Medline (NASDAQ:MDLN) Sets New 1-Year Low – What’s Next?

Medline (NASDAQ:MDLN)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $31.63 and last traded at $32.11, with a volume of 7280176 shares traded. The stock had previously closed at $32.59.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MDLN. BTIG Research reiterated a “buy” rating and set a $55.00 target price on shares of Medline in a report on Thursday, August 27th. Weiss Ratings upgraded shares of Medline from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. BMO Capital Markets reissued an “outperform” rating and issued a $47.00 price objective on shares of Medline in a research report on Thursday, August 6th. Stifel Nicolaus cut their target price on shares of Medline from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Evercore set a $39.00 target price on shares of Medline in a report on Thursday, August 6th. Two 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.42.

Medline Trading Down 1.5%

The business’s 50 day moving average price is $36.72 and its two-hundred day moving average price is $39.54. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.61 and a current ratio of 4.33. The company has a market capitalization of $42.22 billion and a price-to-earnings ratio of 40.65.

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

Insider Buying and Selling at Medline

In other news, major shareholder Private Ltd Gic sold 1,976,618 shares of Medline stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $35.60, for a total value of $70,367,600.80. Following the transaction, the insider owned 25,264,760 shares of the company’s stock, valued at $899,425,456. The trade was a 7.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have sold 4,438,896 shares of company stock worth $158,259,454. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Medline

A number of large investors have recently added to or reduced their stakes in the business. Capital Research Global Investors acquired a new stake in shares of Medline during the 4th quarter valued at $620,937,000. Janus Henderson Group PLC raised its position in shares of Medline by 8.4% during the first quarter. Janus Henderson Group PLC now owns 11,451,861 shares of the company’s stock worth $506,546,000 after purchasing an additional 887,240 shares during the period. Norges Bank purchased a new stake in shares of Medline during the fourth quarter valued at $210,000,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Medline by 233.3% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,000,000 shares of the company’s stock valued at $222,500,000 after purchasing an additional 3,500,000 shares during the period. Finally, Artisan Partners Limited Partnership acquired a new position in shares of Medline in the 4th quarter valued at $192,847,000.

About Medline

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.