Medline (NASDAQ:MDLN) Hits New 12-Month High – Here’s What Happened

Shares of Medline (NASDAQ:MDLN) reached a new 52-week high on Wednesday . The company traded as high as $48.17 and last traded at $48.17, with a volume of 630501 shares trading hands. The stock had previously closed at $46.16.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MDLN. Sanford C. Bernstein began coverage on Medline in a report on Monday, January 12th. They issued an “outperform” rating and a $49.00 price objective for the company. Mizuho initiated coverage on shares of Medline in a research report on Monday, January 12th. They issued an “outperform” rating and a $48.00 price target on the stock. Bank of America assumed coverage on shares of Medline in a report on Monday, January 12th. They set a “buy” rating and a $50.00 price objective for the company. Leerink Partners assumed coverage on shares of Medline in a research note on Monday, January 12th. They issued an “outperform” rating and a $48.00 target price for the company. Finally, BTIG Research reissued a “buy” rating and set a $55.00 price target (up from $50.00) on shares of Medline in a research report on Wednesday, January 21st. Two 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.92.

Medline Price Performance

The stock has a 50 day moving average of $43.58.

Insider Buying and Selling

In other news, Director Charles N. Mills purchased 2,579,310 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were bought at an average cost of $29.00 per share, for a total transaction of $74,799,990.00. Following the completion of the acquisition, the director directly owned 2,441,379 shares in the company, valued at approximately $70,799,991. This trade represents a -1,870.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Hellman & Friedman Capital Par sold 6,088,371 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $28.37, for a total value of $172,727,085.27. Following the transaction, the insider owned 4,806,160 shares of the company’s stock, valued at approximately $136,350,759.20. The trade was a 55.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Hedge Funds Weigh In On Medline

Large investors have recently bought and sold shares of the company. Sound Income Strategies LLC acquired a new stake in shares of Medline in the fourth quarter valued at approximately $25,000. Entrust Financial LLC bought a new position in Medline in the fourth quarter valued at $26,000. NBC Securities Inc. acquired a new stake in Medline in the 4th quarter valued at $28,000. Global Retirement Partners LLC bought a new stake in Medline during the 4th quarter worth about $31,000. Finally, North Star Investment Management Corp. bought a new stake in Medline during the 4th quarter worth about $36,000.

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.