Needham & Company LLC Reiterates Buy Rating for Merit Medical Systems (NASDAQ:MMSI)

Merit Medical Systems (NASDAQ:MMSI)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $108.00 price objective on the medical instruments supplier’s stock. Needham & Company LLC’s target price would indicate a potential upside of 18.53% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Barrington Research decreased their target price on Merit Medical Systems from $111.00 to $103.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Canaccord Genuity Group set a $112.00 price target on Merit Medical Systems and gave the company a “buy” rating in a research report on Wednesday, May 21st. Piper Sandler restated an “overweight” rating and issued a $110.00 target price (up previously from $106.00) on shares of Merit Medical Systems in a research report on Friday, May 23rd. Raymond James Financial lowered their price objective on Merit Medical Systems from $116.00 to $108.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. began coverage on Merit Medical Systems in a research report on Friday, March 28th. They issued an “overweight” rating and a $120.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.11.

Merit Medical Systems Price Performance

Shares of MMSI opened at $91.12 on Tuesday. Merit Medical Systems has a 12-month low of $82.62 and a 12-month high of $111.45. The business’s fifty day moving average is $94.66 and its 200 day moving average is $98.48. The company has a quick ratio of 3.26, a current ratio of 4.87 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.39 billion, a P/E ratio of 44.67, a P/E/G ratio of 3.08 and a beta of 0.65.

Merit Medical Systems (NASDAQ:MMSI) last issued 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 15.52% and a net margin of 8.81%. The company had revenue of $355.35 million for the quarter, compared to analysts’ expectations of $352.57 million. During the same period last year, the business earned $0.77 EPS. Merit Medical Systems’s quarterly revenue was up 9.8% compared to the same quarter last year. Sell-side analysts anticipate that Merit Medical Systems will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Merit Medical Systems news, Director F. Ann Millner sold 21,250 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $96.47, for a total value of $2,049,987.50. Following the sale, the director directly owned 34,543 shares of the company’s stock, valued at approximately $3,332,363.21. The trade was a 38.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael R. Mcdonnell sold 1,750 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $94.51, for a total value of $165,392.50. Following the completion of the sale, the director directly owned 6,395 shares in the company, valued at $604,391.45. This trade represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,596 shares of company stock valued at $8,171,433 over the last 90 days. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new stake in Merit Medical Systems in the first quarter worth $31,000. IFP Advisors Inc boosted its position in shares of Merit Medical Systems by 1,435.0% during the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier’s stock valued at $32,000 after buying an additional 287 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Merit Medical Systems by 119.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier’s stock valued at $39,000 after buying an additional 200 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Merit Medical Systems during the first quarter valued at $41,000. Finally, Versant Capital Management Inc boosted its position in shares of Merit Medical Systems by 1,518.5% during the first quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier’s stock valued at $46,000 after buying an additional 410 shares during the last quarter. 99.66% of the stock is owned by institutional investors.

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.