BTIG Research Begins Coverage on Merit Medical Systems (NASDAQ:MMSI)

BTIG Research began coverage on shares of Merit Medical Systems (NASDAQ:MMSI) in a research note issued on Friday, Marketbeat reports. The firm set a “buy” rating and a $107.00 price target on the medical instruments supplier’s stock. BTIG Research’s price target would suggest a potential upside of 29.70% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on MMSI. Zacks Research cut Merit Medical Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Merit Medical Systems in a report on Monday, December 29th. Wells Fargo & Company reduced their target price on Merit Medical Systems from $103.00 to $95.00 and set an “overweight” rating on the stock in a report on Friday, November 14th. Needham & Company LLC restated a “buy” rating and issued a $108.00 price target on shares of Merit Medical Systems in a research report on Friday, January 9th. Finally, Robert W. Baird set a $108.00 price objective on shares of Merit Medical Systems in a research report on Tuesday, December 16th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Merit Medical Systems Price Performance

NASDAQ:MMSI opened at $82.50 on Friday. Merit Medical Systems has a 52 week low of $78.12 and a 52 week high of $110.67. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.86 and a current ratio of 4.28. The firm’s 50-day simple moving average is $84.92 and its 200 day simple moving average is $85.22. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 42.31, a P/E/G ratio of 2.24 and a beta of 0.61.

Insider Buying and Selling

In other news, Chairman Fred P. Lampropoulos sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $88.04, for a total transaction of $880,400.00. Following the completion of the sale, the chairman owned 1,019,955 shares in the company, valued at $89,796,838.20. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 60,000 shares of company stock valued at $5,189,900 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Merit Medical Systems

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. bought a new position in shares of Merit Medical Systems during the 3rd quarter worth approximately $1,644,000. Norges Bank bought a new position in shares of Merit Medical Systems in the second quarter valued at approximately $53,697,000. Fort Washington Investment Advisors Inc. OH increased its position in shares of Merit Medical Systems by 69.7% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 301,718 shares of the medical instruments supplier’s stock valued at $25,112,000 after acquiring an additional 123,912 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in Merit Medical Systems by 11.9% during the second quarter. Westwood Holdings Group Inc. now owns 768,970 shares of the medical instruments supplier’s stock worth $71,883,000 after acquiring an additional 81,469 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Merit Medical Systems by 5.3% in the second quarter. Envestnet Asset Management Inc. now owns 244,163 shares of the medical instruments supplier’s stock worth $22,824,000 after purchasing an additional 12,256 shares during the last quarter. Institutional investors own 99.66% of the company’s stock.

About Merit Medical Systems

Merit Medical Systems, Inc is a global manufacturer and marketer of a broad range of medical devices used in diagnostic and interventional procedures. The company’s product portfolio encompasses vascular access, drainage, embolotherapy, and interventional oncology devices, as well as radiofrequency ablation systems and hemostasis solutions. These products serve physicians and hospitals in critical care settings and support minimally invasive treatment options across multiple specialties, including cardiology, radiology, oncology, neurology and endoscopy.

Founded in 1987 by Fred Lampropoulos, Merit Medical Systems has grown through both organic development and targeted acquisitions to expand its technology offerings and geographic reach.