Saudi Central Bank Makes New Investment in Medline $MDLN

Saudi Central Bank bought a new stake in Medline (NASDAQ:MDLN) during the second quarter, HoldingsChannel.com reports. The firm bought 25,860 shares of the company’s stock, valued at approximately $1,020,000.

A number of other institutional investors also recently modified their holdings of the business. Comerica Bank bought a new stake in shares of Medline during the 4th quarter worth $204,000. Truist Financial Corp bought a new position in shares of Medline in the fourth quarter worth about $240,000. DNB Asset Management AS acquired a new stake in shares of Medline in the 4th quarter valued at approximately $4,517,000. Entrust Financial LLC acquired a new stake in shares of Medline in the 4th quarter valued at approximately $26,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of Medline during the 4th quarter valued at approximately $530,000.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings raised shares of Medline from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. Citigroup raised shares of Medline to a “strong-buy” rating in a research note on Wednesday, August 5th. BNP Paribas Exane lowered their price target on shares of Medline from $49.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. TD Cowen dropped their price target on Medline from $53.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Finally, Evercore set a $39.00 price objective on Medline in a report on Thursday, August 6th. Two investment 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.42.

Medline Trading Down 1.8%

MDLN opened at $34.05 on Thursday. 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 has a fifty-two week low of $32.49 and a fifty-two week high of $50.88. The company’s 50 day moving average price is $37.57 and its two-hundred day moving average price is $40.02. The firm has a market capitalization of $44.77 billion and a price-to-earnings ratio of 43.10.

Medline (NASDAQ:MDLN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.18. The business had revenue of $7.68 billion for the quarter. As a group, research analysts predict that Medline will post 1.51 earnings per share for the current year.

Insider Buying and Selling at Medline

In other news, major shareholder Private Ltd Gic sold 1,976,618 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $35.60, for a total value of $70,367,600.80. Following the completion of the sale, the insider owned 25,264,760 shares of the company’s stock, valued at approximately $899,425,456. This represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas P. Golwas sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $36.77, for a total value of $3,677,000.00. Following the transaction, the insider owned 23,899 shares of the company’s stock, valued at $878,766.23. This trade represents a 80.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,538,896 shares of company stock valued at $161,936,454. 0.81% of the stock is owned by corporate insiders.

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.