SummitTX Capital L.P. Takes Position in Medline $MDLN

Key Points

• SummitTX Capital initiated a Medline position, purchasing 107,413 shares worth approximately $4.78 million in the first quarter. Several other institutional investors also increased or established stakes.
• Medline reported quarterly EPS of $0.33, beating estimates of $0.29, while revenue rose 10.7% year over year to $7.35 billion. Analysts expect full-year EPS of approximately $1.49.
• Shares opened at $39.70, below the analyst consensus price target of $50.54; despite several target-price cuts, the stock retains a “Moderate Buy” consensus rating.

SummitTX Capital L.P. bought a new stake in Medline (NASDAQ:MDLN - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 107,413 shares of the company's stock, valued at approximately $4,780,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC increased its stake in Medline by 100.2% during the first quarter. Lazard Asset Management LLC now owns 26,448 shares of the company's stock valued at $1,177,000 after acquiring an additional 13,239 shares during the period. Weiss Asset Management LP lifted its position in shares of Medline by 1.3% in the 1st quarter. Weiss Asset Management LP now owns 213,178 shares of the company's stock worth $9,486,000 after acquiring an additional 2,787 shares during the period. OMERS ADMINISTRATION Corp bought a new stake in shares of Medline in the 1st quarter worth approximately $423,000. Bradley Foster & Sargent Inc. CT acquired a new stake in shares of Medline during the 1st quarter worth approximately $17,331,000. Finally, Unisphere Establishment increased its position in shares of Medline by 50.5% during the first quarter. Unisphere Establishment now owns 2,482,500 shares of the company's stock valued at $110,471,000 after purchasing an additional 832,500 shares during the period.

Medline Price Performance

Shares of MDLN stock opened at $39.70 on Tuesday. The stock's fifty day simple moving average is $37.87 and its 200 day simple moving average is $41.94. Medline has a one year low of $32.81 and a one year high of $50.88. The firm has a market cap of $52.15 billion and a price-to-earnings ratio of 124.06. The company has a debt-to-equity ratio of 0.65, a current ratio of 4.41 and a quick ratio of 2.51.

Medline (NASDAQ:MDLN - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The company had revenue of $7.35 billion for the quarter. Medline's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts expect that Medline will post 1.49 earnings per share for the current fiscal year.

Insider Transactions at Medline

In related news, insider Jessi L. Corcoran bought 5,000 shares of the company's 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 purchase, the insider owned 5,000 shares in the company, valued at approximately $170,750. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Douglas P. Golwas sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $36.77, for a total transaction of $3,677,000.00. Following the transaction, the insider owned 23,899 shares in the company, valued at $878,766.23. The trade was a 80.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MDLN. Robert W. Baird cut their target price on Medline from $57.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Sanford C. Bernstein lowered their price target on shares of Medline from $56.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, May 7th. Barclays dropped their price objective on shares of Medline from $50.00 to $45.00 and set an "overweight" rating for the company in a research note on Monday, June 1st. BNP Paribas Exane reduced their price objective on shares of Medline from $49.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Finally, Deutsche Bank Aktiengesellschaft set a $42.00 target price on shares of Medline in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $50.54.

Medline Company 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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