Allspring Global Investments Holdings LLC Buys New Position in Medline $MDLN

Allspring Global Investments Holdings LLC acquired a new stake in Medline (NASDAQ:MDLN) in the 1st quarter, HoldingsChannel reports. The fund acquired 1,357,563 shares of the company’s stock, valued at approximately $59,733,000.

Several other hedge funds have also modified their holdings of MDLN. Carlyle Group Inc. acquired a new position in shares of Medline during the fourth quarter worth about $9,042,728,000. H&F Corporate Investors X Ltd. acquired a new position in Medline during the fourth quarter worth approximately $4,179,591,000. Vanguard Group Inc. purchased a new position in Medline during the 4th quarter worth $793,278,000. Morgan Stanley purchased a new stake in Medline during the 4th quarter valued at approximately $636,807,000. Finally, Capital Research Global Investors purchased a new stake in Medline during the 4th quarter valued at approximately $620,937,000.

Insiders Place Their Bets

In other Medline news, insider Jessi L. Corcoran bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $170,750.00. Following the completion of the purchase, the insider owned 5,000 shares of the company’s stock, valued at $170,750. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas P. Golwas sold 100,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $36.77, for a total value of $3,677,000.00. Following the transaction, the insider owned 23,899 shares in the company, valued at $878,766.23. This trade represents a 80.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.81% of the company’s stock.

Medline Stock Performance

Shares of NASDAQ MDLN opened at $39.79 on Friday. The company has a 50-day simple moving average of $37.79 and a 200-day simple moving average of $42.04. The company has a debt-to-equity ratio of 0.65, a current ratio of 4.41 and a quick ratio of 2.51. The company has a market cap of $52.27 billion and a PE ratio of 124.34. Medline has a 12 month low of $32.81 and a 12 month high of $50.88.

Medline (NASDAQ:MDLN) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $7.35 billion for the quarter. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, equities analysts anticipate that Medline will post 1.49 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays cut their price objective on shares of Medline from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, June 1st. BTIG Research reiterated a “buy” rating and issued a $55.00 price objective on shares of Medline in a research report on Thursday, May 7th. BNP Paribas Exane reduced their target price on Medline from $49.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. William Blair restated an “outperform” rating on shares of Medline in a research report on Thursday, June 4th. Finally, Sanford C. Bernstein lowered their price target on shares of Medline from $56.00 to $54.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.54.

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.