Merit Medical Systems (NASDAQ:MMSI) Coverage Initiated by Analysts at Freedom Capital

Freedom Capital assumed coverage on shares of Merit Medical Systems (NASDAQ:MMSI) in a research report report published on Tuesday morning,Zacks reports. The firm issued a hold rating on the medical instruments supplier’s stock.

MMSI has been the topic of a number of other research reports. Raymond James Financial reiterated an “outperform” rating and issued a $100.00 price target on shares of Merit Medical Systems in a report on Friday, July 31st. Piper Sandler upped their price objective on Merit Medical Systems from $96.00 to $106.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. BTIG Research reiterated a “buy” rating and issued a $105.00 target price on shares of Merit Medical Systems in a report on Tuesday, August 11th. Weiss Ratings upgraded Merit Medical Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 12th. Finally, Zacks Research downgraded Merit Medical Systems from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $100.00.

Merit Medical Systems Trading Down 1.4%

NASDAQ MMSI opened at $92.21 on Tuesday. Merit Medical Systems has a 12 month low of $59.74 and a 12 month high of $94.85. The company has a 50-day moving average of $88.65 and a 200-day moving average of $77.09. The company has a debt-to-equity ratio of 0.44, a current ratio of 4.20 and a quick ratio of 2.79. The company has a market cap of $5.51 billion, a P/E ratio of 38.10, a P/E/G ratio of 2.33 and a beta of 0.51.

Merit Medical Systems (NASDAQ:MMSI) last announced its quarterly earnings data on Thursday, July 30th. The medical instruments supplier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.23. Merit Medical Systems had a net margin of 9.22% and a return on equity of 13.75%. The business had revenue of $418.84 million for the quarter, compared to analyst estimates of $405.25 million. During the same period in the prior year, the firm posted $1.01 EPS. The company’s revenue was up 9.5% on a year-over-year basis. As a group, equities analysts predict that Merit Medical Systems will post 3.84 earnings per share for the current year.

Hedge Funds Weigh In On Merit Medical Systems

Hedge funds and other institutional investors have recently bought and sold shares of the stock. William Blair Investment Management LLC purchased a new position in Merit Medical Systems in the second quarter valued at about $78,894,000. Irenic Capital Management LP purchased a new stake in Merit Medical Systems during the 2nd quarter worth approximately $37,623,000. The Manufacturers Life Insurance Company purchased a new stake in Merit Medical Systems during the 2nd quarter worth approximately $33,591,000. Bank of New York Mellon Corp acquired a new position in shares of Merit Medical Systems in the 2nd quarter valued at approximately $28,470,000. Finally, Fifth Third Bancorp raised its position in shares of Merit Medical Systems by 24,625.6% in the 1st quarter. Fifth Third Bancorp now owns 313,026 shares of the medical instruments supplier’s stock valued at $21,577,000 after purchasing an additional 311,760 shares in the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc is a medical device company that develops, manufactures and distributes disposable products used in interventional, diagnostic and therapeutic procedures. Its devices are designed for use by healthcare professionals in hospitals, outpatient facilities and other clinical settings.

The company’s product portfolio includes devices for vascular access, angiography, intervention, drainage, embolization, oncology and cardiac procedures. Merit also offers products used in peripheral intervention, spine procedures and other specialized areas of minimally invasive medicine, including kits, accessories and related procedural equipment.

Founded in 1987 and headquartered in South Jordan, Utah, Merit Medical serves healthcare providers through a global commercial and manufacturing network.