Janney Montgomery Scott LLC Takes $7.34 Million Position in Medline $MDLN

Janney Montgomery Scott LLC purchased a new position in Medline (NASDAQ:MDLN) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 164,957 shares of the company’s stock, valued at approximately $7,341,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Perigon Wealth Management LLC purchased a new position in Medline during the 4th quarter valued at $211,000. SteelPeak Wealth LLC purchased a new stake in Medline in the fourth quarter worth $441,000. Sound Income Strategies LLC bought a new stake in shares of Medline during the fourth quarter worth $25,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Medline during the fourth quarter worth $429,544,000. Finally, Baillie Gifford & Co. purchased a new stake in shares of Medline during the fourth quarter valued at $437,236,000.

Medline Stock Performance

MDLN opened at $43.19 on Friday. The company has a market cap of $56.74 billion and a P/E ratio of 134.97. The company has a quick ratio of 2.51, a current ratio of 4.41 and a debt-to-equity ratio of 0.65. Medline has a 12-month low of $32.81 and a 12-month high of $50.88. The stock’s fifty day moving average price is $38.38.

Medline (NASDAQ:MDLN) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $7.35 billion during the quarter. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Medline will post 1.49 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Robert W. Baird cut their price target on shares of Medline from $57.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, June 3rd. Sanford C. Bernstein decreased their price objective on shares of Medline from $56.00 to $54.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft set a $42.00 price objective on shares of Medline in a research report on Thursday, May 7th. Weiss Ratings downgraded shares of Medline from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Medline from $50.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Medline currently has a consensus rating of “Moderate Buy” and an average price target of $50.54.

Insider Transactions at Medline

In other news, insider Douglas P. Golwas sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $36.77, for a total value of $3,677,000.00. Following the completion of the sale, the insider owned 23,899 shares of the company’s stock, valued at approximately $878,766.23. This represents a 80.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jessi L. Corcoran acquired 5,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $34.15 per share, for a total transaction of $170,750.00. Following the completion of the purchase, the insider owned 5,000 shares of the company’s stock, valued at approximately $170,750. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.81% of the company’s stock.

Medline 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.