Bank of New York Mellon Corp Takes Position in Medline $MDLN

Key Points

• Bank of New York Mellon acquired 1.03 million Medline shares worth approximately $40.4 million, representing about 0.08% of the company. Other institutions, including Vanguard, UBS and Cetera, also recently increased or initiated positions.
• Analysts maintain a generally positive view, with Medline receiving a consensus “Moderate Buy” rating and an average price target of $47.42, despite several recent target-price reductions.
• Medline reported quarterly EPS of $0.50, exceeding the $0.32 consensus estimate, on revenue of $7.68 billion. The stock opened at $35.28, while insiders have sold approximately $161.9 million worth of shares over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of Medline (NASDAQ:MDLN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,025,107 shares of the company's stock, valued at approximately $40,430,000. Bank of New York Mellon Corp owned about 0.08% of Medline at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDLN. Mass General Brigham Inc grew its stake in Medline by 167.6% during the 1st quarter. Mass General Brigham Inc now owns 70,357 shares of the company's stock valued at $3,131,000 after acquiring an additional 44,063 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in Medline in the 1st quarter worth approximately $1,177,000. Cetera Investment Advisers boosted its holdings in shares of Medline by 128.4% during the 1st quarter. Cetera Investment Advisers now owns 52,088 shares of the company's stock worth $2,318,000 after purchasing an additional 29,282 shares during the last quarter. UBS Group AG acquired a new position in shares of Medline during the 4th quarter worth approximately $54,707,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Medline in the fourth quarter valued at approximately $793,278,000.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MDLN shares. BNP Paribas Exane reduced their price objective on Medline from $49.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, May 14th. Evercore set a $39.00 price target on Medline in a research note on Thursday, August 6th. Stifel Nicolaus decreased their price target on Medline from $50.00 to $45.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Truist Financial lowered their price objective on shares of Medline from $56.00 to $47.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Finally, Barclays dropped their price objective on shares of 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 given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.42.

Medline Price Performance

Shares of NASDAQ:MDLN opened at $35.28 on Friday. Medline has a one year low of $32.49 and a one year high of $50.88. The stock has a fifty day moving average of $37.94 and a 200-day moving average of $40.64. The company has a market capitalization of $46.38 billion and a PE ratio of 44.66. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.61 and a current ratio of 4.33.

Medline (NASDAQ:MDLN - Get Free Report) last released its quarterly 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 company had revenue of $7.68 billion for the quarter. As a group, equities analysts anticipate that Medline will post 1.51 EPS for the current fiscal year.

Insider Activity

In other Medline news, major shareholder Private Ltd Gic sold 1,976,618 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $35.60, for a total value of $70,367,600.80. Following the transaction, the insider directly owned 25,264,760 shares in the company, valued at $899,425,456. The trade was a 7.26% decrease in their ownership of the stock. The transaction 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 that occurred on Tuesday, June 16th. The shares were sold at an average price of $36.77, for a total transaction of $3,677,000.00. Following the completion of the transaction, the insider directly owned 23,899 shares of the company's stock, valued at approximately $878,766.23. The trade was a 80.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,538,896 shares of company stock valued at $161,936,454 over the last 90 days. 0.81% of the stock is owned by company insiders.

Medline 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.

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