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

Merit Medical Systems (NASDAQ:MMSI) had its price target decreased by Canaccord Genuity Group from $128.00 to $127.00 in a research note published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical instruments supplier’s stock.

MMSI has been the subject of several other research reports. Raymond James raised their price objective on Merit Medical Systems from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, December 31st. Piper Sandler reiterated an “overweight” rating and issued a $116.00 target price (up from $114.00) on shares of Merit Medical Systems in a research note on Wednesday, January 29th. Robert W. Baird raised their target price on shares of Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. StockNews.com downgraded shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Finally, Needham & Company LLC cut their target price on shares of Merit Medical Systems from $122.00 to $116.00 and set a “buy” rating for the company in a research note on Wednesday. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.78.

Merit Medical Systems Price Performance

Shares of NASDAQ MMSI opened at $102.04 on Wednesday. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 50.02, a PEG ratio of 2.34 and a beta of 0.87. The business has a 50-day moving average of $102.91 and a 200-day moving average of $99.96. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82. Merit Medical Systems has a fifty-two week low of $70.70 and a fifty-two week high of $111.45.

Institutional Investors Weigh In On Merit Medical Systems

Hedge funds have recently bought and sold shares of the stock. NewSquare Capital LLC acquired a new stake in Merit Medical Systems during the fourth quarter worth approximately $32,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Merit Medical Systems during the fourth quarter worth approximately $52,000. Federated Hermes Inc. raised its position in shares of Merit Medical Systems by 139.1% in the fourth quarter. Federated Hermes Inc. now owns 655 shares of the medical instruments supplier’s stock valued at $63,000 after buying an additional 381 shares in the last quarter. Group One Trading LLC acquired a new stake in shares of Merit Medical Systems in the fourth quarter valued at approximately $77,000. Finally, Farther Finance Advisors LLC raised its position in shares of Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after buying an additional 260 shares in the last quarter. 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.