Zacks Investment Research Upgrades Merit Medical Systems (MMSI) to Buy

Zacks Investment Research upgraded shares of Merit Medical Systems (NASDAQ:MMSI) from a hold rating to a buy rating in a research report report published on Tuesday. They currently have $57.00 price target on the medical instruments supplier’s stock.

According to Zacks, “Merit Medical outperformed its industry in a year's time. The company has been gaining prominence on its flagship HeRO product line lately. HeRO Graft, Super HeRO Adapter and HeRO Ally Revision Kit are the three platforms within the company’s HeRO family of dialysis devices. Strong sales in Cardiovascular and Endoscopysegments along with solid organic growth buoy optimism. A diverse product portfolio, with 50 active R&D products, is another positive. New biopsy devices in the pipeline look encouraging. The company is also optimistic about the 510(k) approval of the company’s distal access SYNC. On the flip side, higher consolidation in the healthcare industry exerts downward pressure on the prices of Merit Medical’s products. Cutthroat competition and lack of direct sales in many countries are the other headwinds. Moreover, management has not issued any guidance for the upcoming quarters. The stock looks a bit overvalued.”

A number of other equities analysts also recently commented on the company. SunTrust Banks reissued a buy rating and set a $62.00 price objective (up from $55.00) on shares of Merit Medical Systems in a research report on Friday, June 1st. Canaccord Genuity boosted their price objective on Merit Medical Systems from $50.00 to $57.00 and gave the stock a buy rating in a research report on Thursday, March 1st. BidaskClub downgraded Merit Medical Systems from a buy rating to a hold rating in a research report on Friday, April 20th. Raymond James boosted their price objective on Merit Medical Systems from $50.00 to $51.00 and gave the stock an outperform rating in a research report on Thursday, April 26th. Finally, ValuEngine raised Merit Medical Systems from a hold rating to a buy rating in a research report on Monday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $52.00.

NASDAQ MMSI opened at $51.20 on Tuesday. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 39.81, a PEG ratio of 2.48 and a beta of 1.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.76 and a quick ratio of 1.42. Merit Medical Systems has a 1-year low of $36.21 and a 1-year high of $55.50.

Merit Medical Systems (NASDAQ:MMSI) last announced its quarterly earnings data on Wednesday, April 25th. The medical instruments supplier reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.02. Merit Medical Systems had a return on equity of 10.01% and a net margin of 2.37%. The business had revenue of $203.04 million during the quarter, compared to the consensus estimate of $192.60 million. During the same period in the previous year, the company posted $0.28 earnings per share. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. sell-side analysts forecast that Merit Medical Systems will post 1.64 earnings per share for the current fiscal year.

In related news, Director Michael E. Stillabower sold 12,050 shares of the business’s stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $50.50, for a total transaction of $608,525.00. Following the completion of the sale, the director now owns 55,668 shares in the company, valued at $2,811,234. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Franklin J. Miller sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, June 21st. The stock was sold at an average price of $50.05, for a total value of $75,075.00. Following the sale, the director now owns 12,744 shares of the company’s stock, valued at approximately $637,837.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,756 shares of company stock valued at $2,756,764. 5.00% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. Mount Yale Investment Advisors LLC purchased a new stake in Merit Medical Systems during the first quarter worth approximately $156,000. Allianz Asset Management GmbH lifted its stake in Merit Medical Systems by 35.0% during the first quarter. Allianz Asset Management GmbH now owns 450,022 shares of the medical instruments supplier’s stock worth $20,409,000 after purchasing an additional 116,613 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Merit Medical Systems by 2.7% during the first quarter. Principal Financial Group Inc. now owns 413,577 shares of the medical instruments supplier’s stock worth $18,755,000 after purchasing an additional 10,848 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in Merit Medical Systems during the first quarter worth approximately $1,450,000. Finally, Xact Kapitalforvaltning AB lifted its stake in Merit Medical Systems by 52.6% during the first quarter. Xact Kapitalforvaltning AB now owns 8,409 shares of the medical instruments supplier’s stock worth $381,000 after purchasing an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 92.27% of the company’s stock.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets various disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy. The company operates through Cardiovascular and Endoscopy segments. It provides various peripheral intervention products, including access, angiography, intervention, and drainage and biopsy products to alleviate patients suffering from peripheral vascular and non-vascular diseases; and cardiac intervention products to aid in the treatment of various cardiac conditions specific to interventional cardiology and electrophysiology, including cardiac rhythm management and lead management.

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