Merit Medical Systems (NASDAQ:MMSI) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Merit Medical Systems (NASDAQ:MMSI - Free Report) in a research note issued to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a $108.00 target price on the medical instruments supplier's stock.

A number of other equities research analysts also recently issued reports on the stock. Barrington Research lowered their price target on shares of Merit Medical Systems from $111.00 to $103.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Robert W. Baird lowered their target price on shares of 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. Canaccord Genuity Group set a $112.00 price target on shares of Merit Medical Systems and gave the company a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler reaffirmed an "overweight" rating and issued a $110.00 price target (up previously from $106.00) on shares of Merit Medical Systems in a report on Friday, May 23rd. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Merit Medical Systems in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Merit Medical Systems currently has an average rating of "Moderate Buy" and a consensus target price of $109.11.

Merit Medical Systems Stock Performance

MMSI traded down $1.52 on Friday, hitting $83.02. The company's stock had a trading volume of 532,421 shares, compared to its average volume of 553,714. Merit Medical Systems has a 12 month low of $82.62 and a 12 month high of $111.45. The firm has a market cap of $4.91 billion, a P/E ratio of 40.70, a price-to-earnings-growth ratio of 2.73 and a beta of 0.65. The company has a quick ratio of 3.26, a current ratio of 4.87 and a debt-to-equity ratio of 0.51. The company's 50 day simple moving average is $94.27 and its 200-day simple moving average is $98.15.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The medical instruments supplier reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.11. Merit Medical Systems had a return on equity of 15.52% and a net margin of 8.81%. The firm had revenue of $355.35 million during the quarter, compared to analyst estimates of $352.57 million. During the same period last year, the company earned $0.77 earnings per share. The business's revenue for the quarter was up 9.8% on a year-over-year basis. Analysts forecast that Merit Medical Systems will post 3.37 EPS for the current year.

Insider Activity

In related news, CEO Fred P. Lampropoulos sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $96.54, for a total value of $1,930,800.00. Following the completion of the sale, the chief executive officer owned 1,066,028 shares in the company, valued at $102,914,343.12. The trade was a 1.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $165,392.50. Following the transaction, the director directly owned 6,395 shares in the company, valued at $604,391.45. This trade represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 85,596 shares of company stock worth $8,171,433. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Merit Medical Systems

Several hedge funds have recently added to or reduced their stakes in MMSI. Maseco LLP purchased 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 Merit Medical Systems during the 1st quarter valued at $31,000. IFP Advisors Inc boosted its position in Merit Medical Systems by 1,435.0% during the 1st quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock valued at $32,000 after buying an additional 287 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in Merit Medical Systems by 55.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier's stock worth $35,000 after acquiring an additional 134 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Merit Medical Systems by 119.8% in 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 during the period. 99.66% of the stock is owned by institutional investors.

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.