Renaissance Technologies LLC Buys New Stake in Medline $MDLN

Key Points

• Renaissance Technologies initiated a Medline stake of 143,700 shares worth approximately $6.4 million during the first quarter. Other institutions, including Sei Investments and Cetera Investment Advisers, also increased their holdings.
• Analysts maintain a generally positive outlook, with Medline carrying a consensus “Moderate Buy” rating and an average price target of $50.54, despite several recent target-price reductions.
• Medline reported quarterly earnings of $0.33 per share, exceeding estimates of $0.29, while revenue rose 10.7% year over year to $7.35 billion. Shares opened at $42.04, with the stock valued at a market capitalization of about $55.2 billion.

Renaissance Technologies LLC purchased a new stake in shares of Medline (NASDAQ:MDLN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 143,700 shares of the company's stock, valued at approximately $6,395,000.

Several other institutional investors have also bought and sold shares of the business. Gabelli Funds LLC purchased a new position in shares of Medline in the 1st quarter worth $245,000. Public Employees Retirement System of Ohio bought a new stake in shares of Medline in the 1st quarter worth about $4,198,000. Sei Investments Co. raised its position in shares of Medline by 61.4% during the 1st quarter. Sei Investments Co. now owns 1,327,179 shares of the company's stock valued at $59,060,000 after buying an additional 504,713 shares in the last quarter. State of Wyoming purchased a new stake in shares of Medline during the 1st quarter valued at about $262,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Medline by 128.4% in the 1st quarter. Cetera Investment Advisers now owns 52,088 shares of the company's stock valued at $2,318,000 after acquiring an additional 29,282 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Weiss Ratings lowered Medline from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, July 23rd. Citigroup lowered their price objective on Medline from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. BNP Paribas Exane dropped their target price on Medline from $49.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. William Blair reissued an "outperform" rating on shares of Medline in a research report on Thursday, June 4th. Finally, BTIG Research restated a "buy" rating and set a $55.00 price target on shares of Medline in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Medline presently has an average rating of "Moderate Buy" and a consensus target price of $50.54.

Insider Activity

In related news, insider Douglas P. Golwas sold 100,000 shares of the firm's 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 transaction, the insider owned 23,899 shares of the company's stock, valued at $878,766.23. This trade represents a 80.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jessi L. Corcoran acquired 5,000 shares of the stock in a transaction on Friday, June 5th. The stock was bought 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 owned 5,000 shares in the company, valued at $170,750. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.81% of the company's stock.

Medline Trading Up 3.9%

Shares of NASDAQ MDLN opened at $42.04 on Wednesday. The business's 50 day moving average price is $38.27 and its 200-day moving average price is $41.88. Medline has a fifty-two week low of $32.81 and a fifty-two week high of $50.88. 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 company has a market cap of $55.23 billion and a price-to-earnings ratio of 131.38.

Medline (NASDAQ:MDLN - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.04. The business 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. On average, sell-side analysts expect that Medline will post 1.49 earnings per share for the current year.

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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