Royal Bank Of Canada Forecasts Strong Price Appreciation for Medline (NASDAQ:MDLN) Stock

Medline (NASDAQ:MDLN) had its price target lifted by research analysts at Royal Bank Of Canada from $47.00 to $53.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 4.39% from the stock’s previous close.

A number of other brokerages have also issued reports on MDLN. Barclays started coverage on Medline in a research note on Monday, January 12th. They issued an “overweight” rating and a $50.00 price target for the company. UBS Group assumed coverage on Medline in a research report on Monday, January 12th. They set a “buy” rating and a $48.00 target price for the company. Wolfe Research started coverage on Medline in a research note on Monday, January 12th. They issued an “outperform” rating and a $47.00 price target for the company. TD Cowen initiated coverage on Medline in a research report on Monday, January 12th. They issued a “buy” rating on the stock. Finally, Robert W. Baird assumed coverage on shares of Medline in a research report on Monday, January 12th. They set an “outperform” rating and a $48.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

Medline Trading Up 5.4%

Medline stock traded up $2.59 during midday trading on Thursday, hitting $50.77. The stock had a trading volume of 770,483 shares, compared to its average volume of 3,307,667. Medline has a 52-week low of $34.89 and a 52-week high of $50.88. The stock has a fifty day moving average of $44.21.

Medline (NASDAQ:MDLN) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.25). The business had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.52 billion. Medline’s revenue for the quarter was up 14.8% compared to the same quarter last year.

Insiders Place Their Bets

In other news, Director Andrew J. Mills purchased 2,586,206 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was acquired at an average cost of $29.00 per share, with a total value of $74,999,974.00. Following the completion of the transaction, the director owned 2,586,206 shares in the company, valued at $74,999,974. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Charles N. Mills purchased 2,579,310 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was acquired at an average price of $29.00 per share, with a total value of $74,799,990.00. Following the completion of the purchase, the director owned 2,441,379 shares of the company’s stock, valued at $70,799,991. The trade was a -1,870.00% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Investors Weigh In On Medline

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

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.