Merit Medical Systems (NASDAQ:MMSI) Releases Quarterly Earnings Results

Merit Medical Systems (NASDAQ:MMSI) released its earnings results on Thursday. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04, reports. The firm had revenue of $338.00 million during the quarter, compared to analyst estimates of $334.94 million. Merit Medical Systems had a return on equity of 15.47% and a net margin of 9.02%. Merit Medical Systems updated its FY24 guidance to $3.27-3.35 EPS.

Merit Medical Systems Stock Performance

Shares of MMSI opened at $88.74 on Friday. The company’s 50 day simple moving average is $84.15 and its 200 day simple moving average is $79.43. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 51.00, a PEG ratio of 2.38 and a beta of 0.88. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $90.60. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.38 and a current ratio of 6.03.

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, Director F. Ann Millner sold 12,500 shares of Merit Medical Systems stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the sale, the director now directly owns 32,391 shares in the company, valued at approximately $2,753,235. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director F. Ann Millner sold 12,500 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the transaction, the director now owns 32,391 shares of the company’s stock, valued at $2,753,235. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Neil Peterson sold 7,500 shares of Merit Medical Systems stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $81.85, for a total value of $613,875.00. Following the completion of the transaction, the chief operating officer now owns 14,819 shares of the company’s stock, valued at $1,212,935.15. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new position in Merit Medical Systems during the 2nd quarter worth $29,000. Parallel Advisors LLC boosted its holdings in shares of Merit Medical Systems by 114.6% during the fourth quarter. Parallel Advisors LLC now owns 397 shares of the medical instruments supplier’s stock valued at $30,000 after acquiring an additional 212 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Merit Medical Systems during the first quarter worth about $44,000. Headlands Technologies LLC acquired a new stake in shares of Merit Medical Systems in the 1st quarter worth about $50,000. Finally, EntryPoint Capital LLC lifted its position in Merit Medical Systems by 2,666.7% in the 1st quarter. EntryPoint Capital LLC now owns 913 shares of the medical instruments supplier’s stock valued at $69,000 after purchasing an additional 880 shares during the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MMSI shares. StockNews.com cut Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 5th. Baird R W upgraded shares of Merit Medical Systems to a “strong-buy” rating in a report on Friday, June 28th. CL King assumed coverage on shares of Merit Medical Systems in a research note on Thursday, April 11th. They set a “buy” rating and a $88.00 price target on the stock. Needham & Company LLC upped their price objective on shares of Merit Medical Systems from $93.00 to $94.00 and gave the company a “buy” rating in a research note on Friday. Finally, Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Merit Medical Systems in a research report on Tuesday, July 16th. Two 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.60.

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.