Merit Medical Systems (NASDAQ:MMSI) PT Lowered to $102.00 at Canaccord Genuity Group

Merit Medical Systems (NASDAQ:MMSI) had its price objective lowered by Canaccord Genuity Group from $112.00 to $102.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the medical instruments supplier’s stock.

A number of other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Merit Medical Systems from a buy rating to a hold rating in a research report on Wednesday, April 24th. Barrington Research boosted their target price on Merit Medical Systems from $98.00 to $100.00 and gave the stock an outperform rating in a report on Wednesday. CL King began coverage on Merit Medical Systems in a research note on Thursday, April 11th. They set a buy rating and a $88.00 price objective on the stock. Oppenheimer lifted their price target on Merit Medical Systems from $82.00 to $87.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Finally, Piper Sandler boosted their target price on shares of Merit Medical Systems from $95.00 to $97.00 and gave the company an overweight rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $92.78.

Merit Medical Systems Stock Up 2.5 %

Shares of MMSI opened at $78.97 on Wednesday. Merit Medical Systems has a 12 month low of $62.58 and a 12 month high of $85.62. The firm has a market cap of $4.59 billion, a P/E ratio of 45.39, a PEG ratio of 2.20 and a beta of 0.91. The company has a current ratio of 6.03, a quick ratio of 3.95 and a debt-to-equity ratio of 0.65. The stock’s 50 day moving average is $74.19 and its two-hundred day moving average is $74.15.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings data on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.02%. The company had revenue of $323.51 million during the quarter, compared to analysts’ expectations of $315.57 million. During the same period in the prior year, the business posted $0.64 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts predict that Merit Medical Systems will post 3.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Joseph Wright sold 25,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total transaction of $1,892,000.00. Following the completion of the transaction, the insider now directly owns 42,223 shares in the company, valued at $3,195,436.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Thomas James Gunderson sold 18,157 shares of Merit Medical Systems stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $76.03, for a total value of $1,380,476.71. Following the completion of the transaction, the director now owns 19,257 shares in the company, valued at $1,464,109.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Wright sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total transaction of $1,892,000.00. Following the sale, the insider now directly owns 42,223 shares in the company, valued at $3,195,436.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,637 shares of company stock valued at $3,751,673. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC raised its stake in shares of Merit Medical Systems by 15.4% in the third quarter. William Blair Investment Management LLC now owns 3,895,695 shares of the medical instruments supplier’s stock valued at $268,881,000 after acquiring an additional 520,423 shares in the last quarter. Conestoga Capital Advisors LLC raised its position in Merit Medical Systems by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 2,174,483 shares of the medical instruments supplier’s stock valued at $164,717,000 after purchasing an additional 22,545 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Merit Medical Systems by 1.2% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,388,905 shares of the medical instruments supplier’s stock valued at $95,862,000 after buying an additional 16,488 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Merit Medical Systems by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,306,702 shares of the medical instruments supplier’s stock worth $99,258,000 after buying an additional 41,065 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in shares of Merit Medical Systems by 25.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,031,173 shares of the medical instruments supplier’s stock worth $71,172,000 after buying an additional 212,256 shares during the period. 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.