Merit Medical Systems' (MMSI) Outperform Rating Reaffirmed at Barrington Research

Key Points

• Merit Medical Systems (NASDAQ:MMSI) received an "outperform" rating from Barrington Research with a target price of $103.00, implying a potential upside of 24.16% from its current stock price.
• The company reported a quarterly EPS of $1.01, exceeding estimates by 16 cents, and saw a 13.2% year-over-year revenue increase to $382.46 million.
• Insiders have sold a total of 85,596 shares of Merit Medical Systems in the last 90 days, indicating significant insider trading activity.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report)'s stock had its "outperform" rating restated by research analysts at Barrington Research in a research note issued to investors on Thursday,Benzinga reports. They currently have a $103.00 price objective on the medical instruments supplier's stock. Barrington Research's target price would suggest a potential upside of 20.64% from the company's previous close.

A number of other analysts have also commented on MMSI. Wells Fargo & Company reissued an "overweight" rating on shares of Merit Medical Systems in a research note on Wednesday, July 16th. Piper Sandler reissued an "overweight" rating and set a $110.00 price target (up from $106.00) on shares of Merit Medical Systems in a research note on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and set a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, July 18th. Canaccord Genuity Group set a $112.00 price objective on Merit Medical Systems and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, Robert W. Baird cut their price objective on Merit Medical Systems from $111.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.00.

Merit Medical Systems Price Performance

NASDAQ:MMSI traded up $0.60 during trading hours on Thursday, hitting $85.38. The company's stock had a trading volume of 485,168 shares, compared to its average volume of 671,940. The stock has a fifty day simple moving average of $91.39 and a 200-day simple moving average of $97.12. The company has a market capitalization of $5.06 billion, a P/E ratio of 43.34, a PEG ratio of 2.30 and a beta of 0.66. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.09 and a quick ratio of 2.66. Merit Medical Systems has a twelve month low of $81.04 and a twelve month high of $111.45.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. Merit Medical Systems had a return on equity of 15.07% and a net margin of 8.31%. The business had revenue of $382.46 million for the quarter, compared to analyst estimates of $372.47 million. During the same period last year, the firm posted $0.92 earnings per share. Merit Medical Systems's revenue was up 13.2% compared to the same quarter last year. On average, analysts anticipate that Merit Medical Systems will post 3.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Merit Medical Systems news, Director Michael R. Mcdonnell sold 1,750 shares of Merit Medical Systems stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $94.51, for a total value of $165,392.50. Following the completion of the sale, the director directly owned 6,395 shares in the company, valued at approximately $604,391.45. The trade was a 21.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Floyd sold 3,515 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $94.16, for a total value of $330,972.40. Following the sale, the director owned 4,880 shares of the company's stock, valued at approximately $459,500.80. This represents a 41.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 85,596 shares of company stock valued at $8,171,433 in the last 90 days. Company insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. Maseco LLP bought a new stake in shares of Merit Medical Systems during the second quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Merit Medical Systems during the first quarter valued at approximately $31,000. IFP Advisors Inc increased its holdings in shares of Merit Medical Systems by 1,435.0% during the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock valued at $32,000 after acquiring an additional 287 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Merit Medical Systems by 55.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier's stock valued at $35,000 after acquiring an additional 134 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Merit Medical Systems by 119.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier's stock valued at $39,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 99.66% of the company's stock.

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.