Merit Medical Systems (NASDAQ:MMSI) Hits New 12-Month High on Analyst Upgrade

Merit Medical Systems, Inc. (NASDAQ:MMSI) reached a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $85.00 to $103.00. Wells Fargo & Company currently has an equal weight rating on the stock. Merit Medical Systems traded as high as $98.07 and last traded at $98.07, with a volume of 22149 shares changing hands. The stock had previously closed at $96.16.

Several other research firms have also recently weighed in on MMSI. Baird R W upgraded shares of Merit Medical Systems to a “strong-buy” rating in a research report on Friday, June 28th. Bank of America boosted their price objective on shares of Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $105.00 target price on shares of Merit Medical Systems in a research report on Monday. Canaccord Genuity Group upped their target price on shares of Merit Medical Systems from $102.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $110.00 target price (up previously from $100.00) on shares of Merit Medical Systems in a research report on Monday, September 9th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Merit Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.55.

Insider Buying and Selling at Merit Medical Systems

In related news, Director F. Ann Millner sold 12,500 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the sale, the director now owns 32,391 shares in the company, valued at approximately $2,753,235. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

Large investors have recently modified their holdings of the business. Opal Wealth Advisors LLC acquired a new position in shares of Merit Medical Systems during the second quarter valued at about $29,000. Parallel Advisors LLC boosted its holdings in Merit Medical Systems by 114.6% during the fourth quarter. Parallel Advisors LLC now owns 397 shares of the medical instruments supplier’s stock worth $30,000 after purchasing an additional 212 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Merit Medical Systems during the first quarter worth about $44,000. Headlands Technologies LLC purchased a new position in Merit Medical Systems during the first quarter worth about $50,000. Finally, EntryPoint Capital LLC boosted its holdings in Merit Medical Systems by 2,666.7% during the first quarter. EntryPoint Capital LLC now owns 913 shares of the medical instruments supplier’s stock worth $69,000 after purchasing an additional 880 shares during the last quarter. Institutional investors own 99.66% of the company’s stock.

Merit Medical Systems Trading Down 1.1 %

The firm has a market capitalization of $5.72 billion, a PE ratio of 56.61, a PEG ratio of 2.53 and a beta of 0.87. The firm’s fifty day moving average is $90.97 and its two-hundred day moving average is $82.71. The company has a debt-to-equity ratio of 0.62, a current ratio of 6.24 and a quick ratio of 4.64.

Merit Medical Systems (NASDAQ:MMSI) last announced its quarterly earnings data on Thursday, August 1st. The medical instruments supplier reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $338.00 million for the quarter, compared to analyst estimates of $334.94 million. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. On average, equities analysts predict that Merit Medical Systems, Inc. will post 3.31 EPS for the current fiscal year.

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.