Engineers Gate Manager LP Makes New $3.19 Million Investment in Medline $MDLN

Key Points

• Engineers Gate Manager LP purchased 80,983 Medline shares worth approximately $3.19 million in the second quarter, joining several other institutional investors that recently initiated positions.
• Medline reported quarterly EPS of $0.50, exceeding the $0.32 analyst consensus, on revenue of $7.68 billion. Analysts project full-year EPS of $1.51.
• Medline shares opened at $32.53, near their 52-week low, while analysts maintained a consensus “Moderate Buy” rating with a target price of $47.42; recent target reductions generally remain above the current price.

Engineers Gate Manager LP bought a new stake in shares of Medline (NASDAQ:MDLN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 80,983 shares of the company's stock, valued at approximately $3,194,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truist Financial Corp bought a new stake in shares of Medline in the fourth quarter valued at about $240,000. DNB Asset Management AS purchased a new position in Medline during the 4th quarter valued at about $4,517,000. Entrust Financial LLC bought a new stake in shares of Medline in the 4th quarter valued at about $26,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Medline in the 4th quarter worth approximately $530,000. Finally, HighTower Advisors LLC bought a new position in shares of Medline during the fourth quarter valued at approximately $536,000.

Insiders Place Their Bets

In other Medline news, major shareholder Private Ltd Gic sold 100,000 shares of the business's 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 in the company, valued at approximately $816,328,855.60. The trade was a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas P. Golwas sold 100,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $36.77, for a total value of $3,677,000.00. Following the completion of the transaction, the insider directly owned 23,899 shares in the company, valued at $878,766.23. This represents a 80.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,538,896 shares of company stock worth $161,936,454 over the last three months. Corporate insiders own 0.81% of the company's stock.

Medline Price Performance

MDLN stock opened at $32.53 on Monday. The firm has a 50 day moving average of $37.14 and a 200 day moving average of $39.78. The stock has a market capitalization of $42.77 billion and a PE ratio of 41.18. 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 has a 52 week low of $31.87 and a 52 week high of $50.88.

Medline (NASDAQ:MDLN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.18. The company had revenue of $7.68 billion for the quarter. Sell-side analysts forecast that Medline will post 1.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MDLN shares. Stifel Nicolaus lowered their target price on Medline from $50.00 to $45.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Weiss Ratings upgraded Medline from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. TD Cowen cut their target price on Medline from $53.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Royal Bank Of Canada decreased their price target on shares of Medline from $53.00 to $46.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Finally, Evercore set a $39.00 price target on shares of Medline in a report on Thursday, August 6th. Two 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 given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.42.

Medline Profile

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.

Want to see what other hedge funds are holding MDLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medline (NASDAQ:MDLN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.