Canaccord Genuity Group Trims Merit Medical Systems (NASDAQ:MMSI) Target Price to $102.00

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) had its price target decreased by equities research analysts at Canaccord Genuity Group from $112.00 to $102.00 in a report released on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the medical instruments supplier's stock. Canaccord Genuity Group's price target would suggest a potential upside of 33.11% from the company's previous close.

Several other analysts have also weighed in on the company. Barrington Research upped their price objective on Merit Medical Systems from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday. CL King assumed coverage on Merit Medical Systems in a report on Thursday, April 11th. They issued a "buy" rating and a $88.00 price objective for the company. Bank of America assumed coverage on Merit Medical Systems in a report on Wednesday, February 7th. They issued a "neutral" rating and a $87.00 price objective for the company. Needham & Company LLC cut their price objective on Merit Medical Systems from $88.00 to $85.00 and set a "buy" rating for the company in a report on Wednesday. Finally, StockNews.com lowered Merit Medical Systems from a "buy" rating to a "hold" rating in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $92.78.

Merit Medical Systems Stock Performance

MMSI traded up $2.53 during trading on Wednesday, reaching $76.63. 830,343 shares of the company were exchanged, compared to its average volume of 491,405. The stock has a market cap of $4.45 billion, a P/E ratio of 47.30, a PEG ratio of 2.09 and a beta of 0.89. The firm has a 50 day moving average of $74.26 and a 200 day moving average of $73.99. The company has a current ratio of 5.45, a quick ratio of 3.95 and a debt-to-equity ratio of 0.68. Merit Medical Systems has a 52 week low of $62.58 and a 52 week high of $85.62.

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

Insider Activity at Merit Medical Systems

In related news, CFO Raul Jr. Parra sold 6,480 shares of the company's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares of the company's stock, valued at $887,917.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Raul Jr. Parra sold 6,480 shares of the company's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares of the company's stock, valued at $887,917.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas James Gunderson sold 18,157 shares of the company's stock in a transaction on Monday, March 4th. The shares were sold at an average price of $76.03, for a total value of $1,380,476.71. Following the transaction, the director now directly owns 19,257 shares in the company, valued at $1,464,109.71. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,637 shares of company stock valued at $3,751,673. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MMSI. SG Americas Securities LLC acquired a new position in Merit Medical Systems in the 3rd quarter worth about $928,000. Dakota Wealth Management boosted its stake in shares of Merit Medical Systems by 10.2% during the 3rd quarter. Dakota Wealth Management now owns 3,395 shares of the medical instruments supplier's stock worth $234,000 after acquiring an additional 313 shares in the last quarter. Redwood Investments LLC boosted its stake in shares of Merit Medical Systems by 11.2% during the 3rd quarter. Redwood Investments LLC now owns 196,660 shares of the medical instruments supplier's stock worth $13,573,000 after acquiring an additional 19,782 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Merit Medical Systems by 10.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 696,575 shares of the medical instruments supplier's stock worth $48,078,000 after acquiring an additional 66,944 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Merit Medical Systems by 14.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,316 shares of the medical instruments supplier's stock worth $2,092,000 after acquiring an additional 3,840 shares in the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

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.