Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $97.00 at Piper Sandler

Merit Medical Systems (NASDAQ:MMSI) had its price target lifted by Piper Sandler from $95.00 to $97.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the medical instruments supplier’s stock.

Other equities analysts have also issued research reports about the company. Oppenheimer raised their target price on Merit Medical Systems from $82.00 to $87.00 and gave the stock an outperform rating in a research note on Thursday, February 29th. Barrington Research reiterated an outperform rating and issued a $98.00 target price on shares of Merit Medical Systems in a research report on Tuesday, April 16th. StockNews.com downgraded shares of Merit Medical Systems from a buy rating to a hold rating in a report on Wednesday, April 24th. Canaccord Genuity Group lifted their price objective on shares of Merit Medical Systems from $102.00 to $112.00 and gave the company a buy rating in a research note on Thursday, February 29th. Finally, Bank of America started coverage on shares of Merit Medical Systems in a research note on Wednesday, February 7th. They issued a neutral rating and a $87.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Merit Medical Systems presently has an average rating of Moderate Buy and an average price target of $92.78.

Merit Medical Systems Price Performance

Shares of MMSI stock opened at $76.63 on Wednesday. Merit Medical Systems has a fifty-two week low of $62.58 and a fifty-two week high of $85.62. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.95 and a current ratio of 5.45. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 2.07 and a beta of 0.91. The stock’s 50-day simple moving average is $74.26 and its 200-day simple moving average is $73.99.

Merit Medical Systems (NASDAQ:MMSI) last released its earnings results on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.06. The company had revenue of $323.51 million for the quarter, compared to the consensus estimate of $315.57 million. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.11%. Merit Medical Systems’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 EPS. As a group, equities analysts forecast that Merit Medical Systems will post 3.31 earnings per share for the current fiscal year.

Insider Activity at Merit Medical Systems

In related news, Director Thomas James Gunderson sold 18,157 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $76.03, for a total transaction of $1,380,476.71. Following the sale, the director now owns 19,257 shares in the company, valued at $1,464,109.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Merit Medical Systems news, Director Thomas James Gunderson sold 18,157 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total transaction of $1,380,476.71. Following the transaction, the director now owns 19,257 shares in the company, valued at $1,464,109.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph Wright sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $75.68, for a total value of $1,892,000.00. Following the completion of the sale, the insider now owns 42,223 shares of the company’s stock, valued at $3,195,436.64. The disclosure for this sale can be found here. Insiders sold a total of 49,637 shares of company stock worth $3,751,673 in the last three months. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

A number of large investors have recently added to or reduced their stakes in MMSI. Valued Wealth Advisors LLC acquired a new stake in shares of Merit Medical Systems in the fourth quarter valued at about $29,000. Parallel Advisors LLC boosted its holdings in Merit Medical Systems by 114.6% in the 4th quarter. Parallel Advisors LLC now owns 397 shares of the medical instruments supplier’s stock worth $30,000 after buying an additional 212 shares during the last quarter. Tompkins Financial Corp purchased a new stake in Merit Medical Systems during the 4th quarter worth approximately $38,000. Headlands Technologies LLC acquired a new position in shares of Merit Medical Systems during the third quarter valued at approximately $41,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Merit Medical Systems in the third quarter valued at approximately $67,000. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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.