Bank of New York Mellon Corp Acquires 656,135 Shares of Medline $MDLN

Bank of New York Mellon Corp boosted its holdings in Medline (NASDAQ:MDLN) by 1,335.4% in the first quarter, Holdings Channel reports. The institutional investor owned 705,270 shares of the company’s stock after acquiring an additional 656,135 shares during the quarter. Bank of New York Mellon Corp’s holdings in Medline were worth $31,385,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of MDLN. North Star Investment Management Corp. lifted its position in shares of Medline by 60.2% during the first quarter. North Star Investment Management Corp. now owns 1,362 shares of the company’s stock worth $61,000 after acquiring an additional 512 shares in the last quarter. Sound Income Strategies LLC purchased a new position in shares of Medline in the fourth quarter valued at $25,000. Entrust Financial LLC bought a new stake in shares of Medline during the 4th quarter valued at $26,000. NBC Securities Inc. bought a new stake in shares of Medline during the 4th quarter valued at $28,000. Finally, Whipplewood Advisors LLC purchased a new stake in Medline during the 1st quarter worth about $30,000.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. BNP Paribas Exane cut their target price on Medline from $49.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Barclays lowered their price target on shares of Medline from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, June 1st. William Blair restated an “outperform” rating on shares of Medline in a research report on Thursday, June 4th. Tigress Financial boosted their price objective on shares of Medline from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings lowered shares of Medline from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Medline currently has a consensus rating of “Moderate Buy” and an average price target of $50.54.

Medline Price Performance

MDLN stock opened at $38.75 on Monday. The firm has a 50 day simple moving average of $37.79 and a two-hundred day simple moving average of $41.94. The stock has a market cap of $50.91 billion and a PE ratio of 121.09. Medline has a one year low of $32.81 and a one year high of $50.88. The company has a debt-to-equity ratio of 0.65, a current ratio of 4.41 and a quick ratio of 2.51.

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

Insiders Place Their Bets

In other news, insider Douglas P. Golwas sold 100,000 shares of the company’s 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 completion of the transaction, the insider directly owned 23,899 shares in the company, valued at approximately $878,766.23. This represents a 80.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jessi L. Corcoran acquired 5,000 shares of Medline stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $34.15 per share, for a total transaction of $170,750.00. Following the completion of the transaction, the insider directly owned 5,000 shares in the company, valued at approximately $170,750. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. 0.81% of the stock is owned by corporate insiders.

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.