Barrington Research Comments on Merit Medical Systems, Inc.’s Q2 2024 Earnings (NASDAQ:MMSI)

Merit Medical Systems, Inc. (NASDAQ:MMSI) – Barrington Research reduced their Q2 2024 EPS estimates for Merit Medical Systems in a note issued to investors on Wednesday, May 1st. Barrington Research analyst M. Petusky now anticipates that the medical instruments supplier will post earnings of $0.88 per share for the quarter, down from their previous estimate of $0.90. Barrington Research has a “Outperform” rating and a $100.00 price objective on the stock. The consensus estimate for Merit Medical Systems’ current full-year earnings is $3.33 per share.

A number of other research analysts have also issued reports on the stock. Oppenheimer upped their price target on shares of Merit Medical Systems from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Piper Sandler raised their target price on Merit Medical Systems from $95.00 to $97.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Needham & Company LLC lowered their price target on Merit Medical Systems from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. StockNews.com raised Merit Medical Systems from a “hold” rating to a “buy” rating in a report on Thursday, May 2nd. Finally, Bank of America started coverage on Merit Medical Systems in a report on Wednesday, February 7th. They set a “neutral” rating and a $87.00 target price for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.78.

Merit Medical Systems Stock Performance

Shares of Merit Medical Systems stock opened at $80.44 on Monday. The company has a 50 day moving average price of $74.18 and a 200 day moving average price of $74.43. The firm has a market capitalization of $4.67 billion, a P/E ratio of 46.23, a PEG ratio of 2.20 and a beta of 0.91. The company has a quick ratio of 4.38, a current ratio of 6.03 and a debt-to-equity ratio of 0.65. Merit Medical Systems has a 52 week low of $62.58 and a 52 week high of $85.62.

Merit Medical Systems (NASDAQ:MMSI) last posted its quarterly earnings data on Tuesday, April 30th. The medical instruments supplier reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. The firm had revenue of $323.51 million during the quarter, compared to analysts’ expectations of $315.57 million. Merit Medical Systems had a return on equity of 15.02% and a net margin of 7.94%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 EPS.

Hedge Funds Weigh In On Merit Medical Systems

A number of hedge funds have recently bought and sold shares of MMSI. William Blair Investment Management LLC lifted its position in shares of Merit Medical Systems by 15.4% during the 3rd quarter. William Blair Investment Management LLC now owns 3,895,695 shares of the medical instruments supplier’s stock valued at $268,881,000 after buying an additional 520,423 shares in the last quarter. Congress Asset Management Co. MA raised its position in shares of Merit Medical Systems by 4,411.3% during the 1st quarter. Congress Asset Management Co. MA now owns 518,485 shares of the medical instruments supplier’s stock worth $39,275,000 after purchasing an additional 506,992 shares during the last quarter. Norges Bank purchased a new position in Merit Medical Systems in the 4th quarter valued at about $38,165,000. abrdn plc acquired a new stake in Merit Medical Systems in the 3rd quarter worth about $24,446,000. Finally, The Manufacturers Life Insurance Company increased its stake in Merit Medical Systems by 818.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 278,452 shares of the medical instruments supplier’s stock worth $21,151,000 after buying an additional 248,140 shares in the last quarter. Hedge funds and other institutional investors own 99.66% of the company’s stock.

Insider Transactions at Merit Medical Systems

In related news, Director Thomas James Gunderson sold 18,157 shares of Merit Medical Systems stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total transaction of $1,380,476.71. Following the completion of the transaction, the director now directly owns 19,257 shares in the company, valued at $1,464,109.71. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Raul Jr. Parra sold 6,480 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total transaction of $479,196.00. Following the sale, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at approximately $887,917.65. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Thomas James Gunderson sold 18,157 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $76.03, for a total value of $1,380,476.71. Following the sale, the director now owns 19,257 shares in the company, valued at $1,464,109.71. The disclosure for this sale can be found here. Insiders have sold 49,637 shares of company stock worth $3,751,673 over the last quarter. 3.70% of the stock is currently owned by insiders.

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.