Citigroup Initiates Coverage on Medline (NASDAQ:MDLN)

Research analysts at Citigroup began coverage on shares of Medline (NASDAQ:MDLN) in a report issued on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $60.00 price target on the stock. Citigroup’s price target points to a potential upside of 46.09% from the company’s previous close.

MDLN has been the topic of a number of other reports. Sanford C. Bernstein began coverage on Medline in a research note on Monday, January 12th. They issued an “outperform” rating and a $49.00 target price on the stock. Morgan Stanley lifted their price target on Medline from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. William Blair initiated coverage on shares of Medline in a research report on Monday, January 12th. They issued an “outperform” rating on the stock. Bank of America initiated coverage on shares of Medline in a research note on Monday, January 12th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of Medline from $50.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Medline currently has an average rating of “Moderate Buy” and an average price target of $50.62.

Medline Stock Down 3.1%

MDLN opened at $41.07 on Wednesday. Medline has a one year low of $34.89 and a one year high of $50.88. The firm’s fifty day moving average price is $44.60.

Medline (NASDAQ:MDLN) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.25). The company had revenue of $7.79 billion during the quarter, compared to the consensus estimate of $7.52 billion. The company’s quarterly revenue was up 14.8% on a year-over-year basis.

Insider Activity at Medline

In related news, Director Andrew J. Mills purchased 2,586,206 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were acquired at an average cost of $29.00 per share, with a total value of $74,999,974.00. Following the purchase, the director directly owned 2,586,206 shares of the company’s stock, valued at approximately $74,999,974. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Hellman & Friedman Capital Par sold 6,088,371 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $28.37, for a total value of $172,727,085.27. Following the completion of the sale, the insider owned 4,806,160 shares of the company’s stock, valued at $136,350,759.20. The trade was a 55.88% decrease in their position. The SEC filing for this sale provides additional information.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. North Star Investment Management Corp. purchased a new position in shares of Medline in the fourth quarter valued at about $36,000. Pictet Asset Management Holding SA bought a new position in shares of Medline during the fourth quarter valued at about $48,996,000. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Medline during the fourth quarter worth about $2,768,000. Vanguard Group Inc. bought a new stake in shares of Medline in the fourth quarter worth about $793,278,000. Finally, NBC Securities Inc. purchased a new position in Medline during the 4th quarter valued at about $28,000.

Medline Company Profile

Medline (NASDAQ: MDLN) is a healthcare products and services company that manufactures, sources and distributes a wide range of medical supplies and equipment for healthcare providers. Its product portfolio spans clinical consumables and personal protective equipment, surgical and procedural supplies, wound care and incontinence products, diagnostic and laboratory supplies, and select durable medical equipment. Medline supports care settings that include hospitals, health systems, long-term care facilities, ambulatory clinics and home health providers.

In addition to product manufacturing and distribution, Medline provides supply‑chain and logistics services designed to help healthcare customers manage inventory, reduce costs and streamline operations.