Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $55.00

Merit Medical Systems (NASDAQ:MMSI) had its price target hoisted by Piper Sandler from $50.00 to $55.00 in a report published on Thursday, The Fly reports. They currently have an overweight rating on the medical instruments supplier’s stock.

Several other research firms have also recently commented on MMSI. Barrington Research boosted their price target on shares of Merit Medical Systems from $42.00 to $49.00 and gave the stock an outperform rating in a report on Wednesday, May 27th. Raymond James upped their target price on shares of Merit Medical Systems from $46.00 to $49.00 and gave the company an outperform rating in a report on Wednesday, May 27th. Sidoti upped their target price on shares of Merit Medical Systems from $55.00 to $63.00 and gave the company a buy rating in a report on Monday, June 1st. ValuEngine cut shares of Merit Medical Systems from a buy rating to a hold rating in a report on Thursday, April 2nd. Finally, Wells Fargo & Co upped their target price on shares of Merit Medical Systems from $33.00 to $37.00 and gave the company an underweight rating in a report on Friday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Merit Medical Systems has an average rating of Buy and a consensus price target of $46.00.

NASDAQ MMSI traded down $1.82 on Thursday, hitting $44.72. 465,374 shares of the stock were exchanged, compared to its average volume of 363,916. The company has a quick ratio of 1.42, a current ratio of 2.56 and a debt-to-equity ratio of 0.51. Merit Medical Systems has a fifty-two week low of $19.50 and a fifty-two week high of $47.99. The company has a market cap of $2.48 billion, a PE ratio of -82.81, a PEG ratio of 3.62 and a beta of 1.13. The company has a 50-day moving average price of $43.70 and a 200-day moving average price of $39.22.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Wednesday, July 29th. The medical instruments supplier reported $0.31 EPS for the quarter, topping the consensus estimate of $0.07 by $0.24. Merit Medical Systems had a negative net margin of 3.10% and a positive return on equity of 8.10%. The company had revenue of $218.37 million during the quarter, compared to analysts’ expectations of $192.67 million. During the same quarter in the previous year, the business posted $0.42 EPS. The firm’s revenue was down 14.5% on a year-over-year basis. As a group, equities research analysts predict that Merit Medical Systems will post 1.12 EPS for the current fiscal year.

In related news, Director Nolan E. Karras sold 5,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $44.12, for a total value of $220,600.00. Following the completion of the sale, the director now owns 15,500 shares in the company, valued at approximately $683,860. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David Ming-Teh Liu sold 13,800 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $45.00, for a total transaction of $621,000.00. Following the completion of the sale, the director now owns 6,300 shares of the company’s stock, valued at approximately $283,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,800 shares of company stock valued at $1,061,600. 4.70% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. Rhumbline Advisers increased its holdings in shares of Merit Medical Systems by 0.8% in the first quarter. Rhumbline Advisers now owns 178,060 shares of the medical instruments supplier’s stock worth $5,564,000 after buying an additional 1,377 shares during the period. Mutual of America Capital Management LLC lifted its holdings in shares of Merit Medical Systems by 21.0% during the first quarter. Mutual of America Capital Management LLC now owns 2,373 shares of the medical instruments supplier’s stock valued at $74,000 after purchasing an additional 412 shares during the last quarter. State Street Corp lifted its holdings in shares of Merit Medical Systems by 5.1% during the first quarter. State Street Corp now owns 2,057,843 shares of the medical instruments supplier’s stock valued at $64,308,000 after purchasing an additional 100,151 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Merit Medical Systems by 7.4% during the first quarter. Geode Capital Management LLC now owns 798,440 shares of the medical instruments supplier’s stock valued at $24,951,000 after purchasing an additional 55,320 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Merit Medical Systems by 1.8% during the first quarter. Invesco Ltd. now owns 344,755 shares of the medical instruments supplier’s stock valued at $10,774,000 after purchasing an additional 6,262 shares during the last quarter. Institutional investors own 97.49% of the company’s stock.

About Merit Medical Systems

Merit Medical Systems, Inc manufactures and markets disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy. The company operates through Cardiovascular and Endoscopy segments. It provides peripheral intervention products, including access, angiography, intervention, and drainage and biopsy for diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, hemostasis, intervention, and electrophysiology and cardiac rhythm management products to treat various heart conditions.

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