Readystate Asset Management LP Invests $10.74 Million in Medline $MDLN

Key Points

• Readystate Asset Management purchased 241,317 Medline shares during the first quarter, establishing a stake valued at approximately $10.74 million. Several major institutional investors also recently acquired Medline positions.
• Medline reported quarterly earnings of $0.33 per share, exceeding the $0.29 consensus estimate, while revenue rose 10.7% year over year to $7.35 billion.
• Analysts maintain a generally positive outlook, with Medline carrying a “Moderate Buy” consensus rating and an average price target of $50.54, compared with a recent share price of $40.51.

Readystate Asset Management LP purchased a new stake in shares of Medline (NASDAQ:MDLN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 241,317 shares of the company's stock, valued at approximately $10,739,000.

Several other hedge funds have also recently bought and sold shares of the business. Carlyle Group Inc. purchased a new position in Medline during the 4th quarter valued at about $9,042,728,000. H&F Corporate Investors X Ltd. acquired a new stake in shares of Medline during the fourth quarter worth approximately $4,179,591,000. Vanguard Group Inc. acquired a new stake in shares of Medline during the fourth quarter worth approximately $793,278,000. Morgan Stanley purchased a new position in Medline during the fourth quarter valued at approximately $636,807,000. Finally, Capital Research Global Investors purchased a new stake in Medline in the 4th quarter worth approximately $620,937,000.

Insider Transactions at Medline

In other Medline news, insider Douglas P. Golwas sold 100,000 shares of Medline stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $36.77, for a total value of $3,677,000.00. Following the transaction, the insider directly owned 23,899 shares of the company's stock, valued at $878,766.23. The trade was a 80.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jessi L. Corcoran acquired 5,000 shares of Medline stock in a transaction dated Friday, June 5th. The stock was acquired at an average cost of $34.15 per share, with a total value of $170,750.00. Following the completion of the transaction, the insider directly owned 5,000 shares of the company's stock, valued at $170,750. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 0.81% of the stock is owned by corporate insiders.

Medline Stock Up 2.0%

MDLN opened at $40.51 on Wednesday. The firm has a market cap of $53.22 billion and a P/E ratio of 126.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.51 and a current ratio of 4.41. The business has a 50 day moving average price of $37.92 and a 200 day moving average price of $41.94. Medline has a twelve month low of $32.81 and a twelve month high of $50.88.

Medline (NASDAQ:MDLN - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.04. The firm had revenue of $7.35 billion during the quarter. The business's revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts forecast that Medline will post 1.49 EPS for the current year.

Wall Street Analysts Forecast Growth

MDLN has been the topic of a number of research reports. Sanford C. Bernstein dropped their price target on shares of Medline from $56.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, May 7th. Tigress Financial upped their target price on Medline from $60.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, May 13th. Citigroup cut their price target on Medline from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. BTIG Research reiterated a "buy" rating and set a $55.00 price target on shares of Medline in a report on Thursday, May 7th. Finally, Weiss Ratings downgraded Medline from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Medline has an average rating of "Moderate Buy" and an average price target of $50.54.

Medline Profile

Medline NASDAQ: MDLN is a healthcare products and services company that manufactures, sources and distributes a wide range of medical supplies and equipment for healthcare providers. Its product portfolio spans clinical consumables and personal protective equipment, surgical and procedural supplies, wound care and incontinence products, diagnostic and laboratory supplies, and select durable medical equipment. Medline supports care settings that include hospitals, health systems, long-term care facilities, ambulatory clinics and home health providers.

In addition to product manufacturing and distribution, Medline provides supply‑chain and logistics services designed to help healthcare customers manage inventory, reduce costs and streamline operations.

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