Needham & Company LLC Reaffirms Buy Rating for Merit Medical Systems (NASDAQ:MMSI)

Merit Medical Systems (NASDAQ:MMSI)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They currently have a $109.00 price objective on the medical instruments supplier’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 10.32% from the company’s current price.

A number of other brokerages have also issued reports on MMSI. Wells Fargo & Company boosted their price target on Merit Medical Systems from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $110.00 price target (up previously from $100.00) on shares of Merit Medical Systems in a research report on Monday, September 9th. Barrington Research reissued an “outperform” rating and issued a $114.00 price objective on shares of Merit Medical Systems in a research note on Friday, October 18th. Robert W. Baird boosted their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, StockNews.com raised Merit Medical Systems from a “hold” rating to a “buy” rating in a research note on Saturday, October 26th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Merit Medical Systems has a consensus rating of “Moderate Buy” and an average target price of $103.36.

Merit Medical Systems Price Performance

Shares of NASDAQ MMSI opened at $98.80 on Thursday. Merit Medical Systems has a twelve month low of $65.46 and a twelve month high of $101.60. The company has a current ratio of 6.24, a quick ratio of 4.64 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 48.43, a price-to-earnings-growth ratio of 2.39 and a beta of 0.87. The business has a 50 day simple moving average of $96.60 and a 200-day simple moving average of $87.89.

Merit Medical Systems (NASDAQ:MMSI) last released its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Merit Medical Systems had a return on equity of 15.86% and a net margin of 9.05%. The business had revenue of $339.85 million during the quarter, compared to analyst estimates of $334.60 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities research analysts expect that Merit Medical Systems will post 3.3 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Opal Wealth Advisors LLC bought a new position in Merit Medical Systems in the 2nd quarter worth approximately $29,000. DekaBank Deutsche Girozentrale bought a new position in Merit Medical Systems in the 1st quarter worth approximately $44,000. Headlands Technologies LLC bought a new position in Merit Medical Systems in the 1st quarter worth approximately $50,000. USA Financial Formulas bought a new position in Merit Medical Systems in the 3rd quarter worth approximately $59,000. Finally, EntryPoint Capital LLC increased its position in Merit Medical Systems by 2,666.7% in the 1st quarter. EntryPoint Capital LLC now owns 913 shares of the medical instruments supplier’s stock worth $69,000 after buying an additional 880 shares during the period. 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.