Piper Sandler Reaffirms “Overweight” Rating for Merit Medical Systems (NASDAQ:MMSI)

Merit Medical Systems (NASDAQ:MMSIGet Free Report)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $116.00 price objective on the medical instruments supplier’s stock, up from their previous price objective of $114.00. Piper Sandler’s target price would suggest a potential upside of 5.18% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Needham & Company LLC raised their price target on shares of Merit Medical Systems from $109.00 to $122.00 and gave the stock a “buy” rating in a research report on Wednesday. Canaccord Genuity Group raised their price objective on shares of Merit Medical Systems from $127.00 to $128.00 and gave the stock a “buy” rating in a report on Wednesday. Barrington Research upped their target price on shares of Merit Medical Systems from $114.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upgraded Merit Medical Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $103.00 to $120.00 in a research note on Wednesday, December 11th. Finally, Robert W. Baird upped their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $109.80.

Check Out Our Latest Stock Report on MMSI

Merit Medical Systems Stock Performance

NASDAQ:MMSI opened at $110.29 on Wednesday. Merit Medical Systems has a 1-year low of $70.70 and a 1-year high of $111.27. The stock has a market cap of $6.43 billion, a P/E ratio of 54.06, a PEG ratio of 2.34 and a beta of 0.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82. The firm has a 50-day moving average of $101.36 and a two-hundred day moving average of $97.04.

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

Insider Buying and Selling

In related news, CFO Raul Jr. Parra sold 29,646 shares of the 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 sale, the chief financial officer now owns 16,361 shares of the company’s stock, valued at $1,603,705.22. This trade represents a 64.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 32,391 shares of the company’s stock, valued at $3,289,306.05. The trade was a 27.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds have recently made changes to their positions in the business. FMR LLC increased its position in Merit Medical Systems by 70.1% in the 3rd quarter. FMR LLC now owns 1,577,246 shares of the medical instruments supplier’s stock valued at $155,879,000 after acquiring an additional 649,799 shares during the period. Two Sigma Advisers LP increased its holdings in shares of Merit Medical Systems by 218.9% during the third quarter. Two Sigma Advisers LP now owns 445,500 shares of the medical instruments supplier’s stock valued at $44,029,000 after purchasing an additional 305,800 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Merit Medical Systems by 85.6% during the third quarter. JPMorgan Chase & Co. now owns 575,946 shares of the medical instruments supplier’s stock valued at $56,921,000 after purchasing an additional 265,648 shares in the last quarter. Iron Triangle Partners LP acquired a new stake in Merit Medical Systems in the third quarter worth about $25,004,000. Finally, International Assets Investment Management LLC bought a new position in Merit Medical Systems in the 3rd quarter valued at about $21,156,000. Institutional investors own 99.66% of the company’s stock.

Merit Medical Systems Company Profile

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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.

Further Reading

Analyst Recommendations for Merit Medical Systems (NASDAQ:MMSI)

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