Merit Medical Systems (NASDAQ:MMSI) Releases Earnings Results

Merit Medical Systems (NASDAQ:MMSI) announced its quarterly earnings data on Thursday. The medical instruments supplier reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04, reports. The company had revenue of $338.00 million during the quarter, compared to the consensus estimate of $334.94 million. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.47%. Merit Medical Systems updated its FY24 guidance to $3.27-3.35 EPS.

Merit Medical Systems Trading Up 5.5 %

NASDAQ MMSI opened at $88.74 on Friday. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 51.00, a PEG ratio of 2.38 and a beta of 0.88. The business’s fifty day moving average is $84.15 and its 200-day moving average is $79.43. The company has a debt-to-equity ratio of 0.65, a current ratio of 6.03 and a quick ratio of 4.38. Merit Medical Systems has a one year low of $62.58 and a one year high of $90.60.

Insiders Place Their Bets

In other Merit Medical Systems news, COO Neil Peterson sold 7,500 shares of the stock in a transaction on 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 transaction, the chief operating officer now directly owns 14,819 shares of the company’s stock, valued at $1,212,935.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director F. Ann Millner sold 12,500 shares of the firm’s stock in a transaction that occurred on 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 approximately $2,753,235. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Neil Peterson sold 7,500 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $81.85, for a total transaction 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 disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

Several hedge funds have recently bought and sold shares of MMSI. Opal Wealth Advisors LLC bought a new position in shares of Merit Medical Systems in the second quarter worth approximately $29,000. Parallel Advisors LLC increased its holdings in shares of 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 buying an additional 212 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Merit Medical Systems during the 1st quarter valued at $44,000. Headlands Technologies LLC bought a new stake in shares of Merit Medical Systems during the 1st quarter worth $50,000. Finally, GAMMA Investing LLC grew its position in Merit Medical Systems by 142.3% in the second quarter. GAMMA Investing LLC now owns 831 shares of the medical instruments supplier’s stock worth $71,000 after acquiring an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 99.66% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on MMSI shares. CL King began coverage on Merit Medical Systems in a research report on Thursday, April 11th. They issued a “buy” rating and a $88.00 target price for the company. Baird R W upgraded Merit Medical Systems to a “strong-buy” rating in a report on Friday, June 28th. Needham & Company LLC lifted their price target on shares of Merit Medical Systems from $93.00 to $94.00 and gave the company a “buy” rating in a research report on Friday. Piper Sandler upped their price objective on shares of Merit Medical Systems from $97.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Robert W. Baird started coverage on shares of Merit Medical Systems in a research report on Friday, June 28th. They set an “outperform” rating and a $96.00 target price for the company. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Merit Medical Systems has a consensus rating of “Moderate Buy” and an average target price of $96.60.

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.