Medline $MDLN Stock Acquired by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA increased its Medline position by 2% in the third quarter, adding 142,939 shares to hold 7.46 million shares valued at approximately $258.7 million.
• Several other institutional investors also expanded or initiated positions, while insider selling remained significant: GIC sold 2.57 million shares, and insiders sold roughly $382.8 million of stock over the past 90 days.
• Medline shares opened at $35.96, well below the 12-month high of $50.88. Analysts maintain a “Moderate Buy” consensus with an average price target of $46.81, despite several recent target-price reductions.

Banque Pictet & Cie SA boosted its position in shares of Medline (NASDAQ:MDLN - Free Report) by 2.0% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 7,455,089 shares of the company's stock after acquiring an additional 142,939 shares during the quarter. Medline comprises about 1.8% of Banque Pictet & Cie SA's portfolio, making the stock its 11th largest position. Banque Pictet & Cie SA owned about 0.57% of Medline worth $258,692,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MDLN. Assenagon Asset Management S.A. bought a new stake in shares of Medline in the 3rd quarter valued at approximately $6,834,000. Douglas Lane & Associates LLC boosted its position in shares of Medline by 912.0% during the third quarter. Douglas Lane & Associates LLC now owns 554,224 shares of the company's stock worth $19,232,000 after buying an additional 499,459 shares during the period. Versant Capital Management Inc grew its holdings in shares of Medline by 1,864.5% during the third quarter. Versant Capital Management Inc now owns 2,102 shares of the company's stock worth $73,000 after buying an additional 1,995 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Medline by 20.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,705 shares of the company's stock worth $501,000 after buying an additional 2,149 shares in the last quarter. Finally, Andra AP fonden acquired a new stake in Medline in the 2nd quarter valued at approximately $3,180,000.

Insiders Place Their Bets

In other Medline news, major shareholder Private Ltd Gic sold 2,570,999 shares of Medline stock in a transaction that occurred 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 sale, the insider directly owned 20,231,483 shares in the company, valued at approximately $715,182,924.05. The trade was a 11.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 10,787,572 shares of company stock valued at $382,784,591. 0.81% of the stock is currently owned by corporate insiders.

Medline Trading Down 1.7%

NASDAQ:MDLN opened at $35.96 on Friday. Medline has a 12 month low of $31.49 and a 12 month high of $50.88. The company has a quick ratio of 2.61, a current ratio of 4.33 and a debt-to-equity ratio of 0.66. The firm's 50 day moving average is $34.71 and its 200 day moving average is $38.21.

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

Wall Street Analyst Weigh In

MDLN has been the topic of several analyst reports. Truist Financial dropped their price target on shares of Medline from $56.00 to $47.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $37.00 price target on Medline in a report on Thursday, August 6th. Tigress Financial decreased their target price on Medline from $62.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Weiss Ratings cut Medline from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, October 8th. Finally, Citigroup raised shares of Medline to a "strong-buy" rating in a research report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Medline currently has an average rating of "Moderate Buy" and a consensus price target of $46.81.

About Medline

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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