Merit Medical Systems (NASDAQ:MMSI) Price Target Lowered to $67.00 at Canaccord Genuity Group

Posted by MarketBeat News on Aug 2nd, 2022

Merit Medical Systems (NASDAQ:MMSI – Get Rating) had its price target trimmed by Canaccord Genuity Group from $74.00 to $67.00 in a report issued on Monday morning, The Fly reports. The brokerage currently has a buy rating on the medical instruments supplier’s stock.

A number of other research firms have also weighed in on MMSI. TheStreet lowered shares of Merit Medical Systems from a b- rating to a c+ rating in a research report on Wednesday, May 11th. Raymond James reissued a maintains rating on shares of Merit Medical Systems in a research report on Thursday, July 28th. StockNews.com raised shares of Merit Medical Systems from a buy rating to a strong-buy rating in a research report on Wednesday, April 13th. Barrington Research cut their price objective on shares of Merit Medical Systems from $82.00 to $78.00 in a research report on Thursday, April 28th. Finally, Piper Sandler cut their price objective on shares of Merit Medical Systems from $75.00 to $70.00 in a research report on Friday, July 1st. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $72.33.

Merit Medical Systems Stock Up 4.4 %

Shares of NASDAQ MMSI opened at $60.00 on Monday. Merit Medical Systems has a 12-month low of $50.46 and a 12-month high of $73.85. The company has a market capitalization of $3.40 billion, a PE ratio of 58.82, a price-to-earnings-growth ratio of 2.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.52 and a quick ratio of 1.33. The firm’s 50-day moving average is $55.79 and its two-hundred day moving average is $59.64.

Merit Medical Systems (NASDAQ:MMSI – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The medical instruments supplier reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.15. Merit Medical Systems had a net margin of 5.24% and a return on equity of 13.74%. The company had revenue of $294.98 million for the quarter, compared to the consensus estimate of $280.55 million. During the same quarter in the prior year, the firm earned $0.62 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Merit Medical Systems will post 2.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Merit Medical Systems news, Director F. Ann Millner sold 6,378 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $61.92, for a total transaction of $394,925.76. Following the completion of the sale, the director now directly owns 27,698 shares in the company, valued at $1,715,060.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Merit Medical Systems

Several institutional investors have recently bought and sold shares of MMSI. Eagle Asset Management Inc. purchased a new stake in Merit Medical Systems during the fourth quarter worth approximately $29,163,000. Westwood Holdings Group Inc. boosted its stake in shares of Merit Medical Systems by 40.1% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,182,149 shares of the medical instruments supplier’s stock valued at $73,648,000 after purchasing an additional 338,655 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Merit Medical Systems by 114.2% in the second quarter. Assenagon Asset Management S.A. now owns 264,292 shares of the medical instruments supplier’s stock valued at $14,343,000 after purchasing an additional 140,933 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Merit Medical Systems in the fourth quarter valued at $6,286,000. Finally, Point72 Asset Management L.P. boosted its stake in shares of Merit Medical Systems by 98.1% in the fourth quarter. Point72 Asset Management L.P. now owns 199,100 shares of the medical instruments supplier’s stock valued at $12,404,000 after purchasing an additional 98,601 shares during the period. 95.25% of the stock is currently owned by hedge funds and other institutional investors.

Merit Medical Systems Company Profile

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Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The company operates in two segments, Cardiovascular and Endoscopy.