Merit Medical Systems (NASDAQ:MMSI) Given New $125.00 Price Target at Canaccord Genuity Group

Merit Medical Systems (NASDAQ:MMSI) had its target price boosted by research analysts at Canaccord Genuity Group from $102.00 to $125.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 43.50% from the stock’s current price.

MMSI has been the subject of a number of other reports. Baird R W upgraded shares of Merit Medical Systems to a “strong-buy” rating in a report on Friday. Piper Sandler boosted their price target on Merit Medical Systems from $95.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Robert W. Baird started coverage on Merit Medical Systems in a report on Friday. They set an “outperform” rating and a $96.00 price objective on the stock. StockNews.com raised Merit Medical Systems from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th. Finally, Barrington Research increased their target price on Merit Medical Systems from $98.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Merit Medical Systems currently has an average rating of “Buy” and an average target price of $96.20.

Merit Medical Systems Price Performance

MMSI stock traded up $1.47 on Tuesday, reaching $87.11. The company had a trading volume of 144,474 shares, compared to its average volume of 448,478. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.38 and a current ratio of 6.03. The company’s fifty day moving average is $80.85 and its 200 day moving average is $77.75. The company has a market cap of $5.06 billion, a P/E ratio of 50.07, a PEG ratio of 2.40 and a beta of 0.88. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $87.28.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data 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. The business had revenue of $323.51 million for the quarter, compared to the consensus estimate of $315.57 million. Merit Medical Systems had a return on equity of 15.02% and a net margin of 7.94%. The business’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.64 earnings per share. On average, research analysts forecast that Merit Medical Systems will post 3.33 earnings per share for the current year.

Insider Activity

In other Merit Medical Systems news, COO Neil Peterson sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $81.85, for a total value of $613,875.00. Following the transaction, the chief operating officer now directly owns 14,819 shares of the company’s stock, valued at approximately $1,212,935.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, COO Neil Peterson sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $81.85, for a total transaction of $613,875.00. Following the completion of the transaction, the chief operating officer now directly owns 14,819 shares of the company’s stock, valued at $1,212,935.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $85.00, for a total value of $1,062,500.00. Following the sale, the director now owns 32,391 shares in the company, valued at $2,753,235. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Valued Wealth Advisors LLC acquired a new position in shares of Merit Medical Systems during the fourth quarter worth approximately $29,000. Parallel Advisors LLC increased its stake in Merit Medical Systems by 114.6% in the 4th quarter. Parallel Advisors LLC now owns 397 shares of the medical instruments supplier’s stock worth $30,000 after purchasing an additional 212 shares in the last quarter. Tompkins Financial Corp acquired a new stake in Merit Medical Systems during the 4th quarter worth about $38,000. DekaBank Deutsche Girozentrale purchased a new stake in Merit Medical Systems during the first quarter valued at about $44,000. Finally, Headlands Technologies LLC acquired a new position in shares of Merit Medical Systems in the first quarter worth about $50,000. Institutional investors own 99.66% of the company’s stock.

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.