Medline (NASDAQ:MDLN) Sets New 52-Week High – Here’s What Happened

Medline (NASDAQ:MDLN) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.08 and last traded at $45.96, with a volume of 2490235 shares. The stock had previously closed at $43.30.

Analysts Set New Price Targets

A number of research analysts have weighed in on MDLN shares. Jefferies Financial Group began coverage on shares of Medline in a research report on Monday, January 12th. They set a “buy” rating and a $50.00 price target on the stock. Sanford C. Bernstein began coverage on shares of Medline in a research report on Monday, January 12th. They set an “outperform” rating and a $49.00 price target for the company. TD Cowen started coverage on Medline in a research report on Monday, January 12th. They issued a “buy” rating on the stock. Piper Sandler initiated coverage on Medline in a research report on Monday, January 12th. They issued an “overweight” rating and a $50.00 target price for the company. Finally, The Goldman Sachs Group initiated coverage on Medline in a research note on Monday, January 12th. They issued a “buy” rating and a $49.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.42.

Medline Stock Performance

Insider Activity

In other news, Director Andrew J. Mills purchased 2,586,206 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was acquired at an average cost of $29.00 per share, for a total transaction of $74,999,974.00. Following the completion of the purchase, the director owned 2,586,206 shares of the company’s stock, valued at approximately $74,999,974. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles N. Mills bought 2,579,310 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was purchased at an average price of $29.00 per share, with a total value of $74,799,990.00. Following the transaction, the director owned 2,441,379 shares in the company, valued at approximately $70,799,991. This represents a -1,870.00% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of Medline

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

About Medline

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.