Canaccord Genuity Group Reiterates $112.00 Price Target for Merit Medical Systems (NASDAQ:MMSI)

Merit Medical Systems (NASDAQ:MMSI) has been given a $112.00 target price by equities research analysts at Canaccord Genuity Group in a research report issued on Wednesday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 17.43% from the company’s previous close.

A number of other research firms also recently commented on MMSI. Raymond James decreased their price objective on shares of Merit Medical Systems from $116.00 to $108.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Barrington Research decreased their price objective on shares of Merit Medical Systems from $111.00 to $103.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Piper Sandler decreased their price objective on shares of Merit Medical Systems from $116.00 to $112.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Needham & Company LLC boosted their price objective on Merit Medical Systems from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Finally, JPMorgan Chase & Co. started coverage on Merit Medical Systems in a research report on Friday, March 28th. They set an “overweight” rating and a $120.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Merit Medical Systems has a consensus rating of “Moderate Buy” and an average price target of $109.11.

Merit Medical Systems Price Performance

Shares of NASDAQ MMSI opened at $95.38 on Wednesday. Merit Medical Systems has a fifty-two week low of $80.02 and a fifty-two week high of $111.45. The business has a 50 day moving average price of $96.52 and a two-hundred day moving average price of $100.48. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57. The firm has a market cap of $5.64 billion, a PE ratio of 46.76, a price-to-earnings-growth ratio of 2.34 and a beta of 0.70.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Thursday, April 24th. The medical instruments supplier reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.11. The firm had revenue of $355.35 million during the quarter, compared to analyst estimates of $352.57 million. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. Merit Medical Systems’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. Sell-side analysts expect that Merit Medical Systems will post 3.37 earnings per share for the current fiscal year.

Insider Activity at Merit Medical Systems

In related news, CEO Fred P. Lampropoulos sold 31,320 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $103.86, for a total value of $3,252,895.20. Following the completion of the transaction, the chief executive officer now owns 1,086,028 shares in the company, valued at $112,794,868.08. This trade represents a 2.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director F. Ann Millner sold 21,250 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $96.47, for a total value of $2,049,987.50. Following the completion of the transaction, the director now owns 34,543 shares of the company’s stock, valued at $3,332,363.21. This trade represents a 38.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,382 shares of company stock valued at $13,189,508 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Merit Medical Systems

Several hedge funds have recently bought and sold shares of MMSI. Barclays PLC raised its stake in shares of Merit Medical Systems by 305.4% during the 3rd quarter. Barclays PLC now owns 112,727 shares of the medical instruments supplier’s stock worth $11,142,000 after purchasing an additional 84,923 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of Merit Medical Systems by 20.6% in the 4th quarter. Park Avenue Securities LLC now owns 4,812 shares of the medical instruments supplier’s stock valued at $465,000 after acquiring an additional 821 shares in the last quarter. Ballentine Partners LLC bought a new position in shares of Merit Medical Systems in the 4th quarter valued at approximately $200,000. Fort Washington Investment Advisors Inc. OH raised its stake in shares of Merit Medical Systems by 8.3% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 195,140 shares of the medical instruments supplier’s stock valued at $18,874,000 after acquiring an additional 14,990 shares in the last quarter. Finally, Whalen Wealth Management Inc. bought a new position in shares of Merit Medical Systems in the 4th quarter valued at approximately $247,000. 99.66% of the stock is owned by hedge funds and other institutional investors.

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.