Merit Medical Systems’ (MMSI) Buy Rating Reiterated at Canaccord Genuity
Merit Medical Systems, Inc. (NASDAQ:MMSI)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity in a report released on Wednesday. They presently have a $45.00 price target on the medical instruments supplier’s stock. Canaccord Genuity’s price objective indicates a potential upside of 8.70% from the stock’s previous close.
A number of other equities analysts have also commented on MMSI. SunTrust Banks, Inc. initiated coverage on Merit Medical Systems in a report on Tuesday, June 20th. They issued a “buy” rating and a $43.00 price target for the company. Zacks Investment Research raised Merit Medical Systems from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Thursday, June 22nd. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $39.00 price target on shares of Merit Medical Systems in a report on Monday, June 26th. BidaskClub raised Merit Medical Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Finally, Sidoti reaffirmed a “buy” rating and issued a $46.00 price target (up from $41.00) on shares of Merit Medical Systems in a report on Wednesday, June 28th. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Merit Medical Systems currently has an average rating of “Buy” and a consensus price target of $41.25.
Shares of Merit Medical Systems (NASDAQ MMSI) traded up 2.35% during trading on Wednesday, reaching $41.40. The company’s stock had a trading volume of 280,313 shares. Merit Medical Systems has a 52-week low of $20.70 and a 52-week high of $42.60. The stock has a 50-day moving average of $40.69 and a 200-day moving average of $34.92. The stock has a market cap of $2.08 billion, a P/E ratio of 58.97 and a beta of 1.25.
Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Wednesday, July 26th. The medical instruments supplier reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.07. Merit Medical Systems had a return on equity of 9.78% and a net margin of 4.87%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $181.46 million. During the same period last year, the company earned $0.26 earnings per share. The business’s revenue for the quarter was up 23.4% on a year-over-year basis. Analysts predict that Merit Medical Systems will post $1.26 earnings per share for the current fiscal year.
In other Merit Medical Systems news, insider Richard W. Edelman sold 20,000 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $37.62, for a total transaction of $752,400.00. Following the sale, the insider now owns 35,000 shares in the company, valued at $1,316,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director F. Ann Millner sold 3,106 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $41.01, for a total value of $127,377.06. Following the sale, the director now owns 6,750 shares in the company, valued at approximately $276,817.50. The disclosure for this sale can be found here. Insiders sold 98,250 shares of company stock worth $3,932,799 in the last quarter. 5.00% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMSI. BlackRock Inc. raised its position in Merit Medical Systems by 7,837.9% during the first quarter. BlackRock Inc. now owns 6,789,527 shares of the medical instruments supplier’s stock valued at $196,218,000 after purchasing an additional 6,703,994 shares in the last quarter. Janus Henderson Group PLC raised its position in Merit Medical Systems by 922.3% during the second quarter. Janus Henderson Group PLC now owns 1,533,513 shares of the medical instruments supplier’s stock valued at $58,504,000 after purchasing an additional 1,383,513 shares in the last quarter. Private Advisor Group LLC purchased a new stake in Merit Medical Systems during the first quarter valued at about $444,000. Vanguard Group Inc. raised its position in Merit Medical Systems by 16.1% during the first quarter. Vanguard Group Inc. now owns 4,186,883 shares of the medical instruments supplier’s stock valued at $121,001,000 after purchasing an additional 580,871 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its position in Merit Medical Systems by 24.8% during the second quarter. Frontier Capital Management Co. LLC now owns 2,737,303 shares of the medical instruments supplier’s stock valued at $104,428,000 after purchasing an additional 543,580 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.
Merit Medical Systems Company Profile
Merit Medical Systems, Inc is a manufacturer and marketer of disposable medical devices used in a range of interventional, diagnostic and therapeutic medical procedures. The Company operates in two segments: cardiovascular and endoscopy. The cardiovascular segment consists of cardiology and radiology devices, which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases, and includes embolotherapeutic, cardiac rhythm management (CRM), electrophysiology (EP), and interventional oncology and spine devices.
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