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Merit Medical Systems (NASDAQ:MMSI) Downgraded to "Buy" at StockNews.com

Financial News Live ·  09/29 11:52

Merit Medical Systems (NASDAQ:MMSI – Get Rating) was downgraded by analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Wednesday.

A number of other research analysts have also recently weighed in on MMSI. Canaccord Genuity Group lifted their target price on shares of Merit Medical Systems from $67.00 to $69.00 in a research note on Friday, September 2nd. Piper Sandler decreased their price target on shares of Merit Medical Systems from $75.00 to $70.00 in a research note on Friday, July 1st. Canaccord Genuity Group boosted their price target on shares of Merit Medical Systems from $67.00 to $69.00 and gave the stock a "buy" rating in a research note on Friday, September 2nd. Finally, TheStreet upgraded shares of Merit Medical Systems from a "c+" rating to a "b-" rating in a research report on Friday, September 16th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.14.

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Merit Medical Systems Stock Performance

Shares of MMSI stock traded up $2.48 during mid-day trading on Wednesday, reaching $57.53. 364,456 shares of the company's stock traded hands, compared to its average volume of 355,759. Merit Medical Systems has a 12 month low of $50.46 and a 12 month high of $73.44. The firm has a 50 day moving average price of $58.76 and a two-hundred day moving average price of $59.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.33 and a current ratio of 2.52. The firm has a market capitalization of $3.27 billion, a PE ratio of 56.40, a price-to-earnings-growth ratio of 2.00 and a beta of 1.00.

Merit Medical Systems (NASDAQ:MMSI – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The medical instruments supplier reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.15. Merit Medical Systems had a net margin of 5.24% and a return on equity of 13.74%. The firm had revenue of $294.98 million during the quarter, compared to the consensus estimate of $280.55 million. During the same quarter in the previous year, the firm posted $0.62 EPS. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts forecast that Merit Medical Systems will post 2.47 EPS for the current year.

Insiders Place Their Bets

In other Merit Medical Systems news, COO Neil Peterson sold 4,000 shares of the company's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $58.10, for a total value of $232,400.00. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Raul Jr. Parra sold 2,343 shares of the company's stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $62.73, for a total value of $146,976.39. Following the completion of the sale, the chief financial officer now owns 6,688 shares of the company's stock, valued at approximately $419,538.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Neil Peterson sold 4,000 shares of the company's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $58.10, for a total transaction of $232,400.00. The disclosure for this sale can be found here. Insiders have sold 26,436 shares of company stock worth $1,627,142 in the last three months. Corporate insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Merit Medical Systems

Several hedge funds have recently modified their holdings of the business. Amundi purchased a new stake in shares of Merit Medical Systems in the 2nd quarter worth approximately $103,000. Verition Fund Management LLC purchased a new stake in Merit Medical Systems during the second quarter valued at approximately $1,180,000. Legal & General Group Plc lifted its position in Merit Medical Systems by 1.4% during the second quarter. Legal & General Group Plc now owns 148,780 shares of the medical instruments supplier's stock valued at $8,074,000 after acquiring an additional 2,065 shares during the last quarter. ExodusPoint Capital Management LP lifted its position in Merit Medical Systems by 1,457.3% during the second quarter. ExodusPoint Capital Management LP now owns 88,767 shares of the medical instruments supplier's stock valued at $4,817,000 after acquiring an additional 83,067 shares during the last quarter. Finally, Eagle Bay Advisors LLC lifted its position in Merit Medical Systems by 87.0% during the second quarter. Eagle Bay Advisors LLC now owns 1,870 shares of the medical instruments supplier's stock valued at $101,000 after acquiring an additional 870 shares during the last quarter. Hedge funds and other institutional investors own 94.52% of the company's stock.

About Merit Medical Systems

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Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The company operates in two segments, Cardiovascular and Endoscopy.

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