Merit Medical Systems (NASDAQ:MMSI) Price Target Lowered to $93.00 at Canaccord Genuity Group

Merit Medical Systems (NASDAQ:MMSI) had its price target decreased by investment analysts at Canaccord Genuity Group from $104.00 to $93.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 9.10% from the stock’s current price.

MMSI has been the subject of a number of other research reports. Needham & Company LLC reissued a “buy” rating and issued a $108.00 target price on shares of Merit Medical Systems in a research report on Friday, October 31st. Wells Fargo & Company decreased their target price on shares of Merit Medical Systems from $103.00 to $95.00 and set an “overweight” rating on the stock in a research report on Friday. Raymond James Financial cut their price target on Merit Medical Systems from $108.00 to $102.00 and set an “outperform” rating for the company in a research note on Thursday, July 31st. Robert W. Baird set a $103.00 price target on Merit Medical Systems in a research report on Friday, October 31st. Finally, Barrington Research lifted their price objective on Merit Medical Systems from $103.00 to $106.00 and gave the company an “outperform” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $104.50.

Merit Medical Systems Stock Down 2.5%

NASDAQ MMSI traded down $2.15 during trading hours on Friday, hitting $85.25. 982,813 shares of the company traded hands, compared to its average volume of 646,683. The business’s 50-day moving average is $84.42 and its 200-day moving average is $88.96. Merit Medical Systems has a twelve month low of $78.12 and a twelve month high of $111.45. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 43.23, a P/E/G ratio of 2.62 and a beta of 0.64. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.66 and a current ratio of 4.09.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Thursday, October 30th. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.10. The business had revenue of $384.16 million during the quarter, compared to the consensus estimate of $371.69 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. Merit Medical Systems’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS. Merit Medical Systems has set its FY 2025 guidance at 3.660-3.790 EPS. Sell-side analysts anticipate that Merit Medical Systems will post 3.37 earnings per share for the current year.

Insider Activity

In related news, Director Lynne N. Ward sold 3,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $88.56, for a total transaction of $265,680.00. Following the sale, the director owned 12,809 shares of the company’s stock, valued at $1,134,365.04. This trade represents a 18.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Merit Medical Systems

Several institutional investors have recently added to or reduced their stakes in MMSI. Xponance Inc. increased its stake in shares of Merit Medical Systems by 4.8% in the 1st quarter. Xponance Inc. now owns 4,689 shares of the medical instruments supplier’s stock valued at $496,000 after acquiring an additional 214 shares in the last quarter. CWM LLC increased its stake in Merit Medical Systems by 134.5% in the first quarter. CWM LLC now owns 1,782 shares of the medical instruments supplier’s stock valued at $188,000 after purchasing an additional 1,022 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Merit Medical Systems by 38.5% during the first quarter. Victory Capital Management Inc. now owns 108,301 shares of the medical instruments supplier’s stock valued at $11,448,000 after purchasing an additional 30,130 shares during the period. Archer Investment Corp bought a new position in shares of Merit Medical Systems during the 1st quarter worth about $201,000. Finally, IFP Advisors Inc grew its stake in shares of Merit Medical Systems by 1,435.0% in the 1st quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier’s stock valued at $32,000 after buying an additional 287 shares during the period. 99.66% of the stock is currently 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.