Wellington Management Group LLP Invests $2.47 Million in Medline $MDLN

Key Points

• Wellington Management initiated a Medline stake worth approximately $2.47 million, purchasing 62,515 shares during the second quarter. Several other institutional investors also recently established or increased positions.
• Medline insiders sold substantial amounts of stock, including 100,000 shares sold by insider Douglas Golwas and nearly 2 million shares sold by major shareholder GIC. Insiders sold 4.54 million shares worth about $161.9 million over the last quarter.
• Medline shares opened at $32.39, near their 12-month low, despite the company beating quarterly EPS estimates. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $47.42, though several firms recently lowered their targets.

Wellington Management Group LLP purchased a new stake in shares of Medline (NASDAQ:MDLN - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 62,515 shares of the company's stock, valued at approximately $2,466,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of Medline by 68.3% in the second quarter. GAMMA Investing LLC now owns 626 shares of the company's stock worth $25,000 after buying an additional 254 shares during the period. Entrust Financial LLC bought a new position in Medline in the 4th quarter valued at $26,000. Whipplewood Advisors LLC bought a new position in Medline in the 1st quarter valued at $30,000. Global Retirement Partners LLC purchased a new stake in Medline in the fourth quarter worth $31,000. Finally, Whittier Trust Co. bought a new stake in shares of Medline during the first quarter worth $49,000.

Insider Activity at Medline

In related news, insider Douglas Golwas sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $36.77, for a total transaction of $3,677,000.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Private Ltd Gic sold 1,976,618 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $35.60, for a total transaction of $70,367,600.80. Following the completion of the sale, the insider owned 25,264,760 shares of the company's stock, valued at approximately $899,425,456. This trade represents a 7.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 4,538,896 shares of company stock valued at $161,936,454. 0.81% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on MDLN. TD Cowen reduced their price target on shares of Medline from $53.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. BTIG Research reaffirmed a "buy" rating and set a $55.00 price target on shares of Medline in a research note on Thursday, August 27th. Wells Fargo & Company dropped their price objective on Medline from $45.00 to $34.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 11th. Truist Financial cut their price target on Medline from $56.00 to $47.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Finally, Stifel Nicolaus lowered their price objective on shares of Medline from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Medline has an average rating of "Moderate Buy" and an average price target of $47.42.

Medline Trading Down 4.9%

MDLN opened at $32.39 on Friday. The firm has a market cap of $42.58 billion and a price-to-earnings ratio of 41.00. The company has a current ratio of 4.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.66. Medline has a 12 month low of $32.29 and a 12 month high of $50.88. The stock has a fifty day moving average price of $37.35 and a 200-day moving average price of $39.90.

Medline (NASDAQ:MDLN - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.18. The company had revenue of $7.68 billion during the quarter. As a group, equities research analysts anticipate that Medline will post 1.51 earnings per share for the current fiscal year.

Medline Company 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.

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