Medline (NASDAQ:MDLN) Hits New 1-Year Low – Here’s What Happened

Shares of Medline (NASDAQ:MDLN) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $32.44 and last traded at $32.4050, with a volume of 5032109 shares changing hands. The stock had previously closed at $34.05.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MDLN. Deutsche Bank Aktiengesellschaft set a $37.00 price target on Medline in a research note on Thursday, August 6th. Wells Fargo & Company reduced their price objective on Medline from $45.00 to $34.00 and set an “equal weight” rating for the company in a report on Tuesday, August 11th. Evercore set a $39.00 target price on Medline in a research report on Thursday, August 6th. Stifel Nicolaus lowered their target price on Medline from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Royal Bank Of Canada dropped their price target on Medline from $53.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Medline has an average rating of “Moderate Buy” and a consensus price target of $47.42.

Medline Stock Up 0.4%

The firm’s 50-day moving average price is $37.14 and its 200 day moving average price is $39.85. The firm has a market capitalization of $42.77 billion and a price-to-earnings ratio of 41.18. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.33 and a quick ratio of 2.61.

Medline (NASDAQ:MDLN) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.18. The company had revenue of $7.68 billion for the quarter. Sell-side analysts expect that Medline will post 1.51 EPS for the current year.

Insider Buying and Selling at Medline

In related news, major shareholder Private Ltd Gic sold 1,976,618 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $35.60, for a total transaction of $70,367,600.80. Following the sale, the insider owned 25,264,760 shares of the company’s stock, valued at $899,425,456. This trade represents a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the insider directly owned 23,899 shares in the company, valued at approximately $878,766.23. The trade was a 80.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,538,896 shares of company stock valued at $161,936,454 in the last three months. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Medline

Several hedge funds have recently modified their holdings of the company. Carlyle Group Inc. acquired a new position in shares of Medline in the fourth quarter valued at approximately $9,042,728,000. H&F Corporate Investors X Ltd. acquired a new stake in Medline during the fourth quarter worth approximately $4,179,591,000. California State Teachers Retirement System boosted its position in Medline by 128,629.5% during the second quarter. California State Teachers Retirement System now owns 22,873,938 shares of the company’s stock worth $902,148,000 after acquiring an additional 22,856,169 shares during the last quarter. Morgan Stanley purchased a new stake in Medline in the 4th quarter worth approximately $636,807,000. Finally, Capital Research Global Investors purchased a new stake in Medline in the 4th quarter worth approximately $620,937,000.

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.