Merit Medical Systems (MMSI) Reaches New 52-Week High and Low After Analyst Upgrade

Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) hit a new 52-week high and low during mid-day trading on Monday after SunTrust Banks raised their price target on the stock from $55.00 to $62.00. SunTrust Banks currently has a buy rating on the stock. Merit Medical Systems traded as low as $54.60 and last traded at $53.50, with a volume of 78724 shares traded. The stock had previously closed at $53.70.

Other analysts have also issued reports about the company. Needham & Company LLC lifted their price target on Merit Medical Systems from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 26th. BidaskClub upgraded Merit Medical Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, April 3rd. ValuEngine upgraded Merit Medical Systems from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded Merit Medical Systems from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research report on Saturday, March 3rd. Finally, Canaccord Genuity lifted their price objective on Merit Medical Systems from $50.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, March 1st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Merit Medical Systems has a consensus rating of “Buy” and an average target price of $50.42.

Institutional investors have recently made changes to their positions in the stock. Virtus Fund Advisers LLC purchased a new position in Merit Medical Systems during the fourth quarter worth approximately $160,000. We Are One Seven LLC purchased a new stake in Merit Medical Systems in the fourth quarter valued at $170,000. Van Hulzen Asset Management LLC purchased a new stake in Merit Medical Systems in the first quarter valued at $200,000. BTC Capital Management Inc. purchased a new stake in Merit Medical Systems in the first quarter valued at $206,000. Finally, Envestnet Asset Management Inc. raised its position in Merit Medical Systems by 1,336.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,842 shares of the medical instruments supplier’s stock valued at $221,000 after purchasing an additional 4,505 shares during the period. Hedge funds and other institutional investors own 94.34% of the company’s stock.

The company has a quick ratio of 1.42, a current ratio of 2.76 and a debt-to-equity ratio of 0.53. The stock has a market cap of $2.71 billion, a P/E ratio of 41.88, a price-to-earnings-growth ratio of 2.53 and a beta of 1.33.

Merit Medical Systems (NASDAQ:MMSI) last posted its earnings results on Wednesday, April 25th. The medical instruments supplier reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.02. Merit Medical Systems had a return on equity of 10.01% and a net margin of 2.37%. The company had revenue of $203.04 million for the quarter, compared to the consensus estimate of $192.60 million. During the same quarter in the previous year, the business earned $0.28 earnings per share. The company’s revenue for the quarter was up 18.7% on a year-over-year basis. analysts forecast that Merit Medical Systems, Inc. will post 1.64 earnings per share for the current fiscal year.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets various 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 various peripheral intervention products, including access, angiography, intervention, and drainage and biopsy products to alleviate patients suffering from peripheral vascular and non-vascular diseases; and cardiac intervention products to aid in the treatment of various cardiac conditions specific to interventional cardiology and electrophysiology, including cardiac rhythm management and lead management.

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