Merit Medical Systems (NASDAQ:MMSI) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Merit Medical Systems (NASDAQ:MMSI) in a research note released on Thursday, Benzinga reports. They currently have a $109.00 price target on the medical instruments supplier’s stock.

A number of other analysts also recently issued reports on the company. StockNews.com upgraded Merit Medical Systems from a “hold” rating to a “buy” rating in a research report on Saturday, October 26th. Barrington Research reiterated an “outperform” rating and set a $114.00 price target on shares of Merit Medical Systems in a report on Friday, October 18th. Robert W. Baird boosted their target price on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $110.00 price target (up from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Finally, Wells Fargo & Company boosted their price objective on Merit Medical Systems from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.36.

Merit Medical Systems Stock Performance

Merit Medical Systems stock opened at $98.80 on Thursday. The company’s 50-day moving average price is $96.60 and its 200-day moving average price is $88.11. The company has a quick ratio of 4.64, a current ratio of 5.36 and a debt-to-equity ratio of 0.57. The company has a market cap of $5.76 billion, a PE ratio of 48.43, a price-to-earnings-growth ratio of 2.45 and a beta of 0.89. Merit Medical Systems has a twelve month low of $65.46 and a twelve month high of $101.60.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. On average, equities research analysts forecast that Merit Medical Systems will post 3.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MMSI. Opal Wealth Advisors LLC purchased a new position in Merit Medical Systems during the second quarter valued at approximately $29,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Merit Medical Systems in the 1st quarter valued at $44,000. Headlands Technologies LLC bought a new position in shares of Merit Medical Systems in the 1st quarter worth $50,000. USA Financial Formulas purchased a new stake in shares of Merit Medical Systems during the 3rd quarter worth $59,000. Finally, EntryPoint Capital LLC boosted its position 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 valued at $69,000 after purchasing an additional 880 shares in the last quarter. Hedge funds and other 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.