JPMorgan Chase & Co. Begins Coverage on Merit Medical Systems (NASDAQ:MMSI)

Stock analysts at JPMorgan Chase & Co. began coverage on shares of Merit Medical Systems (NASDAQ:MMSI) in a research note issued to investors on Friday,Benzinga reports. The brokerage set an “overweight” rating and a $120.00 price target on the medical instruments supplier’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 16.20% from the company’s current price.

Other research analysts have also issued reports about the company. Needham & Company LLC cut their price objective on Merit Medical Systems from $122.00 to $116.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Raymond James upped their target price on shares of Merit Medical Systems from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, December 31st. Barrington Research lowered their price target on shares of Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Piper Sandler reiterated an “overweight” rating and issued a $116.00 price objective (up previously from $114.00) on shares of Merit Medical Systems in a report on Wednesday, January 29th. Finally, Canaccord Genuity Group lowered their target price on Merit Medical Systems from $128.00 to $127.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Merit Medical Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.70.

Merit Medical Systems Stock Performance

Merit Medical Systems stock opened at $103.27 on Friday. The stock’s 50-day moving average is $104.28 and its 200-day moving average is $100.96. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 2.34 and a beta of 0.91. Merit Medical Systems has a 12 month low of $70.70 and a 12 month high of $111.45. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82.

Insiders Place Their Bets

In other Merit Medical Systems news, insider Brian G. Lloyd sold 25,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $99.50, for a total value of $2,487,500.00. Following the sale, the insider now directly owns 38,993 shares in the company, valued at approximately $3,879,803.50. This trade represents a 39.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Fred P. Lampropoulos sold 31,320 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $103.86, for a total transaction of $3,252,895.20. Following the transaction, the chief executive officer now owns 1,086,028 shares of the company’s stock, valued at $112,794,868.08. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 109,132 shares of company stock valued at $11,139,521. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Merit Medical Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP bought a new stake in shares of Merit Medical Systems during the 4th quarter worth about $21,824,000. Peak Retirement Planning Inc. bought a new position in Merit Medical Systems during the 4th quarter valued at $875,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Merit Medical Systems by 17.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 165,344 shares of the medical instruments supplier’s stock valued at $15,992,000 after purchasing an additional 24,528 shares in the last quarter. iSAM Funds UK Ltd acquired a new position in shares of Merit Medical Systems during the 4th quarter valued at $424,000. Finally, Virtus Investment Advisers Inc. raised its stake in shares of Merit Medical Systems by 45.7% in the 4th quarter. Virtus Investment Advisers Inc. now owns 11,192 shares of the medical instruments supplier’s stock worth $1,082,000 after buying an additional 3,513 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors.

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.