Conestoga Capital Advisors LLC Grows Holdings in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Conestoga Capital Advisors LLC lifted its stake in Merit Medical Systems, Inc. (NASDAQ:MMSI) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,289,148 shares of the medical instruments supplier’s stock after acquiring an additional 38,780 shares during the quarter. Merit Medical Systems accounts for 3.1% of Conestoga Capital Advisors LLC’s investment portfolio, making the stock its 11th largest position. Conestoga Capital Advisors LLC’s holdings in Merit Medical Systems were worth $226,236,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in MMSI. Opal Wealth Advisors LLC acquired a new position in Merit Medical Systems in the 2nd quarter valued at about $29,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Merit Medical Systems in the first quarter valued at approximately $44,000. USA Financial Formulas purchased a new stake in Merit Medical Systems during the 3rd quarter worth approximately $59,000. Headlands Technologies LLC acquired a new stake in Merit Medical Systems during the 1st quarter worth approximately $50,000. Finally, GAMMA Investing LLC boosted its position in Merit Medical Systems by 142.3% in the 2nd quarter. GAMMA Investing LLC now owns 831 shares of the medical instruments supplier’s stock valued at $71,000 after buying an additional 488 shares during the period. Hedge funds and other institutional investors own 99.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Barrington Research reaffirmed an “outperform” rating and issued a $114.00 price target on shares of Merit Medical Systems in a research report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $109.00 price objective on shares of Merit Medical Systems in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $110.00 target price (up previously from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. StockNews.com raised Merit Medical Systems from a “hold” rating to a “buy” rating in a report on Saturday, October 26th. Finally, Robert W. Baird raised their target price on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.36.

Merit Medical Systems Stock Performance

Shares of MMSI traded up $0.41 during mid-day trading on Friday, reaching $99.07. 117,313 shares of the company’s stock were exchanged, compared to its average volume of 436,652. The business’s fifty day simple moving average is $96.49 and its 200-day simple moving average is $87.70. The stock has a market capitalization of $5.77 billion, a PE ratio of 48.78, a price-to-earnings-growth ratio of 2.39 and a beta of 0.87. Merit Medical Systems, Inc. has a 52-week low of $65.46 and a 52-week high of $101.60. The company has a debt-to-equity ratio of 0.62, a current ratio of 6.24 and a quick ratio of 4.64.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (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 15.86%. The company had revenue of $339.85 million for the quarter, compared to the consensus estimate of $334.60 million. During the same period last year, the firm posted $0.75 EPS. Merit Medical Systems’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities research analysts expect that Merit Medical Systems, Inc. will post 3.3 earnings per share for the current year.

Merit Medical Systems 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.