Merit Medical Systems (NASDAQ:MMSI) Price Target Lowered to $85.00 at Needham & Company LLC

Merit Medical Systems (NASDAQ:MMSI) had its target price lowered by Needham & Company LLC from $88.00 to $85.00 in a report released on Wednesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the medical instruments supplier’s stock.

Other analysts have also recently issued research reports about the stock. Piper Sandler increased their price target on shares of Merit Medical Systems from $88.00 to $95.00 and gave the stock an overweight rating in a research report on Friday, January 12th. Barrington Research reiterated an outperform rating and set a $98.00 target price on shares of Merit Medical Systems in a report on Tuesday, April 16th. Canaccord Genuity Group boosted their price target on shares of Merit Medical Systems from $102.00 to $112.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Raymond James lifted their target price on Merit Medical Systems from $84.00 to $89.00 and gave the company an outperform rating in a report on Tuesday, January 30th. Finally, StockNews.com cut Merit Medical Systems from a buy rating to a hold rating in a research note on Wednesday, April 24th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $92.78.

Merit Medical Systems Stock Up 3.4 %

Shares of NASDAQ MMSI opened at $76.63 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 business’s 50 day moving average is $74.26 and its two-hundred day moving average is $73.99. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $85.62. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 2.07 and a beta of 0.91.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. Merit Medical Systems had a return on equity of 15.11% and a net margin of 7.94%. The business had revenue of $323.51 million during the quarter, compared to analysts’ expectations of $315.57 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. Research analysts predict that Merit Medical Systems will post 3.31 EPS for the current year.

Insider Buying and Selling

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of the stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Merit Medical Systems news, Director Thomas James Gunderson sold 18,157 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total value of $1,380,476.71. Following the completion of the sale, 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 SEC, which is available through this link. Also, CFO Raul Jr. Parra sold 6,480 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at $887,917.65. The disclosure for this sale can be found here. Insiders sold a total of 49,637 shares of company stock worth $3,751,673 over the last 90 days. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Merit Medical Systems

A number of institutional investors have recently modified their holdings of MMSI. Public Employees Retirement System of Ohio increased its position in Merit Medical Systems by 69.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 103,099 shares of the medical instruments supplier’s stock valued at $7,116,000 after acquiring an additional 42,191 shares during the period. FMR LLC raised its stake in shares of Merit Medical Systems by 26.0% during the third quarter. FMR LLC now owns 607,881 shares of the medical instruments supplier’s stock worth $41,956,000 after purchasing an additional 125,605 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Merit Medical Systems by 161.7% during the third quarter. Envestnet Asset Management Inc. now owns 141,938 shares of the medical instruments supplier’s stock worth $9,797,000 after purchasing an additional 87,711 shares during the last quarter. Trillium Asset Management LLC lifted its holdings in shares of Merit Medical Systems by 18.0% during the third quarter. Trillium Asset Management LLC now owns 97,874 shares of the medical instruments supplier’s stock worth $6,755,000 after purchasing an additional 14,951 shares during the period. Finally, Mariner LLC grew its position in Merit Medical Systems by 352.9% in the 3rd quarter. Mariner LLC now owns 31,813 shares of the medical instruments supplier’s stock valued at $2,196,000 after buying an additional 24,788 shares during the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

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.