Merit Medical Systems (NASDAQ:MMSI) Sets New 1-Year High on Analyst Upgrade

Merit Medical Systems, Inc. (NASDAQ:MMSI) shares hit a new 52-week high during trading on Monday after Canaccord Genuity Group raised their price target on the stock from $125.00 to $127.00. Canaccord Genuity Group currently has a buy rating on the stock. Merit Medical Systems traded as high as $107.00 and last traded at $107.00, with a volume of 628 shares traded. The stock had previously closed at $104.40.

A number of other analysts have also commented on the company. StockNews.com lowered Merit Medical Systems from a “buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Bank of America boosted their price objective on Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Robert W. Baird boosted their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Piper Sandler reissued an “overweight” rating and set a $110.00 price objective (up from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Finally, Wells Fargo & Company boosted their price objective on Merit Medical Systems from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, September 16th. Three equities 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 stock. According to data from MarketBeat.com, Merit Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.55.

Insider Activity at Merit Medical Systems

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

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp bought a new stake in Merit Medical Systems during the 3rd quarter valued at $718,000. Fisher Asset Management LLC raised its holdings in Merit Medical Systems by 3.2% during the 3rd quarter. Fisher Asset Management LLC now owns 221,690 shares of the medical instruments supplier’s stock valued at $21,910,000 after acquiring an additional 6,837 shares during the period. Natixis Advisors LLC raised its holdings in Merit Medical Systems by 10.8% during the 2nd quarter. Natixis Advisors LLC now owns 66,535 shares of the medical instruments supplier’s stock valued at $5,719,000 after acquiring an additional 6,487 shares during the period. Raymond James & Associates raised its holdings in Merit Medical Systems by 3.1% during the 2nd quarter. Raymond James & Associates now owns 129,024 shares of the medical instruments supplier’s stock valued at $11,090,000 after acquiring an additional 3,933 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in Merit Medical Systems by 32.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after acquiring an additional 260 shares during the period. Institutional investors own 99.66% of the company’s stock.

Merit Medical Systems Price Performance

The business’s fifty day simple moving average is $99.88 and its 200-day simple moving average is $92.88. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57. The firm has a market cap of $6.05 billion, a P/E ratio of 50.88, a PEG ratio of 2.59 and a beta of 0.84.

Merit Medical Systems (NASDAQ:MMSI) last released its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. The firm had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. Merit Medical Systems had a net margin of 9.05% and a return on equity of 15.61%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.75 earnings per share. As a group, analysts forecast that Merit Medical Systems, Inc. will post 3.36 EPS for the current fiscal year.

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.