Merit Medical Systems Inc. (MMSI) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Merit Medical Systems, Inc. was formed for the purpose of producing single-use medical products of high quality and superior value primarily for use in diagnosis and treatment of cardiovascular disease. The company’s products are designed to provide physicians and other health care professionals with devices that enable them to perform interventional and diagnostic procedures safely and effectively. “
Several other analysts also recently issued reports on the stock. Canaccord Genuity reaffirmed a buy rating and set a $29.00 price objective on shares of Merit Medical Systems in a report on Thursday, July 28th. Barrington Research downgraded shares of Merit Medical Systems from an outperform rating to a market perform rating in a report on Thursday, July 28th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $23.20.
Merit Medical Systems (NASDAQ:MMSI) traded down 0.79% during midday trading on Wednesday, hitting $23.96. 32,129 shares of the stock traded hands. The stock has a market cap of $1.06 billion, a PE ratio of 46.98 and a beta of 0.80. The company has a 50-day moving average of $24.04 and a 200-day moving average of $20.82. Merit Medical Systems has a 1-year low of $15.47 and a 1-year high of $25.50.
Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.02. The business earned $151.07 million during the quarter, compared to the consensus estimate of $147.76 million. Merit Medical Systems had a net margin of 4.06% and a return on equity of 8.43%. Merit Medical Systems’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. On average, equities analysts expect that Merit Medical Systems will post $0.99 EPS for the current fiscal year.
In related news, Director Franklin J. Miller sold 15,000 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $23.52, for a total transaction of $352,800.00. Following the completion of the sale, the director now owns 17,334 shares in the company, valued at approximately $407,695.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard W. Edelman sold 21,500 shares of the stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $23.51, for a total transaction of $505,465.00. Following the sale, the director now owns 20,682 shares of the company’s stock, valued at approximately $486,233.82. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Merit Medical Systems during the fourth quarter worth about $9,433,000. Virginia Retirement System bought a new stake in Merit Medical Systems during the first quarter valued at $830,000. Teachers Advisors Inc. boosted its stake in Merit Medical Systems by 3.6% in the first quarter. Teachers Advisors Inc. now owns 436,174 shares of the company’s stock valued at $8,065,000 after buying an additional 15,000 shares during the last quarter. Prudential Financial Inc. boosted its stake in Merit Medical Systems by 7.0% in the first quarter. Prudential Financial Inc. now owns 167,922 shares of the company’s stock valued at $3,105,000 after buying an additional 11,000 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Merit Medical Systems by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,318,269 shares of the company’s stock valued at $24,375,000 after buying an additional 7,456 shares during the last quarter. Institutional investors and hedge funds own 87.00% of the company’s stock.
About Merit Medical Systems
Merit Medical Systems, Inc is a designer, developer, manufacturer and marketer of medical devices used in an array of interventional and diagnostic procedures. The Company operates in two segments: cardiovascular and endoscopy. Its cardiovascular segment consists of cardiology and radiology devices, which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases; embolotherapeutic products, and cardiac rhythm management and electrophysiology (CRM/EP) devices.
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