Citigroup Begins Coverage on Medline (NASDAQ:MDLN)

Analysts at Citigroup began coverage on shares of Medline (NASDAQ:MDLN) in a report issued on Wednesday. The brokerage set a “buy” rating and a $60.00 price target on the stock. Citigroup’s price objective would suggest a potential upside of 39.71% from the stock’s previous close.

A number of other research analysts have also commented on MDLN. Piper Sandler initiated coverage on shares of Medline in a research report on Monday, January 12th. They set an “overweight” rating and a $50.00 price objective for the company. Mizuho assumed coverage on Medline in a research note on Monday, January 12th. They set an “outperform” rating and a $48.00 price target on the stock. BNP Paribas Exane started coverage on Medline in a report on Monday, January 12th. They issued a “neutral” rating and a $38.00 price target for the company. Rothschild & Co Redburn set a $42.00 price objective on Medline in a research report on Monday, January 12th. Finally, Morgan Stanley lifted their price objective on Medline from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.62.

Medline Trading Up 0.2%

MDLN stock traded up $0.07 on Wednesday, reaching $42.95. 209,640 shares of the company were exchanged, compared to its average volume of 4,595,564. Medline has a 12 month low of $34.89 and a 12 month high of $50.88. The company has a fifty day simple moving average of $44.61.

Medline (NASDAQ:MDLN) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.25). The business had revenue of $7.79 billion for the quarter, compared to analysts’ expectations of $7.52 billion. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year.

Insider Activity

In other Medline news, Director Charles N. Mills bought 2,579,310 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average price of $29.00 per share, with a total value of $74,799,990.00. Following the completion of the purchase, the director directly owned 2,441,379 shares in the company, valued at $70,799,991. The trade was a -1,870.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Andrew J. Mills purchased 2,586,206 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The stock was acquired at an average cost of $29.00 per share, with a total value of $74,999,974.00. Following the transaction, the director directly owned 2,586,206 shares of the company’s stock, valued at approximately $74,999,974. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Medline

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Carlyle Group Inc. bought a new stake in shares of Medline during the fourth quarter worth $9,042,728,000. H&F Corporate Investors X Ltd. bought a new position in shares of Medline in the fourth quarter valued at about $4,179,591,000. Vanguard Group Inc. acquired a new position in Medline during the 4th quarter worth about $793,278,000. Morgan Stanley bought a new stake in Medline during the 4th quarter worth about $636,807,000. Finally, Capital Research Global Investors bought a new stake in Medline during the 4th quarter worth about $620,937,000.

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.