Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $122.00

Merit Medical Systems (NASDAQ:MMSI) had its price objective boosted by Needham & Company LLC from $109.00 to $122.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the medical instruments supplier’s stock.

Several other research analysts have also recently weighed in on MMSI. Raymond James boosted their price objective on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 31st. Wells Fargo & Company raised Merit Medical Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $103.00 to $120.00 in a research note on Wednesday, December 11th. Robert W. Baird lifted their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Canaccord Genuity Group upped their target price on shares of Merit Medical Systems from $127.00 to $128.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Barrington Research lifted their price target on shares of Merit Medical Systems from $114.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Merit Medical Systems has an average rating of “Moderate Buy” and a consensus price target of $109.80.

Merit Medical Systems Price Performance

Merit Medical Systems stock opened at $108.88 on Wednesday. The business’s fifty day moving average is $101.47 and its two-hundred day moving average is $97.13. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. The firm has a market cap of $6.35 billion, a P/E ratio of 53.37, a P/E/G ratio of 2.42 and a beta of 0.85. Merit Medical Systems has a 52 week low of $70.70 and a 52 week high of $111.45.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $339.85 million for the quarter, compared to analyst estimates of $334.60 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue was up 7.8% on a year-over-year basis. Equities research analysts forecast that Merit Medical Systems will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Raul Jr. Parra sold 29,646 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total transaction of $2,905,900.92. Following the completion of the sale, the chief financial officer now directly owns 16,361 shares of the company’s stock, valued at approximately $1,603,705.22. This represents a 64.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director F. Ann Millner sold 12,500 shares of Merit Medical Systems stock in a transaction that occurred 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 transaction, the director now directly owns 32,391 shares in the company, valued at approximately $3,289,306.05. The trade was a 27.85 % decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Merit Medical Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Formulas bought a new position in Merit Medical Systems during the 3rd quarter worth about $59,000. Farther Finance Advisors LLC boosted its position in shares of Merit Medical Systems by 32.7% during the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock worth $104,000 after buying an additional 260 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Merit Medical Systems during the third quarter worth about $120,000. GAMMA Investing LLC raised its position in Merit Medical Systems by 56.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,303 shares of the medical instruments supplier’s stock valued at $129,000 after buying an additional 472 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in Merit Medical Systems by 13.9% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,732 shares of the medical instruments supplier’s stock valued at $171,000 after acquiring an additional 211 shares in 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.