Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $110.00

Merit Medical Systems (NASDAQ:MMSI) had its price target boosted by Raymond James from $105.00 to $110.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the medical instruments supplier’s stock.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $109.00 target price on shares of Merit Medical Systems in a research report on Thursday, October 31st. Bank of America boosted their price objective on Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Robert W. Baird raised their target price on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and set a $114.00 price target on shares of Merit Medical Systems in a report on Monday, December 23rd. Finally, Canaccord Genuity Group raised their price objective on Merit Medical Systems from $125.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Merit Medical Systems has a consensus rating of “Moderate Buy” and an average price target of $107.70.

Merit Medical Systems Stock Down 0.7 %

MMSI stock opened at $96.07 on Tuesday. The stock’s 50 day simple moving average is $101.05 and its 200 day simple moving average is $94.70. The company has a market cap of $5.60 billion, a P/E ratio of 47.09, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. Merit Medical Systems has a fifty-two week low of $70.70 and a fifty-two week high of $108.07.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Merit Medical Systems’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS. On average, research analysts expect that Merit Medical Systems will post 3.36 earnings per share for the current fiscal year.

Insider Activity at Merit Medical Systems

In other news, CFO Raul Jr. Parra sold 29,646 shares of Merit Medical Systems stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $98.02, for a total value of $2,905,900.92. Following the completion of the transaction, the chief financial officer now owns 16,361 shares in the company, valued at $1,603,705.22. This trade represents a 64.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $101.55, for a total transaction of $1,269,375.00. Following the completion of the sale, the director now directly owns 32,391 shares in the company, valued at approximately $3,289,306.05. This trade represents a 27.85 % decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. USA Financial Formulas bought a new position in shares of Merit Medical Systems in the third quarter worth $59,000. National Bank of Canada FI bought a new position in Merit Medical Systems in the 2nd quarter worth about $77,000. Farther Finance Advisors LLC grew its holdings in Merit Medical Systems by 32.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after buying an additional 260 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Merit Medical Systems during the second quarter valued at about $112,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Merit Medical Systems in the third quarter worth about $120,000. 99.66% of the stock is currently 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.