Merit Medical Systems (NASDAQ:MMSI) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Merit Medical Systems (NASDAQ:MMSI) from a hold rating to a buy rating in a report released on Monday.

Several other research firms have also weighed in on MMSI. Piper Sandler boosted their target price on shares of Merit Medical Systems from $97.00 to $100.00 and gave the company an overweight rating in a research note on Friday. Barrington Research restated an outperform rating and issued a $100.00 target price on shares of Merit Medical Systems in a research report on Tuesday, July 16th. Needham & Company LLC upped their price objective on shares of Merit Medical Systems from $93.00 to $94.00 and gave the stock a buy rating in a report on Friday. Bank of America increased their price objective on shares of Merit Medical Systems from $87.00 to $92.00 and gave the company a neutral rating in a report on Monday. Finally, CL King began coverage on Merit Medical Systems in a report on Thursday, April 11th. They set a buy rating and a $88.00 target price on the stock. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Merit Medical Systems currently has a consensus rating of Buy and a consensus target price of $97.10.

Merit Medical Systems Stock Performance

Shares of MMSI traded up $2.14 during mid-day trading on Monday, hitting $89.58. The stock had a trading volume of 465,607 shares, compared to its average volume of 450,666. The company’s fifty day simple moving average is $84.26 and its two-hundred day simple moving average is $79.50. Merit Medical Systems has a fifty-two week low of $62.58 and a fifty-two week high of $90.60. The company has a market cap of $5.21 billion, a PE ratio of 51.32, a PEG ratio of 2.38 and a beta of 0.88. The company has a quick ratio of 4.38, a current ratio of 6.03 and a debt-to-equity ratio of 0.65.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Merit Medical Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. purchased a new stake in Merit Medical Systems in the 4th quarter worth about $206,000. Conestoga Capital Advisors LLC lifted its position in shares of Merit Medical Systems by 0.6% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,151,938 shares of the medical instruments supplier’s stock worth $163,461,000 after purchasing an additional 11,995 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in Merit Medical Systems during the fourth quarter valued at approximately $2,195,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Merit Medical Systems by 23.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,347 shares of the medical instruments supplier’s stock valued at $1,014,000 after buying an additional 2,496 shares during the period. Finally, Knights of Columbus Asset Advisors LLC increased its stake in shares of Merit Medical Systems by 94.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 56,629 shares of the medical instruments supplier’s stock worth $4,302,000 after acquiring an additional 27,523 shares during the last quarter. 99.66% of the stock is currently owned by hedge funds and other institutional investors.

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.