HBK Investments L P Sells 100,000 Shares of Medline $MDLN

HBK Investments L P lowered its position in shares of Medline (NASDAQ:MDLN) by 23.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 325,000 shares of the company’s stock after selling 100,000 shares during the quarter. HBK Investments L P’s holdings in Medline were worth $12,818,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. 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 valued at $25,000 after purchasing an additional 254 shares during the last quarter. Entrust Financial LLC acquired a new position in Medline during the fourth quarter worth $26,000. Whipplewood Advisors LLC bought a new position in Medline in the first quarter valued at $30,000. NewEdge Advisors LLC grew its position in Medline by 100.0% in the second quarter. NewEdge Advisors LLC now owns 950 shares of the company’s stock valued at $37,000 after purchasing an additional 475 shares in the last quarter. Finally, Allworth Financial LP increased its stake in Medline by 86.2% in the 2nd quarter. Allworth Financial LP now owns 1,052 shares of the company’s stock valued at $41,000 after buying an additional 487 shares during the last quarter.

Medline Stock Performance

NASDAQ MDLN traded up $0.88 on Wednesday, hitting $32.99. 10,942,772 shares of the stock were exchanged, compared to its average volume of 7,295,049. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.33 and a quick ratio of 2.61. The business’s fifty day moving average is $36.72 and its 200 day moving average is $39.54. Medline has a 52 week low of $31.63 and a 52 week high of $50.88. The company has a market capitalization of $43.37 billion and a PE ratio of 41.76.

Medline (NASDAQ:MDLN) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.18. The firm had revenue of $7.68 billion during the quarter. Research analysts anticipate that Medline will post 1.51 EPS for the current fiscal year.

Insider Transactions at Medline

In related news, major shareholder Private Ltd Gic sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $35.80, for a total value of $3,580,000.00. Following the completion of the sale, the insider directly owned 22,802,482 shares in the company, valued at approximately $816,328,855.60. This trade represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 4,438,896 shares of company stock valued at $158,259,454. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on MDLN. JPMorgan Chase & Co. cut their price target on shares of Medline from $53.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. BTIG Research restated a “buy” rating and issued a $55.00 price objective on shares of Medline in a report on Thursday, August 27th. Truist Financial lowered their target price on Medline from $56.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Barclays dropped their target price on Medline from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, June 1st. Finally, Evercore set a $39.00 price target on Medline in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.42.

Medline 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.