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

Medline (NASDAQ:MDLN)’s stock price hit a new 52-week low on Friday. The company traded as low as $31.37 and last traded at $31.5680, with a volume of 1,012,768 shares trading hands. The stock had previously closed at $32.00.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MDLN. Bank of America cut their price target on shares of Medline from $53.00 to $46.00 in a research note on Thursday, August 6th. TD Cowen reduced their price objective on Medline from $53.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft set a $37.00 price target on Medline and gave the stock a “hold” rating in a report on Thursday, August 6th. Mizuho lowered their price objective on shares of Medline from $48.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, October 22nd. Finally, Barclays dropped their price target on Medline from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.54.

Medline Stock Down 0.0%

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 business’s fifty day moving average is $34.52 and its two-hundred day moving average is $39.69. The company has a market cap of $42.06 billion and a P/E ratio of 40.44.

Medline (NASDAQ:MDLN) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 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. Equities analysts predict that Medline will post 1.49 EPS for the current year.

Insider Transactions at Medline

In other Medline news, major shareholder Private Ltd Gic sold 2,088,987 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $35.05, for a total transaction of $73,218,994.35. Following the sale, the insider directly owned 16,453,806 shares in the company, valued at $576,705,900.30. This represents a 11.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 10,787,572 shares of company stock valued at $382,784,591 over the last 90 days. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Medline in the 3rd quarter valued at about $87,000. Vise Technologies Inc. acquired a new stake in Medline in the 3rd quarter valued at $206,000. State of Wyoming increased its holdings in Medline by 80.2% during the 3rd quarter. State of Wyoming now owns 16,810 shares of the company’s stock worth $583,000 after purchasing an additional 7,479 shares during the last quarter. Choreo LLC acquired a new position in Medline in the third quarter worth $282,000. Finally, North Dakota State Investment Board boosted its holdings in shares of Medline by 8.0% during the third quarter. North Dakota State Investment Board now owns 13,739 shares of the company’s stock valued at $477,000 after acquiring an additional 1,018 shares during the period.

About Medline

Medline Industries, Inc is a medical-supply manufacturer and distributor headquartered in Northfield, Illinois. The company provides products and supply-chain services to healthcare organizations, including hospitals, ambulatory surgery centers, physician offices, long-term care facilities, home health providers and other care settings.

Its product portfolio includes medical-surgical supplies, surgical and operating-room products, patient-care items, examination gloves, protective apparel, laboratory products, respiratory-care equipment, durable medical equipment and products for infection prevention.