Merit Medical Systems (NASDAQ:MMSI) Given New $103.00 Price Target at Wells Fargo & Company

Merit Medical Systems (NASDAQ:MMSI) had its price target hoisted by Wells Fargo & Company from $85.00 to $103.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the medical instruments supplier’s stock.

Other equities analysts have also recently issued reports about the stock. Robert W. Baird assumed coverage on shares of Merit Medical Systems in a report on Friday, June 28th. They set an outperform rating and a $96.00 price target on the stock. Needham & Company LLC reaffirmed a buy rating and issued a $105.00 target price on shares of Merit Medical Systems in a research report on Monday. StockNews.com raised Merit Medical Systems from a hold rating to a buy rating in a research note on Monday, August 5th. Piper Sandler reissued an overweight rating and issued a $110.00 price target (up previously from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. Finally, Bank of America raised their price objective on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a neutral rating in a research report on Monday. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Merit Medical Systems presently has a consensus rating of Moderate Buy and an average target price of $100.55.

Merit Medical Systems Stock Up 1.5 %

NASDAQ:MMSI opened at $100.23 on Monday. The business’s fifty day moving average price is $91.46 and its 200 day moving average price is $82.94. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 57.60, a PEG ratio of 2.53 and a beta of 0.87. The company has a current ratio of 6.24, a quick ratio of 4.64 and a debt-to-equity ratio of 0.62. Merit Medical Systems has a 1-year low of $62.58 and a 1-year high of $101.25.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $338.00 million during the quarter, compared to analyst estimates of $334.94 million. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. On average, sell-side analysts forecast that Merit Medical Systems will post 3.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 32,391 shares of the company’s stock, valued at approximately $2,753,235. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Opal Wealth Advisors LLC acquired a new stake in shares of Merit Medical Systems in the second quarter worth $29,000. Parallel Advisors LLC grew its position in Merit Medical Systems by 114.6% in the 4th quarter. Parallel Advisors LLC now owns 397 shares of the medical instruments supplier’s stock worth $30,000 after purchasing an additional 212 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Merit Medical Systems during the 1st quarter worth about $44,000. Headlands Technologies LLC acquired a new position in shares of Merit Medical Systems during the first quarter valued at about $50,000. Finally, EntryPoint Capital LLC raised its position in shares of Merit Medical Systems by 2,666.7% during the first quarter. EntryPoint Capital LLC now owns 913 shares of the medical instruments supplier’s stock valued at $69,000 after buying an additional 880 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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.