Barrington Research Boosts Merit Medical Systems (NASDAQ:MMSI) Price Target to $100.00

Merit Medical Systems (NASDAQ:MMSI) had its target price increased by Barrington Research from $98.00 to $100.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the medical instruments supplier’s stock. Barrington Research also issued estimates for Merit Medical Systems’ FY2024 earnings at $3.35 EPS and Q2 2025 earnings at $0.97 EPS.

A number of other research firms have also recently weighed in on MMSI. Piper Sandler boosted their target price on shares of Merit Medical Systems from $95.00 to $97.00 and gave the company an overweight rating in a research note on Wednesday. Bank of America assumed coverage on Merit Medical Systems in a report on Wednesday, February 7th. They set a neutral rating and a $87.00 price objective for the company. Oppenheimer boosted their target price on Merit Medical Systems from $82.00 to $87.00 and gave the company an outperform rating in a research note on Thursday, February 29th. CL King assumed coverage on Merit Medical Systems in a research note on Thursday, April 11th. They set a buy rating and a $88.00 price target for the company. Finally, Needham & Company LLC decreased 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. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Merit Medical Systems presently has a consensus rating of Moderate Buy and a consensus target price of $92.78.

Merit Medical Systems Stock Performance

Shares of MMSI opened at $78.97 on Wednesday. The stock has a 50 day moving average of $74.19 and a 200 day moving average of $74.10. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 45.39, a PEG ratio of 2.14 and a beta of 0.91. Merit Medical Systems has a 12 month low of $62.58 and a 12 month high of $85.62. The company has a current ratio of 6.03, a quick ratio of 3.95 and a debt-to-equity ratio of 0.65.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results 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 firm had revenue of $323.51 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted $0.64 EPS. As a group, sell-side analysts forecast that Merit Medical Systems will post 3.31 earnings per share for the current year.

Insider Buying and Selling

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of Merit Medical Systems stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 12,007 shares of the company’s stock, valued at approximately $887,917.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at approximately $887,917.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Joseph Wright sold 25,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $75.68, for a total transaction of $1,892,000.00. Following the completion of the transaction, the insider now directly owns 42,223 shares of the company’s stock, valued at $3,195,436.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,637 shares of company stock valued at $3,751,673. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its position in Merit Medical Systems by 69.3% during the third quarter. Public Employees Retirement System of Ohio now owns 103,099 shares of the medical instruments supplier’s stock worth $7,116,000 after buying an additional 42,191 shares in the last quarter. FMR LLC grew its position in Merit Medical Systems by 26.0% during the third quarter. FMR LLC now owns 607,881 shares of the medical instruments supplier’s stock worth $41,956,000 after buying an additional 125,605 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Merit Medical Systems by 161.7% during the third quarter. Envestnet Asset Management Inc. now owns 141,938 shares of the medical instruments supplier’s stock worth $9,797,000 after buying an additional 87,711 shares in the last quarter. Trillium Asset Management LLC grew its position in Merit Medical Systems by 18.0% during the third quarter. Trillium Asset Management LLC now owns 97,874 shares of the medical instruments supplier’s stock worth $6,755,000 after buying an additional 14,951 shares in the last quarter. Finally, Mariner LLC grew its position in Merit Medical Systems by 352.9% during the third quarter. Mariner LLC now owns 31,813 shares of the medical instruments supplier’s stock worth $2,196,000 after buying an additional 24,788 shares in the last quarter. 99.66% of the stock is currently owned by hedge funds and other institutional investors.

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.