Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $108.00

Merit Medical Systems (NASDAQ:MMSI) had its price objective boosted by Wells Fargo & Company from $106.00 to $108.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the medical instruments supplier’s stock.

A number of other analysts also recently weighed in on MMSI. Needham & Company LLC raised their price target on shares of Merit Medical Systems from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Piper Sandler dropped their target price on shares of Merit Medical Systems from $116.00 to $112.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Robert W. Baird decreased their price target on Merit Medical Systems from $111.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Raymond James cut their price objective on Merit Medical Systems from $116.00 to $108.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. started coverage on Merit Medical Systems in a report on Friday, March 28th. They set an “overweight” rating and a $120.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $109.33.

Merit Medical Systems Stock Performance

Merit Medical Systems stock opened at $96.49 on Wednesday. Merit Medical Systems has a 12-month low of $80.02 and a 12-month high of $111.45. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 47.30, a price-to-earnings-growth ratio of 2.34 and a beta of 0.70. The firm’s fifty day moving average price is $96.72 and its 200 day moving average price is $100.56.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Thursday, April 24th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.11. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The business had revenue of $355.35 million for the quarter, compared to analyst estimates of $352.57 million. During the same period in the previous year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, research analysts forecast that Merit Medical Systems will post 3.37 EPS for the current fiscal year.

Insider Activity

In other news, insider Brian G. Lloyd sold 25,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $99.50, for a total transaction of $2,487,500.00. Following the completion of the transaction, the insider now owns 38,993 shares of the company’s stock, valued at approximately $3,879,803.50. The trade was a 39.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Evans sold 5,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $105.31, for a total transaction of $526,550.00. Following the transaction, the director now owns 4,657 shares of the company’s stock, valued at $490,428.67. This represents a 51.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,382 shares of company stock valued at $13,189,508. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Merit Medical Systems

Several hedge funds have recently bought and sold shares of MMSI. Opal Wealth Advisors LLC bought a new position in Merit Medical Systems in the 1st quarter worth about $31,000. NewSquare Capital LLC bought a new stake in Merit Medical Systems during the 4th quarter valued at $32,000. IFP Advisors Inc boosted its position in Merit Medical Systems by 1,435.0% during the 1st quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier’s stock worth $32,000 after acquiring an additional 287 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Merit Medical Systems by 119.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier’s stock worth $39,000 after acquiring an additional 200 shares during the period. Finally, Bayforest Capital Ltd bought a new position in shares of Merit Medical Systems in the first quarter worth $41,000. 99.66% of the stock is currently owned by institutional investors.

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.