Merit Medical Systems (NASDAQ:MMSI) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Merit Medical Systems (NASDAQ:MMSI) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $105.00 target price on the medical instruments supplier’s stock.

A number of other research analysts have also recently weighed in on the company. Barrington Research reaffirmed an outperform rating and set a $100.00 price objective on shares of Merit Medical Systems in a research report on Tuesday, July 16th. Bank of America lifted their price target on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a neutral rating in a report on Monday. Canaccord Genuity Group increased their price objective on shares of Merit Medical Systems from $102.00 to $125.00 and gave the stock a buy rating in a research note on Tuesday, July 2nd. Baird R W upgraded shares of Merit Medical Systems to a strong-buy rating in a research note on Friday, June 28th. Finally, Piper Sandler reiterated an overweight rating and issued a $110.00 price target (up previously from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $100.55.

Merit Medical Systems Stock Up 1.5 %

MMSI opened at $100.23 on Monday. The firm’s 50 day simple moving average is $91.46 and its two-hundred day simple moving average is $82.94. The company has a market capitalization of $5.82 billion, a PE ratio of 57.60, a PEG ratio of 2.53 and a beta of 0.87. Merit Medical Systems has a 1-year low of $62.58 and a 1-year high of $101.25. The company has a current ratio of 6.24, a quick ratio of 4.64 and a debt-to-equity ratio of 0.62.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Merit Medical Systems had a return on equity of 15.29% and a net margin of 9.02%. The company had revenue of $338.00 million for the quarter, compared to analysts’ expectations of $334.94 million. As a group, equities analysts forecast that Merit Medical Systems will post 3.31 EPS for the current year.

Insider Activity

In other news, Director F. Ann Millner sold 12,500 shares of Merit Medical Systems stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $85.00, for a total value of $1,062,500.00. Following the sale, the director now directly owns 32,391 shares of the company’s stock, valued at $2,753,235. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Merit Medical Systems

A number of large investors have recently added to or reduced their stakes in the company. Truist Financial Corp bought a new position in shares of Merit Medical Systems during the 2nd quarter valued at approximately $795,000. Creative Planning raised its stake in Merit Medical Systems by 34.9% during the second quarter. Creative Planning now owns 15,020 shares of the medical instruments supplier’s stock valued at $1,291,000 after purchasing an additional 3,887 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Merit Medical Systems during the second quarter valued at $756,000. AQR Capital Management LLC grew its stake in shares of Merit Medical Systems by 36.1% in the 2nd quarter. AQR Capital Management LLC now owns 11,043 shares of the medical instruments supplier’s stock worth $949,000 after buying an additional 2,931 shares in the last quarter. Finally, Point72 Europe London LLP grew its stake in shares of Merit Medical Systems by 162.9% in the 2nd quarter. Point72 Europe London LLP now owns 147,500 shares of the medical instruments supplier’s stock worth $12,678,000 after buying an additional 91,400 shares in the last quarter. Institutional investors own 99.66% of the company’s stock.

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.