Merit Medical Systems (NASDAQ:MMSI) Price Target Raised to $92.00 at Bank of America

Merit Medical Systems (NASDAQ:MMSI) had its target price lifted by Bank of America from $87.00 to $92.00 in a report released on Monday morning, Benzinga reports. Bank of America currently has a neutral rating on the medical instruments supplier’s stock.

A number of other research firms also recently weighed in on MMSI. CL King began coverage on Merit Medical Systems in a research note on Thursday, April 11th. They set a buy rating and a $88.00 price target for the company. Robert W. Baird assumed coverage on shares of Merit Medical Systems in a research note on Friday, June 28th. They issued an outperform rating and a $96.00 target price for the company. Piper Sandler boosted their target price on shares of Merit Medical Systems from $97.00 to $100.00 and gave the stock an overweight rating in a research report on Friday. StockNews.com downgraded shares of Merit Medical Systems from a buy rating to a hold rating in a report on Friday, July 5th. Finally, Barrington Research reaffirmed an outperform rating and issued a $100.00 price objective on shares of Merit Medical Systems in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Merit Medical Systems presently has an average rating of Buy and a consensus target price of $97.10.

Merit Medical Systems Stock Up 2.4 %

Shares of NASDAQ:MMSI traded up $2.14 during midday trading on Monday, hitting $89.58. 465,540 shares of the stock were exchanged, compared to its average volume of 450,666. The company has a market capitalization of $5.21 billion, a PE ratio of 51.32, a P/E/G ratio of 2.38 and a beta of 0.88. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $90.60. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.38 and a current ratio of 6.03. The business’s fifty day simple moving average is $84.26 and its two-hundred day simple moving average is $79.50.

Insider Activity

In related news, Director F. Ann Millner sold 12,500 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the completion of the sale, the director now owns 32,391 shares in the company, valued at approximately $2,753,235. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Merit Medical Systems news, COO Neil Peterson sold 7,500 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $81.85, for a total value of $613,875.00. Following the sale, the chief operating officer now directly owns 14,819 shares in the company, valued at approximately $1,212,935.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $2,753,235. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Merit Medical Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Merit Medical Systems in the fourth quarter valued at $206,000. Conestoga Capital Advisors LLC raised its stake in shares of Merit Medical Systems by 0.6% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,151,938 shares of the medical instruments supplier’s stock valued at $163,461,000 after buying an additional 11,995 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Merit Medical Systems during the 4th quarter worth about $2,195,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Merit Medical Systems by 23.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,347 shares of the medical instruments supplier’s stock valued at $1,014,000 after acquiring an additional 2,496 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC increased its stake in Merit Medical Systems by 94.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 56,629 shares of the medical instruments supplier’s stock valued at $4,302,000 after acquiring an additional 27,523 shares during the period. 99.66% of the stock is currently 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.