JPMorgan Chase & Co. Raises Medline (NASDAQ:MDLN) Price Target to $53.00

Medline (NASDAQ:MDLN) had its price target lifted by JPMorgan Chase & Co. from $50.00 to $53.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 23.60% from the company’s previous close.

MDLN has been the topic of a number of other reports. The Goldman Sachs Group started coverage on shares of Medline in a research report on Monday, January 12th. They issued a “buy” rating and a $49.00 price target on the stock. Piper Sandler started coverage on shares of Medline in a report on Monday, January 12th. They issued an “overweight” rating and a $50.00 target price on the stock. Wall Street Zen raised shares of Medline to a “hold” rating in a report on Saturday, January 10th. Jefferies Financial Group assumed coverage on shares of Medline in a research report on Monday, January 12th. They issued a “buy” rating and a $50.00 price objective for the company. Finally, Morgan Stanley lifted their target price on Medline from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Two research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.62.

Medline Stock Down 1.2%

Shares of Medline stock traded down $0.53 during trading on Tuesday, reaching $42.88. 3,956,693 shares of the company were exchanged, compared to its average volume of 4,659,042. Medline has a twelve month low of $34.89 and a twelve month high of $50.88. The business’s 50-day simple moving average is $44.59.

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

Insider Activity at Medline

In other news, Director Andrew J. Mills acquired 2,586,206 shares of Medline stock in a transaction dated Thursday, December 18th. The stock was bought at an average cost of $29.00 per share, with a total value of $74,999,974.00. Following the completion of 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 acquisition was disclosed in a legal 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 Medline 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 directly owned 4,806,160 shares in the company, valued at approximately $136,350,759.20. This represents a 55.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Hedge Funds Weigh In On Medline

Several hedge funds have recently made changes to their positions in the business. Perigon Wealth Management LLC acquired a new stake in shares of Medline in the fourth quarter valued at approximately $211,000. SteelPeak Wealth LLC acquired a new position in Medline during the fourth quarter worth $441,000. Sound Income Strategies LLC bought a new position in Medline in the fourth quarter valued at $25,000. Massachusetts Financial Services Co. MA bought a new position in Medline in the fourth quarter valued at $429,544,000. Finally, Baillie Gifford & Co. acquired a new stake in Medline in the 4th quarter valued at $437,236,000.

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.