Merit Medical Systems (NASDAQ:MMSI) Coverage Initiated by Analysts at Freedom Capital

Key Points

• Freedom Capital initiated coverage of Merit Medical Systems with a “hold” rating. Overall analyst sentiment remains a “Moderate Buy,” with eight Buy ratings, five Holds, and an average price target of $100.
• Merit Medical shares opened at $92.21, near their 12-month high of $94.85, while the company trades at a P/E ratio of 38.10 and has a $5.51 billion market capitalization.
• The company exceeded quarterly expectations, reporting $1.19 in EPS versus a $0.96 consensus estimate and $418.84 million in revenue, up 9.5% year over year. Institutional investors own 99.66% of the stock.

Research analysts at Freedom Capital initiated coverage on shares of Merit Medical Systems (NASDAQ:MMSI - Get Free Report) in a research report issued on Tuesday, Zacks reports. The brokerage set a "hold" rating on the medical instruments supplier's stock.

A number of other research firms have also issued reports on MMSI. BTIG Research restated a "buy" rating and issued a $105.00 price target on shares of Merit Medical Systems in a research report on Tuesday, August 11th. Wells Fargo & Company lifted their price objective on Merit Medical Systems from $74.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Canaccord Genuity Group boosted their price objective on Merit Medical Systems from $85.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Robert W. Baird set a $98.00 target price on Merit Medical Systems in a report on Friday, July 31st. Finally, Zacks Research cut Merit Medical Systems from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $100.00.

Merit Medical Systems Stock Down 1.4%

Shares of NASDAQ MMSI opened at $92.21 on Tuesday. Merit Medical Systems has a 12-month low of $59.74 and a 12-month high of $94.85. The stock has a market cap of $5.51 billion, a PE ratio of 38.10, a P/E/G ratio of 2.33 and a beta of 0.51. The company has a current ratio of 4.20, a quick ratio of 2.79 and a debt-to-equity ratio of 0.44. The company has a 50-day moving average of $88.65 and a 200 day moving average of $77.09.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The medical instruments supplier reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.23. The company had revenue of $418.84 million during the quarter, compared to the consensus estimate of $405.25 million. Merit Medical Systems had a net margin of 9.22% and a return on equity of 13.75%. Merit Medical Systems's quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. As a group, sell-side analysts predict that Merit Medical Systems will post 3.84 EPS for the current fiscal year.

Institutional Trading of Merit Medical Systems

Hedge funds have recently made changes to their positions in the company. Kilter Group LLC purchased a new stake in shares of Merit Medical Systems during the second quarter worth $25,000. IFP Advisors Inc raised its stake in shares of Merit Medical Systems by 88.6% in the third quarter. IFP Advisors Inc now owns 694 shares of the medical instruments supplier's stock valued at $60,000 after acquiring an additional 326 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in Merit Medical Systems in the second quarter valued at $50,000. Pinnacle Wealth Planning Services Inc. boosted its holdings in Merit Medical Systems by 84.0% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 784 shares of the medical instruments supplier's stock valued at $68,000 after purchasing an additional 358 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Merit Medical Systems by 44.0% in the third quarter. Farther Finance Advisors LLC now owns 890 shares of the medical instruments supplier's stock valued at $77,000 after purchasing an additional 272 shares during the period. Hedge funds and other institutional investors own 99.66% of the company's stock.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc is a medical device company that develops, manufactures and distributes disposable products used in interventional, diagnostic and therapeutic procedures. Its devices are designed for use by healthcare professionals in hospitals, outpatient facilities and other clinical settings.

The company's product portfolio includes devices for vascular access, angiography, intervention, drainage, embolization, oncology and cardiac procedures. Merit also offers products used in peripheral intervention, spine procedures and other specialized areas of minimally invasive medicine, including kits, accessories and related procedural equipment.

Founded in 1987 and headquartered in South Jordan, Utah, Merit Medical serves healthcare providers through a global commercial and manufacturing network.

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