Merit Medical Systems (NASDAQ:MMSI) Hits New 12-Month High After Earnings Beat

Merit Medical Systems, Inc. (NASDAQ:MMSI)’s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $90.21 and last traded at $89.25, with a volume of 139043 shares. The stock had previously closed at $84.12.

The medical instruments supplier reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $338.00 million for the quarter, compared to the consensus estimate of $334.94 million. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.02%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barrington Research reiterated an “outperform” rating and issued a $100.00 price target on shares of Merit Medical Systems in a report on Tuesday, July 16th. Needham & Company LLC increased their target price on Merit Medical Systems from $93.00 to $94.00 and gave the company a “buy” rating in a research report on Friday. Piper Sandler increased their target price on Merit Medical Systems from $95.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. StockNews.com lowered Merit Medical Systems from a “buy” rating to a “hold” rating in a report on Friday, July 5th. Finally, Canaccord Genuity Group raised their price objective on Merit Medical Systems from $102.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $96.30.

Insider Buying and Selling

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

Hedge Funds Weigh In On Merit Medical Systems

Institutional investors have recently bought and sold shares of the company. M&T Bank Corp boosted its stake in shares of Merit Medical Systems by 65.0% in the 4th quarter. M&T Bank Corp now owns 29,223 shares of the medical instruments supplier’s stock valued at $2,219,000 after buying an additional 11,512 shares during the period. Trexquant Investment LP purchased a new stake in shares of Merit Medical Systems in the fourth quarter valued at $2,427,000. Capstone Investment Advisors LLC acquired a new stake in Merit Medical Systems in the 4th quarter worth about $3,424,000. UniSuper Management Pty Ltd purchased a new stake in shares of Merit Medical Systems during the 1st quarter valued at about $1,083,000. Finally, Quantbot Technologies LP raised its holdings in shares of Merit Medical Systems by 17,716.1% during the 1st quarter. Quantbot Technologies LP now owns 9,977 shares of the medical instruments supplier’s stock valued at $756,000 after buying an additional 9,921 shares during the period. 99.66% of the stock is owned by institutional investors and hedge funds.

Merit Medical Systems Stock Up 6.1 %

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 firm has a fifty day simple moving average of $84.02 and a 200-day simple moving average of $79.35. The company has a market capitalization of $5.19 billion, a PE ratio of 48.34, a P/E/G ratio of 2.41 and a beta of 0.88.

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.