Merit Medical Systems (NASDAQ:MMSI) Rating Increased to Buy at StockNews.com

Merit Medical Systems (NASDAQ:MMSI) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity Group lowered their price target on shares of Merit Medical Systems from $112.00 to $102.00 and set a “buy” rating for the company in a research report on Wednesday. Barrington Research upped their target price on shares of Merit Medical Systems from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. Piper Sandler increased their price target on Merit Medical Systems from $95.00 to $97.00 and gave the company an “overweight” rating in a research note on Wednesday. Needham & Company LLC decreased their price objective on Merit Medical Systems from $88.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Oppenheimer increased their target price on Merit Medical Systems from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.78.

Merit Medical Systems Trading Up 2.5 %

MMSI traded up $1.95 during mid-day trading on Thursday, reaching $78.97. The stock had a trading volume of 263,069 shares, compared to its average volume of 359,416. The firm’s fifty day simple moving average is $74.19 and its two-hundred day simple moving average is $74.10. The stock has a market capitalization of $4.59 billion, a P/E ratio of 45.39, a P/E/G ratio of 2.15 and a beta of 0.91. Merit Medical Systems has a 52 week low of $62.58 and a 52 week high of $85.62. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.95 and a current ratio of 6.03.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. The business had revenue of $323.51 million for the quarter, compared to analysts’ expectations of $315.57 million. Merit Medical Systems had a return on equity of 15.02% and a net margin of 7.94%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.64 earnings per share. On average, equities analysts predict that Merit Medical Systems will post 3.33 EPS for the current year.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total transaction of $479,196.00. Following the sale, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at approximately $887,917.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Joseph Wright sold 25,000 shares of the firm’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 value of $1,892,000.00. Following the completion of the sale, the insider now directly owns 42,223 shares of the company’s stock, valued at $3,195,436.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Raul Jr. Parra sold 6,480 shares of the stock in a transaction 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 owns 12,007 shares in the company, valued at approximately $887,917.65. The disclosure for this sale can be found here. Insiders sold 49,637 shares of company stock valued at $3,751,673 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

Several institutional investors and hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC grew its stake in Merit Medical Systems by 15.4% in the 3rd 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 buying an additional 520,423 shares during the last quarter. Congress Asset Management Co. MA boosted its stake in shares of Merit Medical Systems by 4,411.3% in the 1st quarter. Congress Asset Management Co. MA now owns 518,485 shares of the medical instruments supplier’s stock valued at $39,275,000 after purchasing an additional 506,992 shares in the last quarter. Norges Bank acquired a new position in Merit Medical Systems in the 4th quarter worth about $38,165,000. abrdn plc acquired a new stake in Merit Medical Systems in the third quarter valued at $24,446,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Merit Medical Systems by 818.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 278,452 shares of the medical instruments supplier’s stock worth $21,151,000 after acquiring an additional 248,140 shares during the period. 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.