Merit Medical Systems’ (MMSI) “Buy” Rating Reiterated at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) in a report released on Sunday. Canaccord Genuity currently has a $45.00 price target on the medical instruments supplier’s stock.

Other analysts also recently issued research reports about the company. SunTrust Banks, Inc. started coverage on Merit Medical Systems in a research note on Tuesday, June 20th. They set a buy rating and a $43.00 price target on the stock. Piper Jaffray Companies reiterated a buy rating and set a $45.00 price target on shares of Merit Medical Systems in a research note on Friday, July 28th. Craig Hallum reiterated a buy rating and set a $50.00 price target (up previously from $42.00) on shares of Merit Medical Systems in a research note on Thursday, July 27th. Bank of America Corporation started coverage on Merit Medical Systems in a research note on Thursday, July 20th. They set a buy rating and a $44.00 price target on the stock. Finally, Sidoti reiterated a buy rating and set a $46.00 price target (up previously from $41.00) on shares of Merit Medical Systems in a research note on Wednesday, June 28th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $41.27.

Merit Medical Systems (NASDAQ MMSI) opened at 43.65 on Friday. The firm has a 50-day moving average price of $41.89 and a 200-day moving average price of $36.96. Merit Medical Systems has a 12-month low of $20.70 and a 12-month high of $45.50. The company has a market cap of $2.19 billion, a P/E ratio of 62.18 and a beta of 1.25.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Wednesday, July 26th. The medical instruments supplier reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.07. Merit Medical Systems had a return on equity of 9.78% and a net margin of 4.87%. The firm had revenue of $186.50 million for the quarter, compared to the consensus estimate of $181.46 million. During the same period in the previous year, the business earned $0.26 EPS. The firm’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, analysts forecast that Merit Medical Systems will post $1.26 earnings per share for the current fiscal year.

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In other news, insider Richard W. Edelman sold 29,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $41.19, for a total value of $1,194,510.00. Following the completion of the transaction, the insider now owns 35,000 shares of the company’s stock, valued at approximately $1,441,650. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director A Scott Anderson sold 25,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $41.15, for a total value of $1,028,750.00. Following the completion of the transaction, the director now directly owns 10,400 shares of the company’s stock, valued at approximately $427,960. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,106 shares of company stock worth $2,772,344. Company insiders own 5.00% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of Merit Medical Systems in the 1st quarter valued at about $102,000. SG Americas Securities LLC acquired a new position in shares of Merit Medical Systems in the 1st quarter valued at about $134,000. LS Investment Advisors LLC lifted its holdings in shares of Merit Medical Systems by 8.1% in the 2nd quarter. LS Investment Advisors LLC now owns 3,694 shares of the medical instruments supplier’s stock valued at $141,000 after buying an additional 277 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Merit Medical Systems by 28.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 3,723 shares of the medical instruments supplier’s stock valued at $142,000 after buying an additional 820 shares during the period. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Merit Medical Systems by 67.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,198 shares of the medical instruments supplier’s stock valued at $198,000 after buying an additional 2,098 shares during the period. 89.11% of the stock is owned by institutional investors and hedge funds.

About Merit Medical Systems

Merit Medical Systems, Inc is a manufacturer and marketer of disposable medical devices used in a range of interventional, diagnostic and therapeutic medical procedures. The Company operates in two segments: cardiovascular and endoscopy. The cardiovascular segment consists of cardiology and radiology devices, which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases, and includes embolotherapeutic, cardiac rhythm management (CRM), electrophysiology (EP), and interventional oncology and spine devices.

Analyst Recommendations for Merit Medical Systems (NASDAQ:MMSI)

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