Merit Medical Systems (NASDAQ:MMSI) Trading Down 6.2% - Here's Why

Merit Medical Systems, Inc. (NASDAQ:MMSI - Get Free Report) shares traded down 6.2% on Wednesday . The stock traded as low as $87.92 and last traded at $87.82. 281,908 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 637,338 shares. The stock had previously closed at $93.60.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler reaffirmed an "overweight" rating and issued a $110.00 target price (up from $106.00) on shares of Merit Medical Systems in a research report on Friday, May 23rd. Raymond James Financial cut their target price on Merit Medical Systems from $116.00 to $108.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. assumed coverage on Merit Medical Systems in a research report on Friday, March 28th. They issued an "overweight" rating and a $120.00 target price on the stock. Barrington Research cut their target price on Merit Medical Systems from $111.00 to $103.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Canaccord Genuity Group set a $112.00 target price on Merit Medical Systems and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Merit Medical Systems has a consensus rating of "Moderate Buy" and a consensus target price of $109.11.

Merit Medical Systems Trading Down 1.3%

The stock has a market capitalization of $4.93 billion, a price-to-earnings ratio of 40.91, a P/E/G ratio of 2.71 and a beta of 0.65. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.26 and a current ratio of 4.87. The firm has a fifty day moving average of $94.27 and a 200-day moving average of $98.15.

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

Insider Activity at Merit Medical Systems

In related news, Director Michael R. Mcdonnell sold 1,750 shares of Merit Medical Systems stock in a transaction dated 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 transaction, the director directly owned 6,395 shares in the company, valued at approximately $604,391.45. This trade represents a 21.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Floyd sold 3,515 shares of Merit Medical Systems stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $94.16, for a total value of $330,972.40. Following the completion of the transaction, the director owned 4,880 shares of the company's stock, valued at $459,500.80. This trade represents a 41.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 85,596 shares of company stock valued at $8,171,433. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Merit Medical Systems

Hedge funds have recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new position in Merit Medical Systems in the first quarter worth about $31,000. Maseco LLP acquired a new position in Merit Medical Systems in the second quarter worth about $28,000. IFP Advisors Inc grew its stake in Merit Medical Systems by 1,435.0% in the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock worth $32,000 after purchasing an additional 287 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in 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 worth $39,000 after purchasing an additional 200 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Merit Medical Systems by 55.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier's stock worth $35,000 after purchasing an additional 134 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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.