Sumitomo Mitsui Trust Group Inc. Acquires New Shares in Medline $MDLN

Sumitomo Mitsui Trust Group Inc. bought a new stake in Medline (NASDAQ:MDLN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,448 shares of the company’s stock, valued at approximately $1,177,000.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MDLN. Citigroup decreased their price target on shares of Medline from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Tigress Financial raised their price objective on Medline from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. BNP Paribas Exane decreased their target price on Medline from $49.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Barclays lowered their price target on Medline from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, June 1st. Finally, Sanford C. Bernstein dropped their price target on Medline from $56.00 to $54.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.54.

Insider Activity

In related news, insider Jessi L. Corcoran bought 5,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $34.15 per share, with a total value of $170,750.00. Following the completion of the transaction, the insider owned 5,000 shares in the company, valued at $170,750. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas P. Golwas sold 100,000 shares of the 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 transaction, the insider directly owned 23,899 shares of the company’s stock, valued at $878,766.23. This trade represents a 80.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by company insiders.

Medline Stock Performance

Shares of MDLN stock opened at $39.44 on Thursday. Medline has a 12 month low of $32.81 and a 12 month high of $50.88. The company’s fifty day simple moving average is $37.80 and its 200-day simple moving average is $42.08. The firm has a market cap of $51.81 billion and a PE ratio of 123.25. 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 (NASDAQ:MDLN) last released its earnings results on Wednesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $7.35 billion during the quarter. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. Equities research analysts expect that Medline will post 1.49 EPS for the current fiscal year.

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.