Merit Medical Systems (NASDAQ:MMSI) Price Target Lowered to $127.00 at Canaccord Genuity Group

Merit Medical Systems (NASDAQ:MMSI) had its price objective lowered by Canaccord Genuity Group from $128.00 to $127.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the medical instruments supplier’s stock.

Several other brokerages have also recently commented on MMSI. StockNews.com cut shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a report on Sunday, November 3rd. Raymond James increased their target price on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, December 31st. Wells Fargo & Company cut their price target on shares of Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $116.00 price target (up previously from $114.00) on shares of Merit Medical Systems in a research note on Wednesday, January 29th. Finally, Robert W. Baird increased their price target on shares of Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Merit Medical Systems presently has an average rating of “Moderate Buy” and a consensus price target of $108.40.

Merit Medical Systems Stock Performance

Shares of MMSI opened at $100.45 on Wednesday. Merit Medical Systems has a 12 month low of $70.70 and a 12 month high of $111.45. The firm has a fifty day simple moving average of $102.79 and a 200 day simple moving average of $99.89. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of 49.24, a PEG ratio of 2.34 and a beta of 0.87. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57.

Hedge Funds Weigh In On Merit Medical Systems

Several large investors have recently modified their holdings of MMSI. NewSquare Capital LLC bought a new position in shares of Merit Medical Systems in the fourth quarter valued at about $32,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Merit Medical Systems in the fourth quarter valued at about $52,000. Federated Hermes Inc. raised its position in shares of Merit Medical Systems by 139.1% in the fourth quarter. Federated Hermes Inc. now owns 655 shares of the medical instruments supplier’s stock valued at $63,000 after purchasing an additional 381 shares during the period. Group One Trading LLC bought a new position in shares of Merit Medical Systems in the fourth quarter valued at about $77,000. Finally, Farther Finance Advisors LLC raised its position in shares of Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after purchasing an additional 260 shares during the period. 99.66% of the stock is owned by 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.