JPMorgan Chase & Co. Begins Coverage on Merit Medical Systems (NASDAQ:MMSI)

Analysts at JPMorgan Chase & Co. began coverage on shares of Merit Medical Systems (NASDAQ:MMSI) in a report issued on Friday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $120.00 price target on the medical instruments supplier’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 15.45% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $116.00 target price (up previously from $114.00) on shares of Merit Medical Systems in a research report on Wednesday, January 29th. Raymond James increased their price objective on Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, December 31st. Wells Fargo & Company lowered their target price on Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Canaccord Genuity Group cut their price target on Merit Medical Systems from $128.00 to $127.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Finally, Barrington Research dropped their price objective on Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Merit Medical Systems currently has an average rating of “Moderate Buy” and a consensus price target of $111.70.

Merit Medical Systems Trading Up 0.6 %

Shares of NASDAQ MMSI opened at $103.94 on Friday. The firm has a market capitalization of $6.12 billion, a PE ratio of 50.95, a PEG ratio of 2.34 and a beta of 0.91. Merit Medical Systems has a one year low of $70.70 and a one year high of $111.45. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $104.30 and a two-hundred day moving average price of $101.03.

Insider Activity at Merit Medical Systems

In related news, Director Stephen C. Evans sold 5,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $105.31, for a total transaction of $526,550.00. Following the completion of the transaction, the director now owns 4,657 shares of the company’s stock, valued at approximately $490,428.67. The trade was a 51.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fred P. Lampropoulos sold 31,320 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $103.86, for a total value of $3,252,895.20. Following the completion of the sale, the chief executive officer now directly owns 1,086,028 shares in the company, valued at $112,794,868.08. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,132 shares of company stock worth $11,139,521. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Merit Medical Systems

Large investors have recently bought and sold shares of the stock. NewSquare Capital LLC acquired a new position in shares of Merit Medical Systems during the fourth quarter valued at about $32,000. Kohmann Bosshard Financial Services LLC acquired a new position in Merit Medical Systems in the 4th quarter valued at approximately $52,000. Federated Hermes Inc. lifted its position in shares of Merit Medical Systems by 139.1% in the 4th quarter. Federated Hermes Inc. now owns 655 shares of the medical instruments supplier’s stock worth $63,000 after acquiring an additional 381 shares during the period. Group One Trading LLC acquired a new stake in shares of Merit Medical Systems during the 4th quarter worth approximately $77,000. Finally, Smartleaf Asset Management LLC increased its position in shares of Merit Medical Systems by 237.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,388 shares of the medical instruments supplier’s stock valued at $134,000 after purchasing an additional 977 shares during the period. 99.66% of the stock is currently owned by institutional investors and hedge funds.

Merit Medical Systems Company Profile

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.