Douglas Lane & Associates LLC Purchases 499,459 Shares of Medline $MDLN

Key Points

• Douglas Lane & Associates increased its Medline position by 912% in the third quarter, purchasing 499,459 additional shares and bringing its total holdings to 554,224 shares valued at approximately $19.2 million.
• Medline shares recently traded at $36.03, well below the 12-month high of $50.88. The company exceeded quarterly earnings expectations, reporting $0.50 in EPS versus the $0.32 consensus estimate on $7.68 billion in revenue.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $46.81, although insiders have sold approximately $382.8 million of stock over the past 90 days.

Douglas Lane & Associates LLC lifted its holdings in shares of Medline (NASDAQ:MDLN - Free Report) by 912.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 554,224 shares of the company's stock after buying an additional 499,459 shares during the period. Douglas Lane & Associates LLC's holdings in Medline were worth $19,232,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in shares of Medline by 68.3% during the second quarter. GAMMA Investing LLC now owns 626 shares of the company's stock valued at $25,000 after acquiring an additional 254 shares during the period. NewEdge Advisors LLC grew its holdings in Medline by 100.0% during the second quarter. NewEdge Advisors LLC now owns 950 shares of the company's stock valued at $37,000 after purchasing an additional 475 shares during the last quarter. Allworth Financial LP lifted its position in shares of Medline by 86.2% during the 2nd quarter. Allworth Financial LP now owns 1,052 shares of the company's stock worth $41,000 after purchasing an additional 487 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in Medline by 60.2% in the 1st quarter. North Star Investment Management Corp. now owns 1,362 shares of the company's stock valued at $61,000 after purchasing an additional 512 shares during the period. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Medline during the 1st quarter worth approximately $30,000.

Medline Stock Performance

Shares of NASDAQ:MDLN traded up $0.29 on Friday, reaching $36.03. 1,873,881 shares of the company's stock were exchanged, compared to its average volume of 7,509,068. Medline has a twelve month low of $31.49 and a twelve month high of $50.88. The company has a fifty day moving average of $34.95 and a 200-day moving average of $38.44. The company has a market capitalization of $47.37 billion and a price-to-earnings ratio of 45.63. The company has a current ratio of 4.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.66.

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

Insider Transactions at Medline

In other 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 transaction of $90,884,814.65. Following the completion of the transaction, the insider 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 10,787,572 shares of company stock valued at $382,784,591. Corporate insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MDLN. BTIG Research restated a "buy" rating and issued a $55.00 target price on shares of Medline in a research note on Thursday, August 27th. Weiss Ratings raised shares of Medline from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, August 6th. Truist Financial dropped their target price on shares of Medline from $56.00 to $47.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. TD Cowen cut their price target on Medline from $53.00 to $45.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Finally, Citigroup raised shares of Medline to a "strong-buy" rating in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Medline currently has an average rating of "Moderate Buy" and an average price target of $46.81.

Medline Company Profile

Medline Industries, Inc is a healthcare company that manufactures and distributes medical supplies, clinical products and equipment to hospitals, health systems, physician practices, long-term care facilities, surgery centers and other healthcare providers. Its offerings are designed to support patient care, surgical procedures, infection prevention and healthcare facility operations.

The company's product portfolio includes surgical instruments and supplies, exam gloves and protective apparel, wound care products, patient-care items, respiratory and monitoring equipment, laboratory supplies, durable medical equipment and products for environmental and facility management.

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