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

Merit Medical Systems (NASDAQ:MMSI)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report released on Monday, Benzinga reports. They presently have a $105.00 price target on the medical instruments supplier’s stock. Needham & Company LLC’s price target would indicate a potential upside of 6.59% from the stock’s current price.

A number of other research analysts have also recently issued reports on MMSI. StockNews.com raised Merit Medical Systems from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Piper Sandler restated an “overweight” rating and set a $110.00 target price (up from $100.00) on shares of Merit Medical Systems in a research report on Monday, September 9th. Canaccord Genuity Group lifted their price objective on Merit Medical Systems from $102.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. Bank of America lifted their price objective on Merit Medical Systems from $92.00 to $103.00 and gave the company a “neutral” rating in a report on Monday. Finally, Robert W. Baird initiated coverage on Merit Medical Systems in a research note on Friday, June 28th. They issued an “outperform” rating and a $96.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.55.

Merit Medical Systems Stock Down 1.1 %

Shares of NASDAQ MMSI opened at $98.51 on Monday. The stock has a market cap of $5.72 billion, a PE ratio of 56.61, a PEG ratio of 2.53 and a beta of 0.87. The business has a fifty day moving average of $90.97 and a two-hundred day moving average of $82.71. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $100.32. The company has a debt-to-equity ratio of 0.62, a quick ratio of 4.64 and a current ratio of 6.24.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $338.00 million during the quarter, compared to analysts’ expectations of $334.94 million. Merit Medical Systems had a return on equity of 15.29% and a net margin of 9.02%. As a group, equities research analysts expect that Merit Medical Systems will post 3.31 earnings per share for the current fiscal year.

Insider Transactions at Merit Medical Systems

In other news, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Merit Medical Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Trexquant Investment LP acquired a new position in shares of Merit Medical Systems during the 4th quarter worth approximately $2,427,000. Capstone Investment Advisors LLC acquired a new position in shares of Merit Medical Systems during the 4th quarter worth approximately $3,424,000. UniSuper Management Pty Ltd acquired a new position in shares of Merit Medical Systems during the 1st quarter worth approximately $1,083,000. Quantbot Technologies LP increased its holdings in shares of Merit Medical Systems by 17,716.1% during the 1st quarter. Quantbot Technologies LP now owns 9,977 shares of the medical instruments supplier’s stock worth $756,000 after acquiring an additional 9,921 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Merit Medical Systems by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,306,702 shares of the medical instruments supplier’s stock worth $99,258,000 after acquiring an additional 41,065 shares during the last quarter. Institutional investors own 99.66% of the company’s stock.

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.