Canaccord Genuity Group Cuts Merit Medical Systems (NASDAQ:MMSI) Price Target to $102.00

Merit Medical Systems (NASDAQ:MMSI) had its price target decreased by Canaccord Genuity Group from $112.00 to $102.00 in a research report report published on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical instruments supplier’s stock.

Other equities analysts also recently issued reports about the company. StockNews.com downgraded Merit Medical Systems from a buy rating to a hold rating in a research report on Wednesday, April 24th. Raymond James boosted their price objective on Merit Medical Systems from $84.00 to $89.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. Needham & Company LLC lowered their price objective on Merit Medical Systems from $88.00 to $85.00 and set a buy rating on the stock in a research report on Wednesday. Bank of America started coverage on Merit Medical Systems in a research report on Wednesday, February 7th. They issued a neutral rating and a $87.00 price objective on the stock. Finally, CL King initiated coverage on Merit Medical Systems in a research report on Thursday, April 11th. They issued a buy rating and a $88.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $92.78.

Merit Medical Systems Price Performance

Shares of Merit Medical Systems stock opened at $78.97 on Wednesday. Merit Medical Systems has a one year low of $62.58 and a one year high of $85.62. The stock’s fifty day moving average is $74.19 and its 200 day moving average is $74.10. The stock has a market cap of $4.59 billion, a P/E ratio of 45.39, a P/E/G ratio of 2.14 and a beta of 0.91. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.95 and a current ratio of 6.03.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Tuesday, April 30th. The medical instruments supplier reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. Merit Medical Systems had a return on equity of 15.02% and a net margin of 7.94%. The business had revenue of $323.51 million for the quarter, compared to analysts’ expectations of $315.57 million. During the same period last year, the firm earned $0.64 earnings per share. The business’s quarterly revenue was up 8.7% on a year-over-year basis. Sell-side analysts anticipate that Merit Medical Systems will post 3.31 earnings per share for the current year.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, Director Thomas James Gunderson sold 18,157 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total transaction of $1,380,476.71. Following the sale, the director now directly owns 19,257 shares of the company’s stock, valued at $1,464,109.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Merit Medical Systems news, Director Thomas James Gunderson sold 18,157 shares of Merit Medical Systems stock in a transaction on Monday, March 4th. The shares were sold at an average price of $76.03, for a total transaction of $1,380,476.71. Following the completion of the transaction, the director now directly owns 19,257 shares of the company’s stock, valued at $1,464,109.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Wright sold 25,000 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $75.68, for a total transaction of $1,892,000.00. Following the completion of the sale, the insider now directly owns 42,223 shares in the company, valued at approximately $3,195,436.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,637 shares of company stock valued at $3,751,673. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Merit Medical Systems

A number of institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its stake in Merit Medical Systems by 69.3% in the third quarter. Public Employees Retirement System of Ohio now owns 103,099 shares of the medical instruments supplier’s stock worth $7,116,000 after purchasing an additional 42,191 shares during the period. FMR LLC increased its stake in Merit Medical Systems by 26.0% in the 3rd quarter. FMR LLC now owns 607,881 shares of the medical instruments supplier’s stock worth $41,956,000 after buying an additional 125,605 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Merit Medical Systems by 161.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 141,938 shares of the medical instruments supplier’s stock valued at $9,797,000 after buying an additional 87,711 shares in the last quarter. Trillium Asset Management LLC boosted its position in Merit Medical Systems by 18.0% in the 3rd quarter. Trillium Asset Management LLC now owns 97,874 shares of the medical instruments supplier’s stock valued at $6,755,000 after buying an additional 14,951 shares during the period. Finally, Mariner LLC grew its stake in Merit Medical Systems by 352.9% in the 3rd quarter. Mariner LLC now owns 31,813 shares of the medical instruments supplier’s stock worth $2,196,000 after acquiring an additional 24,788 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.