Wells Fargo & Company Issues Pessimistic Forecast for Medline (NASDAQ:MDLN) Stock Price

Medline (NASDAQ:MDLN) had its target price cut by equities researchers at Wells Fargo & Company from $45.00 to $34.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 0.56% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Weiss Ratings upgraded shares of Medline from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday. TD Cowen decreased their price objective on Medline from $53.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday. BMO Capital Markets reissued an “outperform” rating and set a $47.00 target price on shares of Medline in a research report on Thursday. Citigroup raised Medline to a “strong-buy” rating in a research report on Wednesday, August 5th. Finally, Barclays dropped their price objective on Medline from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.96.

Medline Trading Down 4.0%

Shares of NASDAQ:MDLN opened at $33.81 on Tuesday. The company has a current ratio of 4.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.66. Medline has a 12-month low of $32.81 and a 12-month high of $50.88. The company has a market cap of $44.42 billion and a PE ratio of 105.66. The stock has a 50 day moving average of $38.18 and a 200 day moving average of $41.63.

Medline (NASDAQ:MDLN) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.18. The firm had revenue of $7.68 billion during the quarter. As a group, equities research analysts expect that Medline will post 1.49 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Private Ltd Gic sold 1,976,618 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $35.60, for a total value of $70,367,600.80. Following the completion of the transaction, the insider owned 25,264,760 shares in the company, valued at $899,425,456. This trade represents a 7.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jessi L. Corcoran purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $170,750.00. Following the acquisition, the insider owned 5,000 shares in the company, valued at $170,750. This trade represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 2,348,612 shares of company stock valued at $83,654,149. Insiders own 0.81% of the company’s stock.

Institutional Trading of Medline

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in Medline in the second quarter valued at $40,430,000. E. Ohman J or Asset Management AB acquired a new position in Medline in the 2nd quarter worth about $508,000. GAMMA Investing LLC boosted its position in Medline by 68.3% during the second quarter. GAMMA Investing LLC now owns 626 shares of the company’s stock worth $25,000 after purchasing an additional 254 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Medline by 1,073.3% in the first quarter. Parallel Advisors LLC now owns 5,280 shares of the company’s stock valued at $235,000 after buying an additional 4,830 shares in the last quarter. Finally, CTC Alternative Strategies Ltd. purchased a new stake in Medline in the 1st quarter worth $1,048,000.

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.