Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $100.00

Merit Medical Systems (NASDAQ:MMSI - Free Report) had its price target upped by Barrington Research from $98.00 to $100.00 in a research note published on Wednesday, Benzinga reports. They currently have an outperform rating on the medical instruments supplier's stock.

Several other equities research analysts have also recently commented on MMSI. Canaccord Genuity Group raised their target price on Merit Medical Systems from $102.00 to $112.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Oppenheimer lifted their price objective on shares of Merit Medical Systems from $82.00 to $87.00 and gave the company an outperform rating in a research note on Thursday, February 29th. StockNews.com lowered shares of Merit Medical Systems from a buy rating to a hold rating in a research note on Wednesday, April 24th. Needham & Company LLC decreased their price target on shares of Merit Medical Systems from $88.00 to $85.00 and set a buy rating for the company in a research note on Wednesday. Finally, Bank of America started coverage on shares of Merit Medical Systems in a research report on Wednesday, February 7th. They set a neutral rating and a $87.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $92.78.

Merit Medical Systems Trading Up 3.4 %

Merit Medical Systems stock traded up $2.53 during mid-day trading on Wednesday, hitting $76.63. 830,343 shares of the stock were exchanged, compared to its average volume of 491,405. Merit Medical Systems has a 12 month low of $62.58 and a 12 month high of $85.62. The company has a quick ratio of 3.95, a current ratio of 5.45 and a debt-to-equity ratio of 0.68. The firm's fifty day simple moving average is $74.31 and its two-hundred day simple moving average is $73.97. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 47.46, a PEG ratio of 2.09 and a beta of 0.89.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released its earnings results on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. Merit Medical Systems had a net margin of 7.51% and a return on equity of 14.63%. The business had revenue of $323.51 million for the quarter, compared to analyst estimates of $315.57 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. Merit Medical Systems's revenue for the quarter was up 8.7% on a year-over-year basis. Analysts forecast that Merit Medical Systems will post 3.31 EPS for the current year.

Insider Buying and Selling

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of Merit Medical Systems stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 12,007 shares in the company, valued at approximately $887,917.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Joseph Wright sold 25,000 shares of the company's stock in a transaction 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 in the company, valued at approximately $3,195,436.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Raul Jr. Parra sold 6,480 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total transaction of $479,196.00. Following the completion of the sale, the chief financial officer now owns 12,007 shares of the company's stock, valued at approximately $887,917.65. The disclosure for this sale can be found here. Insiders have sold 49,637 shares of company stock worth $3,751,673 in the last quarter. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. William Blair Investment Management LLC lifted its position in shares of Merit Medical Systems by 15.4% during the 3rd quarter. William Blair Investment Management LLC now owns 3,895,695 shares of the medical instruments supplier's stock worth $268,881,000 after buying an additional 520,423 shares in the last quarter. Congress Asset Management Co. MA increased its position in shares of Merit Medical Systems by 4,411.3% during the first quarter. Congress Asset Management Co. MA now owns 518,485 shares of the medical instruments supplier's stock valued at $39,275,000 after acquiring an additional 506,992 shares during the last quarter. Norges Bank bought a new stake in Merit Medical Systems during the fourth quarter worth $38,165,000. abrdn plc purchased a new position in Merit Medical Systems in the third quarter worth $24,446,000. Finally, The Manufacturers Life Insurance Company grew its stake in Merit Medical Systems by 818.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 278,452 shares of the medical instruments supplier's stock valued at $21,151,000 after purchasing an additional 248,140 shares during the period. 99.66% of the stock is currently owned by hedge funds and other institutional investors.

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.