Medline (NASDAQ:MDLN) Shares Gap Down After Earnings Miss

Medline (NASDAQ:MDLN) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $49.99, but opened at $47.38. Medline shares last traded at $50.06, with a volume of 1,165,067 shares traded.

The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.25). The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Tigress Financial assumed coverage on shares of Medline in a research report on Thursday, February 5th. They issued a “buy” rating and a $55.00 price target on the stock. Bank of America started coverage on shares of Medline in a research note on Monday, January 12th. They issued a “buy” rating and a $50.00 target price for the company. Wolfe Research assumed coverage on Medline in a research report on Monday, January 12th. They set an “outperform” rating and a $47.00 target price on the stock. Leerink Partners assumed coverage on Medline in a report on Monday, January 12th. They issued an “outperform” rating and a $48.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Medline in a report on Monday, January 12th. They set a “hold” rating and a $40.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Medline currently has a consensus rating of “Moderate Buy” and an average price target of $47.92.

Insider Transactions at Medline

In related news, Director Andrew J. Mills acquired 2,586,206 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was purchased at an average cost of $29.00 per share, for a total transaction of $74,999,974.00. Following the completion of the purchase, the director directly owned 2,586,206 shares of the company’s stock, valued at $74,999,974. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Hellman & Friedman Capital Par sold 6,088,371 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $28.37, for a total transaction of $172,727,085.27. Following the completion of the sale, the insider owned 4,806,160 shares in the company, valued at $136,350,759.20. This represents a 55.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Hedge Funds Weigh In On Medline

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC acquired a new stake in shares of Medline during the fourth quarter worth approximately $123,923,000. Mawer Investment Management Ltd. bought a new stake in Medline during the 4th quarter worth approximately $9,450,000. Employees Retirement System of Texas acquired a new stake in Medline during the 4th quarter valued at $1,820,000. Truist Financial Corp bought a new position in Medline in the 4th quarter valued at $240,000. Finally, Entrust Financial LLC acquired a new position in Medline in the fourth quarter worth $26,000.

Medline Stock Up 0.3%

The company has a fifty day simple moving average of $44.13.

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.