Merit Medical Systems (NASDAQ:MMSI) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Merit Medical Systems (NASDAQ:MMSI) had its target price raised by research analysts at Canaccord Genuity Group from $127.00 to $128.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 16.06% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. Raymond James raised their target price on Merit Medical Systems from $105.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, December 31st. Needham & Company LLC restated a “buy” rating and issued a $109.00 price objective on shares of Merit Medical Systems in a research report on Tuesday, January 14th. Piper Sandler increased their target price on Merit Medical Systems from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Barrington Research boosted their price target on shares of Merit Medical Systems from $114.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company raised shares of Merit Medical Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $103.00 to $120.00 in a report on Wednesday, December 11th. Two investment 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.80.

Merit Medical Systems Trading Up 1.7 %

Shares of NASDAQ MMSI opened at $110.29 on Wednesday. Merit Medical Systems has a 1-year low of $70.70 and a 1-year high of $111.27. The business has a fifty day moving average price of $101.36 and a 200 day moving average price of $97.04. The stock has a market capitalization of $6.43 billion, a P/E ratio of 54.06, a price-to-earnings-growth ratio of 2.34 and a beta of 0.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82.

Merit Medical Systems (NASDAQ:MMSI) last released its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 EPS for the quarter, beating 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 business had revenue of $339.85 million during the quarter, compared to analyst estimates of $334.60 million. During the same period in the prior year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts expect that Merit Medical Systems will post 3.36 EPS for the current fiscal year.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 29,646 shares of the business’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 transaction 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 $1,603,705.22. The trade was a 64.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director F. Ann Millner sold 12,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $101.55, for a total transaction of $1,269,375.00. Following the completion of the sale, the director now owns 32,391 shares in the company, valued at $3,289,306.05. The trade was a 27.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. American Century Companies Inc. boosted its holdings in Merit Medical Systems by 2.9% in the second quarter. American Century Companies Inc. now owns 4,216 shares of the medical instruments supplier’s stock valued at $362,000 after purchasing an additional 118 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Merit Medical Systems by 4.9% in the 2nd quarter. Xponance Inc. now owns 3,621 shares of the medical instruments supplier’s stock valued at $311,000 after buying an additional 170 shares in the last quarter. Squarepoint Ops LLC grew its position in shares of Merit Medical Systems by 170.7% in the 2nd quarter. Squarepoint Ops LLC now owns 26,665 shares of the medical instruments supplier’s stock valued at $2,292,000 after buying an additional 64,401 shares during the last quarter. AQR Capital Management LLC raised its stake in Merit Medical Systems by 36.1% during the 2nd quarter. AQR Capital Management LLC now owns 11,043 shares of the medical instruments supplier’s stock worth $949,000 after acquiring an additional 2,931 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Merit Medical Systems in the second quarter valued at $756,000. Hedge funds and other institutional investors 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.