Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $110.00

Merit Medical Systems (NASDAQ:MMSI) had its price target upped by Raymond James from $105.00 to $110.00 in a research report released on Tuesday,Benzinga reports. Raymond James currently has an outperform rating on the medical instruments supplier’s stock.

Several other research analysts have also issued reports on MMSI. Canaccord Genuity Group upped their target price on shares of Merit Medical Systems from $125.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Robert W. Baird upped their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Barrington Research reissued an “outperform” rating and set a $114.00 price objective on shares of Merit Medical Systems in a report on Monday, December 23rd. StockNews.com lowered Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Finally, Bank of America lifted their price target on shares of Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $107.70.

Merit Medical Systems Stock Performance

NASDAQ:MMSI opened at $96.07 on Tuesday. The stock has a market cap of $5.60 billion, a P/E ratio of 47.09, a PEG ratio of 2.55 and a beta of 0.84. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $101.05 and its two-hundred day moving average price is $94.70. Merit Medical Systems has a twelve month low of $70.70 and a twelve month high of $108.07.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share for the quarter, beating 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 business had revenue of $339.85 million for the quarter, compared to the consensus estimate of $334.60 million. During the same period last year, the firm posted $0.75 earnings per share. Merit Medical Systems’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, equities analysts predict that Merit Medical Systems will post 3.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $101.55, for a total transaction of $1,269,375.00. Following the transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $3,289,306.05. The trade was a 27.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Raul Jr. Parra sold 29,646 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total value 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 $1,603,705.22. The trade was a 64.44 % decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Merit Medical Systems

Several institutional investors and hedge funds have recently modified their holdings of MMSI. USA Financial Formulas bought a new position in shares of Merit Medical Systems in the 3rd quarter worth approximately $59,000. National Bank of Canada FI purchased a new stake in Merit Medical Systems in the second quarter worth $77,000. Farther Finance Advisors LLC raised its holdings in Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock worth $104,000 after purchasing an additional 260 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Merit Medical Systems during the third quarter valued at $120,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Merit Medical Systems during the 2nd quarter valued at $112,000. 99.66% of the stock is owned by hedge funds and other 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.