Canaccord Genuity Group Cuts Merit Medical Systems (NASDAQ:MMSI) Price Target to $127.00

Merit Medical Systems (NASDAQ:MMSI) had its price objective reduced by research analysts at Canaccord Genuity Group from $128.00 to $127.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 28.91% from the stock’s current price.

MMSI has been the subject of several other research reports. Robert W. Baird increased their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company cut their price target on shares of Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Wednesday. Raymond James boosted their price objective on shares of Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 31st. Barrington Research upped their target price on shares of Merit Medical Systems from $114.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, January 29th. Finally, StockNews.com cut Merit Medical Systems from a “buy” rating to a “hold” rating in a report on Sunday, November 3rd. Two equities research 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $108.40.

Merit Medical Systems Stock Performance

Shares of NASDAQ MMSI opened at $98.52 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. The stock has a 50 day moving average price of $102.83 and a 200 day moving average price of $99.88. The stock has a market capitalization of $5.74 billion, a PE ratio of 48.29, a price-to-earnings-growth ratio of 2.34 and a beta of 0.87. Merit Medical Systems has a 52 week low of $70.70 and a 52 week high of $111.45.

Hedge Funds Weigh In On Merit Medical Systems

Several institutional investors and hedge funds have recently made changes to their positions in the company. Peak Retirement Planning Inc. acquired a new stake in Merit Medical Systems during the 4th quarter worth approximately $875,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Merit Medical Systems by 17.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 165,344 shares of the medical instruments supplier’s stock worth $15,992,000 after buying an additional 24,528 shares during the period. iSAM Funds UK Ltd acquired a new stake in shares of Merit Medical Systems during the fourth quarter worth $424,000. Virtus Investment Advisers Inc. boosted its position in shares of Merit Medical Systems by 45.7% in the fourth quarter. Virtus Investment Advisers Inc. now owns 11,192 shares of the medical instruments supplier’s stock valued at $1,082,000 after acquiring an additional 3,513 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of Merit Medical Systems by 3,197.9% in the fourth quarter. Tidal Investments LLC now owns 342,912 shares of the medical instruments supplier’s stock valued at $33,166,000 after acquiring an additional 332,514 shares in the last quarter. Institutional investors and hedge funds own 99.66% of the company’s stock.

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.