StockNews.com Downgrades Merit Medical Systems (NASDAQ:MMSI) to Hold

StockNews.com lowered shares of Merit Medical Systems (NASDAQ:MMSI) from a buy rating to a hold rating in a report released on Wednesday.

Several other analysts have also issued reports on the stock. CL King began coverage on shares of Merit Medical Systems in a research report on Thursday, April 11th. They set a buy rating and a $88.00 price target on the stock. Oppenheimer upped their price target on shares of Merit Medical Systems from $82.00 to $87.00 and gave the stock an outperform rating in a research report on Thursday, February 29th. Piper Sandler upped their price objective on shares of Merit Medical Systems from $88.00 to $95.00 and gave the company an overweight rating in a report on Friday, January 12th. Bank of America began coverage on shares of Merit Medical Systems in a report on Wednesday, February 7th. They issued a neutral rating and a $87.00 price objective on the stock. Finally, Raymond James upped their price objective on shares of Merit Medical Systems from $84.00 to $89.00 and gave the company an outperform rating in a report on Tuesday, January 30th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $92.50.

Merit Medical Systems Stock Performance

Shares of MMSI stock opened at $73.78 on Wednesday. The company has a quick ratio of 3.95, a current ratio of 5.45 and a debt-to-equity ratio of 0.68. The company’s fifty day simple moving average is $74.52 and its 200-day simple moving average is $73.72. 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 $4.28 billion, a PE ratio of 45.54, a P/E/G ratio of 2.04 and a beta of 0.89.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Wednesday, February 28th. The medical instruments supplier reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.04. Merit Medical Systems had a net margin of 7.51% and a return on equity of 14.63%. The firm had revenue of $324.52 million for the quarter, compared to analyst estimates of $320.66 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts expect that Merit Medical Systems will post 3.31 EPS for the current fiscal year.

Insider Activity at Merit Medical Systems

In related news, CFO Raul Jr. Parra sold 6,480 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares in the company, valued at $887,917.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Raul Jr. Parra sold 6,480 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares in the company, valued at $887,917.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas James Gunderson sold 18,157 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $76.03, for a total transaction 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 49,637 shares of company stock worth $3,751,673. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Merit Medical Systems

A number of large investors have recently bought and sold shares of the company. Renaissance Group LLC grew its stake in Merit Medical Systems by 0.6% during the fourth quarter. Renaissance Group LLC now owns 24,550 shares of the medical instruments supplier’s stock worth $1,863,000 after buying an additional 144 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Merit Medical Systems by 114.6% in the fourth quarter. Parallel Advisors LLC now owns 397 shares of the medical instruments supplier’s stock worth $30,000 after acquiring an additional 212 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Merit Medical Systems by 1.5% in the third quarter. Arizona State Retirement System now owns 16,370 shares of the medical instruments supplier’s stock worth $1,130,000 after acquiring an additional 236 shares during the last quarter. Zions Bancorporation N.A. raised its holdings in Merit Medical Systems by 0.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 28,869 shares of the medical instruments supplier’s stock valued at $1,993,000 after buying an additional 270 shares during the last quarter. Finally, Advisor Partners II LLC raised its holdings in Merit Medical Systems by 7.9% in the 3rd quarter. Advisor Partners II LLC now owns 3,704 shares of the medical instruments supplier’s stock valued at $256,000 after buying an additional 271 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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.