on the company. Barrington Research upped their target price on Merit Medical Systems from $114.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday. StockNews.com cut shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Wells Fargo & Company upgraded shares of Merit Medical Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $103.00 to $120.00 in a research note on Wednesday, December 11th. Needham & Company LLC restated a “buy” rating and set a $109.00 price target on shares of Merit Medical Systems in a research report on Tuesday, January 14th. Finally, Piper Sandler upped their price objective on shares of Merit Medical Systems from $110.00 to $114.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Merit Medical Systems has a consensus rating of “Moderate Buy” and an average price target of $109.80.

Merit Medical Systems Stock Down 1.3 %

MMSI stock opened at $108.88 on Wednesday. The company has a market capitalization of $6.35 billion, a P/E ratio of 53.37, a price-to-earnings-growth ratio of 2.42 and a beta of 0.85. Merit Medical Systems has a 12 month low of $70.70 and a 12 month high of $111.45. The firm’s fifty day simple moving average is $101.47 and its 200-day simple moving average is $97.13. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. The company had revenue of $339.85 million for the quarter, compared to analyst estimates of $334.60 million. Merit Medical Systems had a net margin of 9.05% and a return on equity of 15.61%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.75 earnings per share. As a group, equities research analysts forecast that Merit Medical Systems will post 3.37 earnings per share for the current year.

Insider Buying and Selling at Merit Medical Systems

In other news, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $101.55, for a total transaction of $1,269,375.00. Following the completion of the sale, the director now owns 32,391 shares of the company’s stock, valued at $3,289,306.05. This represents a 27.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Raul Jr. Parra sold 29,646 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total transaction of $2,905,900.92. Following the completion of the transaction, the chief financial officer now directly owns 16,361 shares in the company, valued at approximately $1,603,705.22. This represents a 64.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Institutional Trading of Merit Medical Systems

A number of hedge funds have recently bought and sold shares of the business. USA Financial Formulas purchased a new stake in shares of Merit Medical Systems in the third quarter valued at approximately $59,000. Farther Finance Advisors LLC boosted its stake in Merit Medical Systems by 32.7% during the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock worth $104,000 after buying an additional 260 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Merit Medical Systems in the 3rd quarter valued at $120,000. GAMMA Investing LLC grew its holdings in Merit Medical Systems by 56.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,303 shares of the medical instruments supplier’s stock valued at $129,000 after buying an additional 472 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its stake in shares of Merit Medical Systems by 13.9% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,732 shares of the medical instruments supplier’s stock worth $171,000 after acquiring an additional 211 shares during the last quarter. Institutional investors and hedge funds own 99.66% of the company’s stock.

Merit Medical Systems Company 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.