Merit Medical Systems (NASDAQ:MMSI) Sets New 12-Month High – What’s Next?

Merit Medical Systems, Inc. (NASDAQ:MMSI)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $108.68 and last traded at $107.93, with a volume of 118060 shares changing hands. The stock had previously closed at $105.83.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MMSI shares. Raymond James raised their price objective on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, December 31st. Needham & Company LLC reissued a “buy” rating and issued a $109.00 price target on shares of Merit Medical Systems in a research note on Tuesday, January 14th. 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 research report on Thursday, October 31st. Piper Sandler lifted their target price on Merit Medical Systems from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Finally, Wells Fargo & Company raised Merit Medical Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $103.00 to $120.00 in a research report on Wednesday, December 11th. Two equities 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.10.

Merit Medical Systems Trading Up 3.0 %

The company has a market cap of $6.35 billion, a P/E ratio of 53.45, a PEG ratio of 2.34 and a beta of 0.85. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $101.19 and a 200-day moving average price of $96.80.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $339.85 million for the quarter, compared to analyst estimates of $334.60 million. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.75 earnings per share. Analysts forecast that Merit Medical Systems, Inc. will post 3.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director F. Ann Millner sold 12,500 shares of the firm’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 value of $1,269,375.00. Following the completion of the sale, the director now directly owns 32,391 shares of the company’s stock, valued at $3,289,306.05. This trade represents a 27.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Raul Jr. Parra sold 29,646 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 16,361 shares in the company, valued at $1,603,705.22. The trade was a 64.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Merit Medical Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. USA Financial Formulas bought a new position in Merit Medical Systems in the 3rd quarter valued at about $59,000. Farther Finance Advisors LLC grew its position in shares of 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 valued at $104,000 after purchasing an additional 260 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Merit Medical Systems during the third quarter worth approximately $120,000. GAMMA Investing LLC lifted its holdings in Merit Medical Systems by 56.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,303 shares of the medical instruments supplier’s stock worth $129,000 after purchasing an additional 472 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in Merit Medical Systems by 13.9% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,732 shares of the medical instruments supplier’s stock worth $171,000 after purchasing an additional 211 shares during the last quarter. Institutional investors own 99.66% of the company’s stock.

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.