Allspring Global Investments Holdings LLC Buys 2,691,529 Shares of Medline $MDLN

Key Points

• Allspring increased its Medline stake by 30,255.5% in the third quarter, buying 2,691,529 shares and bringing its holdings to 2.70 million shares, worth about $94.4 million.
• Medline reported quarterly earnings of $0.44 per share, beating the $0.32 analyst consensus, on revenue of $7.86 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $46.08; shares opened at $40.71. Insiders sold nearly 7.95 million shares over the last quarter.

Allspring Global Investments Holdings LLC boosted its position in Medline (NASDAQ:MDLN - Free Report) by 30,255.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,700,425 shares of the company's stock after purchasing an additional 2,691,529 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.21% of Medline worth $94,353,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MDLN. Janus Henderson Group PLC increased its position in shares of Medline by 8.4% in the first quarter. Janus Henderson Group PLC now owns 11,451,861 shares of the company's stock worth $506,546,000 after acquiring an additional 887,240 shares in the last quarter. Banque Pictet & Cie SA boosted its holdings in Medline by 2.0% in the third quarter. Banque Pictet & Cie SA now owns 7,455,089 shares of the company's stock worth $258,692,000 after purchasing an additional 142,939 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Medline by 233.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,000,000 shares of the company's stock worth $222,500,000 after purchasing an additional 3,500,000 shares during the period. Bessemer Group Inc. grew its stake in Medline by 39,404.0% in the 1st quarter. Bessemer Group Inc. now owns 3,504,006 shares of the company's stock valued at $155,929,000 after buying an additional 3,495,136 shares during the last quarter. Finally, Unisphere Establishment boosted its holdings in Medline by 50.5% during the first quarter. Unisphere Establishment now owns 2,482,500 shares of the company's stock valued at $110,471,000 after acquiring an additional 832,500 shares during the period.

Medline Trading Up 2.7%

Shares of NASDAQ MDLN opened at $40.71 on Tuesday. The company has a 50-day moving average of $34.89 and a two-hundred day moving average of $39.47. Medline has a 1-year low of $31.37 and a 1-year high of $50.88. The company has a current ratio of 4.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.66. The company has a market cap of $53.52 billion and a PE ratio of 33.35.

Medline (NASDAQ:MDLN - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.12. Medline had a return on equity of 8.22% and a net margin of 1.84%. The business had revenue of $7.86 billion during the quarter. As a group, equities analysts expect that Medline will post 1.50 earnings per share for the current fiscal year.

Insider Buying and Selling at Medline

In related news, major shareholder Private Ltd Gic sold 2,570,999 shares of the firm's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $35.35, for a total value of $90,884,814.65. Following the completion of the transaction, the insider directly owned 20,231,483 shares of the company's stock, valued at approximately $715,182,924.05. This trade represents a 11.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 7,948,676 shares of company stock worth $281,805,137. 0.81% of the stock is owned by insiders.

Analysts Set New Price Targets

MDLN has been the subject of several research analyst reports. Leerink Partners boosted their price objective on Medline from $43.00 to $46.00 and gave the stock an "outperform" rating in a research report on Thursday, November 5th. Wells Fargo & Company lowered their target price on Medline from $45.00 to $34.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 11th. BTIG Research reiterated a "buy" rating and issued a $55.00 target price on shares of Medline in a research note on Thursday, November 5th. Evercore set a $39.00 price target on shares of Medline in a research note on Thursday, August 6th. Finally, Barclays cut their target price on Medline from $45.00 to $43.00 and set an "overweight" rating for the company in a research report on Friday, October 9th. Twenty-three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.08.

Medline Profile

Medline is a healthcare products manufacturer and distributor serving providers across the care continuum. Its customers include hospitals, surgery centers, physician practices, long-term care facilities and home-care organizations.

The company offers a broad range of medical and surgical supplies, including products for infection prevention, wound care and patient care, as well as apparel and equipment. Medline also provides supply-chain and logistics services to healthcare organizations.

Founded in 1966, Medline is headquartered in Northfield, Illinois, and serves customers in the United States and internationally.

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