Wells Fargo & Company Cuts Medline (NASDAQ:MDLN) Price Target to $34.00

Key Points

• Wells Fargo lowered Medline’s price target to $34 from $45 while maintaining an “equal weight” rating, implying approximately 0.56% upside from the reported share price.
• Analyst sentiment remains generally positive, with Medline holding a consensus “Moderate Buy” rating and an average price target of $47.96, despite several recent target reductions.
• Medline exceeded quarterly earnings expectations, reporting $0.50 EPS versus the $0.32 consensus and $7.68 billion in revenue; however, insiders sold about $83.7 million of stock over the past 90 days.

Medline (NASDAQ:MDLN - Get Free Report) had its price objective lowered by stock analysts at Wells Fargo & Company from $45.00 to $34.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 0.56% from the company's current price.

Other equities research analysts also recently issued reports about the company. Robert W. Baird set a $42.00 target price on Medline in a report on Thursday. BNP Paribas Exane cut their price target on Medline from $49.00 to $40.00 and set a "neutral" rating on the stock in a report on Thursday, May 14th. Tigress Financial lifted their price target on shares of Medline from $60.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, May 13th. Barclays dropped their price target on shares of Medline from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, June 1st. Finally, Deutsche Bank Aktiengesellschaft set a $37.00 price target on Medline in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.96.

Medline Stock Performance

NASDAQ MDLN opened at $33.81 on Tuesday. The company has a market capitalization of $44.42 billion and a price-to-earnings ratio of 105.66. Medline has a twelve month low of $32.81 and a twelve month high of $50.88. The stock has a fifty day simple moving average of $38.18 and a 200 day simple moving average of $41.63. The company has a quick ratio of 2.61, a current ratio of 4.33 and a debt-to-equity ratio of 0.66.

Medline (NASDAQ:MDLN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.18. The company had revenue of $7.68 billion for the quarter. Sell-side analysts expect that Medline will post 1.49 EPS for the current year.

Insider Activity at Medline

In other Medline news, insider Jessi L. Corcoran purchased 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $34.15 per share, for a total transaction of $170,750.00. Following the purchase, the insider directly owned 5,000 shares in the company, valued at $170,750. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Private Ltd Gic sold 271,994 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $35.33, for a total transaction of $9,609,548.02. Following the completion of the sale, the insider owned 24,992,766 shares in the company, valued at approximately $882,994,422.78. This trade represents a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 2,348,612 shares of company stock worth $83,654,149 in the last ninety days. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MDLN. Sound Income Strategies LLC bought a new stake in shares of Medline in the 4th quarter worth $25,000. GAMMA Investing LLC grew its position in Medline by 68.3% in the 2nd quarter. GAMMA Investing LLC now owns 626 shares of the company's stock worth $25,000 after purchasing an additional 254 shares during the period. Entrust Financial LLC purchased a new position in shares of Medline in the 4th quarter worth $26,000. NBC Securities Inc. bought a new position in Medline in the fourth quarter valued at about $28,000. Finally, Whipplewood Advisors LLC bought a new position in shares of Medline in the 1st quarter worth approximately $30,000.

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.

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