Brokers Issue Forecasts for Merit Medical Systems, Inc.’s Q2 2024 Earnings (NASDAQ:MMSI)

Merit Medical Systems, Inc. (NASDAQ:MMSI) – Investment analysts at Barrington Research dropped their Q2 2024 earnings per share (EPS) estimates for shares of Merit Medical Systems in a report issued on Wednesday, May 1st. Barrington Research analyst M. Petusky now expects that the medical instruments supplier will post earnings of $0.88 per share for the quarter, down from their prior forecast of $0.90. Barrington Research currently has a “Outperform” rating and a $100.00 target price on the stock. The consensus estimate for Merit Medical Systems’ current full-year earnings is $3.33 per share.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Tuesday, April 30th. The medical instruments supplier reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.02%. The business had revenue of $323.51 million during the quarter, compared to analysts’ expectations of $315.57 million. During the same period last year, the company posted $0.64 earnings per share. The business’s quarterly revenue was up 8.7% on a year-over-year basis.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC decreased their price objective on Merit Medical Systems from $88.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Bank of America assumed coverage on shares of Merit Medical Systems in a report on Wednesday, February 7th. They set a “neutral” rating and a $87.00 price objective for the company. Canaccord Genuity Group dropped their price target on shares of Merit Medical Systems from $112.00 to $102.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. CL King began coverage on Merit Medical Systems in a report on Thursday, April 11th. They set a “buy” rating and a $88.00 price objective for the company. Finally, Piper Sandler raised their target price on Merit Medical Systems from $95.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.78.

Merit Medical Systems Stock Performance

Shares of Merit Medical Systems stock opened at $78.97 on Monday. The business has a 50-day simple moving average of $74.19 and a 200 day simple moving average of $74.21. Merit Medical Systems has a one year low of $62.58 and a one year high of $85.62. The company has a debt-to-equity ratio of 0.65, a current ratio of 6.03 and a quick ratio of 3.95. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 45.39, a PEG ratio of 2.20 and a beta of 0.91.

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds have recently made changes to their positions in the business. William Blair Investment Management LLC lifted its stake in Merit Medical Systems by 15.4% in the third quarter. William Blair Investment Management LLC now owns 3,895,695 shares of the medical instruments supplier’s stock worth $268,881,000 after purchasing an additional 520,423 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in Merit Medical Systems by 1.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 2,174,483 shares of the medical instruments supplier’s stock valued at $164,717,000 after acquiring an additional 22,545 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in Merit Medical Systems by 1.2% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,388,905 shares of the medical instruments supplier’s stock worth $95,862,000 after purchasing an additional 16,488 shares during the period. Dimensional Fund Advisors LP increased its stake in Merit Medical Systems by 3.2% in 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 purchasing an additional 41,065 shares during the period. Finally, Loomis Sayles & Co. L P lifted its position in Merit Medical Systems by 25.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,031,173 shares of the medical instruments supplier’s stock valued at $71,172,000 after purchasing an additional 212,256 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Joseph Wright sold 25,000 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $75.68, for a total transaction of $1,892,000.00. Following the completion of the transaction, the insider now owns 42,223 shares in the company, valued at $3,195,436.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Merit Medical Systems news, insider Joseph Wright sold 25,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total value of $1,892,000.00. Following the completion of the sale, the insider now directly owns 42,223 shares of the company’s stock, valued at $3,195,436.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas James Gunderson sold 18,157 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $76.03, for a total value of $1,380,476.71. Following the transaction, the director now directly owns 19,257 shares in the company, valued at approximately $1,464,109.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,637 shares of company stock worth $3,751,673. 3.70% of the stock is owned by company insiders.

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.