Merit Medical Systems (NASDAQ:MMSI) Hits New 12-Month High – Here’s Why

by · The Markets Daily

Merit Medical Systems, Inc. (NASDAQ:MMSI – Get Free Report)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $105.46 and last traded at $104.99, with a volume of 35874 shares changing hands. The stock had previously closed at $104.10.

Wall Street Analyst Weigh In

A number of brokerages have commented on MMSI. Barrington Research reaffirmed an “outperform” rating and set a $114.00 price target on shares of Merit Medical Systems in a research report on Thursday, October 31st. Wells Fargo & Company increased their price target on Merit Medical Systems from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $110.00 target price (up from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. Bank of America raised their target price on Merit Medical Systems from $92.00 to $103.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Finally, StockNews.com downgraded Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $103.36.

View Our Latest Stock Report on Merit Medical Systems

Merit Medical Systems Stock Up 0.1 %

The stock’s 50-day simple moving average is $97.34 and its 200-day simple moving average is $89.32. The firm has a market capitalization of $6.08 billion, a P/E ratio of 51.03, a P/E/G ratio of 2.55 and a beta of 0.89. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57.

Merit Medical Systems (NASDAQ:MMSI – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 EPS for the quarter, topping the consensus estimate of $0.80 by $0.06. Merit Medical Systems had a net margin of 9.05% and a return on equity of 15.61%. The business had revenue of $339.85 million for the quarter, compared to analyst estimates of $334.60 million. During the same quarter in the previous year, the firm posted $0.75 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, research analysts predict that Merit Medical Systems, Inc. will post 3.36 earnings per share for the current fiscal year.

Insider Activity at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 29,646 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $98.02, for a total transaction of $2,905,900.92. Following the sale, the chief financial officer now owns 16,361 shares of the company’s stock, valued at $1,603,705.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC raised its position in shares of Merit Medical Systems by 0.3% in the second quarter. William Blair Investment Management LLC now owns 3,053,461 shares of the medical instruments supplier’s stock worth $262,445,000 after buying an additional 10,512 shares in the last quarter. Conestoga Capital Advisors LLC lifted its position in Merit Medical Systems by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 2,289,148 shares of the medical instruments supplier’s stock valued at $226,236,000 after purchasing an additional 38,780 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in Merit Medical Systems by 17.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 880,327 shares of the medical instruments supplier’s stock worth $66,685,000 after buying an additional 131,977 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Merit Medical Systems by 2.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 838,843 shares of the medical instruments supplier’s stock valued at $63,543,000 after buying an additional 22,077 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Merit Medical Systems by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 727,340 shares of the medical instruments supplier’s stock worth $71,883,000 after purchasing an additional 54,122 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors.

Merit Medical Systems Company Profile

(Get Free Report)

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.

See Also