Merit Medical Systems (NASDAQ:MMSI) Rating Increased to Overweight at Wells Fargo & Company

Merit Medical Systems (NASDAQ:MMSI) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report released on Wednesday, Marketbeat reports. The firm presently has a $120.00 price objective on the medical instruments supplier’s stock, up from their prior price objective of $103.00. Wells Fargo & Company‘s price objective suggests a potential upside of 14.56% from the company’s current price.

Other analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $109.00 price target on shares of Merit Medical Systems in a research report on Thursday, October 31st. Bank of America increased their price target on Merit Medical Systems from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $110.00 price target (up from $100.00) on shares of Merit Medical Systems in a research report on Monday, September 9th. Canaccord Genuity Group increased their price target on Merit Medical Systems from $125.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Barrington Research reiterated an “outperform” rating and set a $114.00 price target on shares of Merit Medical Systems in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $105.09.

Merit Medical Systems Trading Down 0.7 %

Shares of NASDAQ MMSI opened at $104.75 on Wednesday. The stock’s 50 day moving average price is $100.23 and its two-hundred day moving average price is $93.05. Merit Medical Systems has a 52-week low of $68.30 and a 52-week high of $108.07. The stock has a market capitalization of $6.10 billion, a P/E ratio of 51.35, a PEG ratio of 2.62 and a beta of 0.84. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57.

Merit Medical Systems (NASDAQ:MMSI) last announced its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.06. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The firm had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. During the same quarter in the prior year, the firm posted $0.75 earnings per share. Merit Medical Systems’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, analysts anticipate that Merit Medical Systems will post 3.36 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 stock in a transaction on Friday, November 15th. The stock was sold at an average price of $101.55, for a total transaction of $1,269,375.00. Following the completion of the transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $3,289,306.05. This trade represents a 27.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Raul Jr. Parra sold 29,646 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $98.02, for a total value of $2,905,900.92. Following the transaction, the chief financial officer now directly owns 16,361 shares of the company’s stock, valued at approximately $1,603,705.22. The trade was a 64.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Merit Medical Systems

Large investors have recently modified their holdings of the stock. Van ECK Associates Corp bought a new stake in shares of Merit Medical Systems during the 3rd quarter worth $718,000. Fisher Asset Management LLC lifted its holdings in shares of Merit Medical Systems by 3.2% in the third quarter. Fisher Asset Management LLC now owns 221,690 shares of the medical instruments supplier’s stock valued at $21,910,000 after purchasing an additional 6,837 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of Merit Medical Systems by 10.8% in the second quarter. Natixis Advisors LLC now owns 66,535 shares of the medical instruments supplier’s stock valued at $5,719,000 after purchasing an additional 6,487 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Merit Medical Systems by 3.1% in the second quarter. Raymond James & Associates now owns 129,024 shares of the medical instruments supplier’s stock valued at $11,090,000 after purchasing an additional 3,933 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after purchasing an additional 260 shares in the last quarter. 99.66% of the stock is owned by 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.