Medline (NASDAQ:MDLN) Sees Strong Trading Volume – Here’s What Happened

Shares of Medline (NASDAQ:MDLN) saw strong trading volume on Thursday . 16,427,201 shares were traded during mid-day trading, an increase of 349% from the previous session’s volume of 3,655,538 shares.The stock last traded at $44.05 and had previously closed at $42.88.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. The Goldman Sachs Group started coverage on shares of Medline in a report on Monday, January 12th. They set a “buy” rating and a $49.00 target price on the stock. Morgan Stanley boosted their price target on shares of Medline from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Evercore reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Medline in a report on Wednesday, February 25th. Piper Sandler assumed coverage on Medline in a research report on Monday, January 12th. They issued an “overweight” rating and a $50.00 price objective on the stock. Finally, Tigress Financial assumed coverage on Medline in a research report on Thursday, February 5th. They set a “buy” rating and a $55.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Medline presently has an average rating of “Moderate Buy” and a consensus target price of $50.50.

Medline Stock Performance

The stock has a 50 day moving average of $44.57.

Medline (NASDAQ:MDLN) last posted its quarterly earnings data 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 firm had revenue of $7.79 billion for the quarter, compared to analysts’ expectations of $7.52 billion. The business’s revenue was up 14.8% on a year-over-year basis.

Insider Buying and Selling at Medline

In other news, Director Andrew J. Mills purchased 2,586,206 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was purchased at an average price of $29.00 per share, with a total value of $74,999,974.00. Following the completion of the purchase, the director directly owned 2,586,206 shares in the company, valued at approximately $74,999,974. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Hellman & Friedman Capital Par sold 6,088,371 shares of the company’s 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 completion of the transaction, the insider owned 4,806,160 shares of the company’s stock, valued at $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.

Institutional Inflows and Outflows

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