Merit Medical Systems (NASDAQ:MMSI) Reaches New 52-Week High on Analyst Upgrade

Merit Medical Systems, Inc. (NASDAQ:MMSI) shares reached a new 52-week high on Monday after Barrington Research raised their price target on the stock from $100.00 to $114.00. Barrington Research currently has an outperform rating on the stock. Merit Medical Systems traded as high as $101.60 and last traded at $100.43, with a volume of 3502 shares changing hands. The stock had previously closed at $99.56.

Several other equities research analysts also recently commented on the stock. Robert W. Baird initiated coverage on shares of Merit Medical Systems in a research report on Friday, June 28th. They set an “outperform” rating and a $96.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $105.00 target price on shares of Merit Medical Systems in a research report on Monday, September 16th. Baird R W upgraded shares of Merit Medical Systems to a “strong-buy” rating in a research report on Friday, June 28th. Bank of America lifted their target price on shares of Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Finally, Canaccord Genuity Group lifted their target price on shares of Merit Medical Systems from $102.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Merit Medical Systems presently has an average rating of “Moderate Buy” and a consensus target price of $101.82.

Insider Activity

In other news, Director F. Ann Millner sold 12,500 shares of Merit Medical Systems stock in a transaction on Friday, June 28th. The shares were sold at an average price of $85.00, for a total value of $1,062,500.00. Following the completion of the sale, the director now owns 32,391 shares in the company, valued at approximately $2,753,235. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Merit Medical Systems

Several hedge funds have recently modified their holdings of the stock. Congress Asset Management Co. MA increased its stake in Merit Medical Systems by 4,411.3% during the 1st quarter. Congress Asset Management Co. MA now owns 518,485 shares of the medical instruments supplier’s stock valued at $39,275,000 after purchasing an additional 506,992 shares in the last quarter. Norges Bank bought a new stake in Merit Medical Systems during the 4th quarter valued at $38,165,000. Point72 Asset Management L.P. increased its stake in Merit Medical Systems by 147.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 634,613 shares of the medical instruments supplier’s stock valued at $54,545,000 after purchasing an additional 377,851 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Merit Medical Systems by 818.6% during 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 in the last quarter. Finally, F M Investments LLC bought a new stake in Merit Medical Systems during the 2nd quarter valued at $12,550,000. Institutional investors own 99.66% of the company’s stock.

Merit Medical Systems Stock Down 0.4 %

The firm has a market cap of $5.79 billion, a P/E ratio of 57.24, a price-to-earnings-growth ratio of 2.53 and a beta of 0.87. The stock’s 50 day simple moving average is $92.26 and its 200 day simple moving average is $83.56. The company has a debt-to-equity ratio of 0.62, a quick ratio of 4.64 and a current ratio of 6.24.

Merit Medical Systems (NASDAQ:MMSI) last announced its quarterly earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. The business had revenue of $338.00 million during the quarter, compared to analyst estimates of $334.94 million. Research analysts anticipate that Merit Medical Systems, Inc. will post 3.31 EPS for the current year.

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.