Merit Medical Systems (NASDAQ:MMSI) Given New $103.00 Price Target at Bank of America

Merit Medical Systems (NASDAQ:MMSI) had its target price upped by Bank of America from $92.00 to $103.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a neutral rating on the medical instruments supplier’s stock.

Several other brokerages also recently weighed in on MMSI. Piper Sandler reiterated an overweight rating and issued a $110.00 price target (up from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Robert W. Baird initiated coverage on Merit Medical Systems in a report on Friday, June 28th. They issued an outperform rating and a $96.00 price target for the company. Needham & Company LLC boosted their price target on Merit Medical Systems from $94.00 to $105.00 and gave the company a buy rating in a report on Wednesday, August 28th. Canaccord Genuity Group boosted their price target on Merit Medical Systems from $102.00 to $125.00 and gave the company a buy rating in a report on Tuesday, July 2nd. Finally, Baird R W upgraded Merit Medical Systems to a strong-buy rating in a report on Friday, June 28th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $100.55.

Merit Medical Systems Price Performance

MMSI stock opened at $98.71 on Monday. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $100.32. The company has a debt-to-equity ratio of 0.62, a quick ratio of 4.64 and a current ratio of 6.24. The stock’s 50 day moving average price is $91.20 and its 200 day moving average price is $82.82. The firm has a market cap of $5.74 billion, a P/E ratio of 56.73, a PEG ratio of 2.53 and a beta of 0.87.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $338.00 million during the quarter, compared to the consensus estimate of $334.94 million. Merit Medical Systems had a return on equity of 15.29% and a net margin of 9.02%. On average, sell-side analysts expect that Merit Medical Systems will post 3.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Merit Medical Systems

In other Merit Medical Systems news, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $2,753,235. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Merit Medical Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Truist Financial Corp purchased a new position in Merit Medical Systems in the 2nd quarter valued at about $795,000. Creative Planning lifted its position in shares of Merit Medical Systems by 34.9% during the second quarter. Creative Planning now owns 15,020 shares of the medical instruments supplier’s stock worth $1,291,000 after purchasing an additional 3,887 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Merit Medical Systems during the second quarter worth about $756,000. AQR Capital Management LLC raised its stake in Merit Medical Systems by 36.1% during the second quarter. AQR Capital Management LLC now owns 11,043 shares of the medical instruments supplier’s stock worth $949,000 after acquiring an additional 2,931 shares during the period. Finally, Point72 Europe London LLP raised its stake in Merit Medical Systems by 162.9% during the second quarter. Point72 Europe London LLP now owns 147,500 shares of the medical instruments supplier’s stock worth $12,678,000 after acquiring an additional 91,400 shares during the period. 99.66% of the stock is owned by hedge funds and other institutional investors.

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.