California State Teachers Retirement System Raises Stock Position in Medline $MDLN

Key Points

• California State Teachers Retirement System increased its Medline position by 128,629.5% in the second quarter, ending with 22.9 million shares worth approximately $902.1 million, or 1.74% of the company.
• Medline reported quarterly EPS of $0.50, exceeding the $0.32 consensus estimate, on $7.68 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $47.42.
• Medline shares opened at $32.53, near their 52-week low of $31.87, while insiders sold 4.54 million shares worth approximately $161.9 million over the past three months.

California State Teachers Retirement System lifted its position in Medline (NASDAQ:MDLN - Free Report) by 128,629.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,873,938 shares of the company's stock after purchasing an additional 22,856,169 shares during the quarter. California State Teachers Retirement System owned about 1.74% of Medline worth $902,148,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of MDLN. Carlyle Group Inc. purchased a new position in Medline in the fourth quarter worth $9,042,728,000. H&F Corporate Investors X Ltd. purchased a new stake in Medline during the fourth quarter valued at about $4,179,591,000. Morgan Stanley bought a new stake in Medline during the fourth quarter worth about $636,807,000. Capital Research Global Investors purchased a new position in shares of Medline in the 4th quarter worth about $620,937,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of Medline by 8.4% in the 1st quarter. Janus Henderson Group PLC now owns 11,451,861 shares of the company's stock worth $506,546,000 after purchasing an additional 887,240 shares in the last quarter.

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 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. This represents a 80.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Private Ltd Gic sold 100,000 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $35.80, for a total transaction of $3,580,000.00. Following the sale, the insider owned 22,802,482 shares of the company's stock, valued at approximately $816,328,855.60. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 4,538,896 shares of company stock worth $161,936,454. Insiders own 0.81% of the company's stock.

Medline Stock Performance

NASDAQ:MDLN opened at $32.53 on Monday. 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 has a fifty-two week low of $31.87 and a fifty-two week high of $50.88. The firm has a market cap of $42.77 billion and a PE ratio of 41.18. The business has a 50 day moving average price of $37.14 and a 200-day moving average price of $39.78.

Medline (NASDAQ:MDLN - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.32 by $0.18. The firm had revenue of $7.68 billion during the quarter. Equities research analysts predict that Medline will post 1.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MDLN shares. Stifel Nicolaus dropped their target price on Medline from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Wells Fargo & Company reduced their price target on shares of Medline from $45.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 11th. Weiss Ratings raised shares of Medline from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lowered their price objective on shares of Medline from $53.00 to $46.00 and set an "overweight" rating for the company in a report on Wednesday, August 12th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $47.00 price objective on shares of Medline in a research note on Thursday, August 6th. 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. According to data from MarketBeat.com, Medline currently has an average rating of "Moderate Buy" and an average price target of $47.42.

About Medline

Medline Industries, Inc is a healthcare company that manufactures and distributes medical supplies and clinical products. Its offerings include surgical and exam gloves, personal protective equipment, operating-room supplies, wound-care products, patient-care items, laboratory products, apparel, and durable medical equipment.

The company serves hospitals, health systems, ambulatory surgery centers, physicians' offices, long-term-care facilities, home-health providers, and other healthcare organizations.

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