Medline (NASDAQ:MDLN) Reaches New 12-Month Low – What’s Next?

Medline (NASDAQ:MDLN)’s share price hit a new 52-week low 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MDLN. BMO Capital Markets reissued an “outperform” rating and set a $47.00 price objective on shares of Medline in a research report on Thursday, August 6th. Citigroup upgraded Medline to a “strong-buy” rating in a research report on Wednesday, August 5th. Tigress Financial cut their price target on Medline from $62.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Wells Fargo & Company reduced their price target on Medline from $45.00 to $34.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 11th. Finally, TD Cowen decreased their price objective on Medline from $53.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.42.

Medline Trading Down 2.6%

The stock has a market capitalization of $42.23 billion and a PE ratio of 40.66. The company has a quick ratio of 2.61, a current ratio of 4.33 and a debt-to-equity ratio of 0.66. The stock’s 50 day moving average price is $36.39 and its 200-day moving average price is $39.32.

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

Insiders Place Their Bets

In other Medline news, major shareholder Private Ltd Gic sold 1,976,618 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $35.60, for a total transaction of $70,367,600.80. Following the completion of the sale, the insider directly owned 25,264,760 shares of the company’s stock, valued at $899,425,456. This trade represents a 7.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 4,438,896 shares of company stock valued at $158,259,454. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Medline

Several hedge funds have recently modified their holdings of the stock. Core Capital Management & Research inc. purchased a new position in Medline during the second quarter valued at $96,000. Tidal Investments LLC purchased a new stake in Medline in the 2nd quarter worth $334,000. WINTON GROUP Ltd lifted its stake in Medline by 1,263.0% in the 2nd quarter. WINTON GROUP Ltd now owns 367,057 shares of the company’s stock worth $14,477,000 after purchasing an additional 340,127 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Medline during the 2nd quarter valued at about $3,194,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Medline during the 2nd quarter valued at about $260,000.

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.