Readystate Asset Management LP Grows Stake in Medline $MDLN

Readystate Asset Management LP increased its position in shares of Medline (NASDAQ:MDLN) by 32.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 320,000 shares of the company’s stock after purchasing an additional 78,683 shares during the quarter. Readystate Asset Management LP’s holdings in Medline were worth $12,621,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of MDLN. Entrust Financial LLC acquired a new position in shares of Medline during the 4th quarter worth $26,000. GAMMA Investing LLC increased its holdings in Medline by 68.3% during the 2nd quarter. GAMMA Investing LLC now owns 626 shares of the company’s stock valued at $25,000 after acquiring an additional 254 shares in the last quarter. Whipplewood Advisors LLC acquired a new position in Medline during the first quarter worth about $30,000. Global Retirement Partners LLC purchased a new stake in shares of Medline in the fourth quarter valued at about $31,000. Finally, Whittier Trust Co. acquired a new stake in shares of Medline in the first quarter valued at approximately $49,000.

Medline Stock Performance

Shares of MDLN opened at $36.59 on Monday. Medline has a twelve month low of $32.49 and a twelve month high of $50.88. The firm has a market capitalization of $48.11 billion and a P/E ratio of 46.32. The company has a current ratio of 4.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $37.87 and its 200 day simple moving average is $40.28.

Medline (NASDAQ:MDLN) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.18. The firm had revenue of $7.68 billion for the quarter. On average, equities research analysts forecast that Medline will post 1.51 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Douglas P. Golwas sold 100,000 shares of the stock in a transaction on 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 completion of the sale, the insider owned 23,899 shares of the company’s stock, valued at $878,766.23. This represents a 80.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Private Ltd Gic sold 100,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $35.80, for a total transaction of $3,580,000.00. Following the completion of the transaction, the insider directly owned 22,802,482 shares in the company, valued at approximately $816,328,855.60. This represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,538,896 shares of company stock valued at $161,936,454. Corporate insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

MDLN has been the topic of a number of recent analyst reports. Evercore set a $39.00 price target on Medline in a research note on Thursday, August 6th. Tigress Financial dropped their target price on Medline from $62.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Robert W. Baird set a $42.00 target price on Medline in a research report on Thursday, August 6th. Barclays decreased their price target on Medline from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, June 1st. Finally, Wells Fargo & Company dropped their price objective on shares of Medline from $45.00 to $34.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.42.

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.