Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $122.00

Merit Medical Systems (NASDAQ:MMSI) had its target price lifted by Needham & Company LLC from $109.00 to $122.00 in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the medical instruments supplier’s stock.

A number of other research analysts have also commented on MMSI. Piper Sandler increased their price objective on Merit Medical Systems from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Barrington Research lifted their price target on shares of Merit Medical Systems from $114.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday. Robert W. Baird boosted their price objective on shares of Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. StockNews.com lowered shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Finally, Wells Fargo & Company raised shares of Merit Medical Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $103.00 to $120.00 in a research report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Merit Medical Systems currently has an average rating of “Moderate Buy” and a consensus target price of $109.80.

Merit Medical Systems Stock Performance

MMSI stock opened at $108.88 on Wednesday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 53.37, a P/E/G ratio of 2.42 and a beta of 0.85. The firm has a 50 day moving average of $101.47 and a two-hundred day moving average of $97.13. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57. Merit Medical Systems has a 12 month low of $70.70 and a 12 month high of $111.45.

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

Insider Activity at Merit Medical Systems

In other news, CFO Raul Jr. Parra sold 29,646 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 16,361 shares in the company, valued at approximately $1,603,705.22. The trade was a 64.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $3,289,306.05. This trade represents a 27.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Merit Medical Systems

Hedge funds have recently made changes to their positions in the business. Barclays PLC raised its position in Merit Medical Systems by 305.4% in the third quarter. Barclays PLC now owns 112,727 shares of the medical instruments supplier’s stock worth $11,142,000 after purchasing an additional 84,923 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Merit Medical Systems in the 3rd quarter worth approximately $718,000. Fisher Asset Management LLC lifted its position in shares of 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 worth $21,910,000 after buying an additional 6,837 shares during the period. JPMorgan Chase & Co. boosted its stake in Merit Medical Systems by 85.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 575,946 shares of the medical instruments supplier’s stock valued at $56,921,000 after buying an additional 265,648 shares in the last quarter. Finally, AMI Asset Management Corp grew its position in Merit Medical Systems by 28.7% in the fourth quarter. AMI Asset Management Corp now owns 33,041 shares of the medical instruments supplier’s stock valued at $3,196,000 after acquiring an additional 7,367 shares during the period. 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.