Medline (NASDAQ:MDLN) Shares Gap Up After Earnings Beat

Medline (NASDAQ:MDLN)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $34.09, but opened at $37.37. Medline shares last traded at $37.8190, with a volume of 2,193,313 shares changing hands.

The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.12. The company had revenue of $7.86 billion for the quarter.

Analyst Ratings Changes

A number of brokerages recently weighed in on MDLN. Deutsche Bank Aktiengesellschaft set a $37.00 target price on Medline and gave the company a “hold” rating in a report on Thursday, August 6th. Wells Fargo & Company dropped their price target on Medline from $45.00 to $34.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 11th. Bank of America cut their price objective on Medline from $53.00 to $46.00 in a report on Thursday, August 6th. Truist Financial reduced their price objective 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, Weiss Ratings cut Medline from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Medline has a consensus rating of “Moderate Buy” and a consensus price target of $46.54.

Insider Transactions at Medline

In related news, major shareholder Private Ltd Gic sold 2,088,987 shares of the stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $35.05, for a total value of $73,218,994.35. Following the completion of the sale, the insider directly owned 16,453,806 shares in the company, valued at approximately $576,705,900.30. This represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 8,810,954 shares of company stock valued at $312,416,990. 0.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Medline

A number of large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Medline by 68.3% during the 2nd quarter. GAMMA Investing LLC now owns 626 shares of the company’s stock worth $25,000 after acquiring an additional 254 shares in the last quarter. Whipplewood Advisors LLC acquired a new stake in Medline in the first quarter valued at approximately $30,000. Reyes Financial Architecture Inc. purchased a new stake in shares of Medline during the third quarter valued at approximately $30,000. NewEdge Advisors LLC raised its stake in shares of Medline by 100.0% during 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 during the period. Finally, Allworth Financial LP raised its stake in shares of Medline by 86.2% during the second quarter. Allworth Financial LP now owns 1,052 shares of the company’s stock valued at $41,000 after purchasing an additional 487 shares during the period.

Medline Trading Up 11.3%

The business’s 50-day moving average price is $34.48 and its 200 day moving average price is $39.54. 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 firm has a market capitalization of $49.90 billion and a price-to-earnings ratio of 47.97.

About Medline

Medline Industries, Inc is a medical-supply manufacturer and distributor headquartered in Northfield, Illinois. The company provides products and supply-chain services to healthcare organizations, including hospitals, ambulatory surgery centers, physician offices, long-term care facilities, home health providers and other care settings.

Its product portfolio includes medical-surgical supplies, surgical and operating-room products, patient-care items, examination gloves, protective apparel, laboratory products, respiratory-care equipment, durable medical equipment and products for infection prevention.