Barrington Research Initiates Coverage on Merit Medical Systems (NASDAQ:MMSI)

Barrington Research initiated coverage on shares of Merit Medical Systems (NASDAQ:MMSI) in a research note issued on Thursday, AnalystRatings.com reports. The brokerage set a “buy” rating and a $59.00 price target on the medical instruments supplier’s stock. Barrington Research’s price target points to a potential upside of 115.88% from the company’s current price.

The analysts wrote, “We would gently suggest that with shares down over 55% over the past few months that perhaps the miss, the guidedown, the “drama”, and even a riskier near‐term growth profile might mostly be “in the stock” at this point. We simply think the risk/reward now favors investment – even if Q3 comes in soft. We will try to make our argument in brief below.””

MMSI has been the topic of a number of other reports. Needham & Company LLC downgraded shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Zacks Investment Research raised shares of Merit Medical Systems from a “sell” rating to a “hold” rating and set a $63.00 target price on the stock in a research note on Monday, July 1st. TheStreet downgraded shares of Merit Medical Systems from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. Raymond James downgraded shares of Merit Medical Systems from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, Piper Jaffray Companies set a $58.00 target price on shares of Merit Medical Systems and gave the company an “overweight” rating in a research note on Friday, July 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Merit Medical Systems currently has a consensus rating of “Hold” and a consensus price target of $60.86.

Shares of MMSI stock traded down $0.67 during trading hours on Thursday, reaching $27.33. The stock had a trading volume of 18,028 shares, compared to its average volume of 519,107. The stock’s fifty day simple moving average is $36.68 and its 200 day simple moving average is $52.42. The company has a current ratio of 2.42, a quick ratio of 1.27 and a debt-to-equity ratio of 0.48. Merit Medical Systems has a 12 month low of $25.67 and a 12 month high of $66.34. The firm has a market capitalization of $1.55 billion, a PE ratio of 16.18, a PEG ratio of 1.46 and a beta of 1.11.

Merit Medical Systems (NASDAQ:MMSI) last released its quarterly earnings data on Thursday, July 25th. The medical instruments supplier reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08). Merit Medical Systems had a net margin of 4.10% and a return on equity of 10.40%. The firm had revenue of $255.50 million during the quarter, compared to the consensus estimate of $258.58 million. During the same quarter last year, the business posted $0.43 earnings per share. Merit Medical Systems’s revenue was up 13.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Merit Medical Systems will post 1.79 EPS for the current fiscal year.

In other news, Director F. Ann Millner sold 3,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $36.67, for a total transaction of $138,612.60. Following the sale, the director now owns 13,298 shares in the company, valued at approximately $487,637.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Fred P. Lampropoulos sold 150,000 shares of Merit Medical Systems stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $30.72, for a total value of $4,608,000.00. Following the completion of the transaction, the chief executive officer now directly owns 929,991 shares of the company’s stock, valued at approximately $28,569,323.52. The disclosure for this sale can be found here. Insiders sold 246,530 shares of company stock worth $8,583,650 in the last 90 days. Company insiders own 4.75% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of MMSI. Geode Capital Management LLC raised its holdings in shares of Merit Medical Systems by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 619,206 shares of the medical instruments supplier’s stock worth $34,557,000 after acquiring an additional 58,186 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Merit Medical Systems by 0.7% in the first quarter. Rhumbline Advisers now owns 154,092 shares of the medical instruments supplier’s stock worth $9,528,000 after purchasing an additional 1,033 shares during the last quarter. Comerica Bank raised its stake in shares of Merit Medical Systems by 2.1% in the first quarter. Comerica Bank now owns 55,425 shares of the medical instruments supplier’s stock worth $3,446,000 after purchasing an additional 1,136 shares during the last quarter. Texas Permanent School Fund increased its holdings in Merit Medical Systems by 3.9% during the 1st quarter. Texas Permanent School Fund now owns 37,278 shares of the medical instruments supplier’s stock worth $2,305,000 after purchasing an additional 1,395 shares during the period. Finally, First Mercantile Trust Co. boosted its position in shares of Merit Medical Systems by 6.1% during the 1st quarter. First Mercantile Trust Co. now owns 4,699 shares of the medical instruments supplier’s stock worth $290,000 after acquiring an additional 270 shares in the last quarter. 99.81% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc manufactures and markets disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy. The company operates through Cardiovascular and Endoscopy segments. It provides peripheral intervention products, including access, angiography, intervention, and drainage and biopsy for diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, hemostasis, intervention, and electrophysiology and cardiac rhythm management products to treat various heart conditions.

Further Reading: Neutral Rating

Analyst Recommendations for Merit Medical Systems (NASDAQ:MMSI)

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