Canaccord Genuity Group Issues Pessimistic Forecast for Merit Medical Systems (NASDAQ:MMSI) Stock Price

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

A number of other equities analysts have also commented on the stock. Wells Fargo & Company reduced their price target on shares of Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating on the stock in a research report on Wednesday. Needham & Company LLC decreased their price target on Merit Medical Systems from $122.00 to $116.00 and set a “buy” rating on the stock in a research report on Wednesday. StockNews.com downgraded Merit Medical Systems from a “buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Piper Sandler restated an “overweight” rating and set a $116.00 target price (up previously from $114.00) on shares of Merit Medical Systems in a report on Wednesday, January 29th. Finally, Robert W. Baird lifted their price target on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $108.40.

Merit Medical Systems Stock Down 1.9 %

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

Institutional Investors Weigh In On Merit Medical Systems

Institutional investors have recently modified their holdings of the business. Barclays PLC grew its holdings in Merit Medical Systems by 305.4% during the 3rd quarter. Barclays PLC now owns 112,727 shares of the medical instruments supplier’s stock worth $11,142,000 after acquiring an additional 84,923 shares during the period. EULAV Asset Management grew its stake in shares of Merit Medical Systems by 400.0% during the fourth quarter. EULAV Asset Management now owns 115,000 shares of the medical instruments supplier’s stock worth $11,123,000 after purchasing an additional 92,000 shares during the period. Van ECK Associates Corp bought a new stake in Merit Medical Systems in the third quarter valued at about $718,000. Fisher Asset Management LLC lifted its stake in Merit Medical Systems by 3.2% in the third quarter. Fisher Asset Management LLC now owns 221,690 shares of the medical instruments supplier’s stock valued at $21,910,000 after buying an additional 6,837 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Merit Medical Systems by 85.6% during the third quarter. JPMorgan Chase & Co. now owns 575,946 shares of the medical instruments supplier’s stock worth $56,921,000 after buying an additional 265,648 shares during 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.