Medline (NASDAQ:MDLN) Major Shareholder Private Ltd Gic Sells 2,088,987 Shares of Company Stock

Medline (NASDAQ:MDLN) major shareholder Private Ltd Gic sold 2,088,987 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider directly owned 16,453,806 shares in the company, valued at approximately $576,705,900.30. The trade was a 11.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Private Ltd Gic also recently made the following trade(s):

• On Tuesday, October 6th, Private Ltd Gic sold 7,183,013 shares of Medline stock. The stock was sold at an average price of $35.05, for a total transaction of $251,764,605.65.
• On Monday, October 5th, Private Ltd Gic sold 1,688,690 shares of Medline stock. The shares were sold at an average price of $35.78, for a total value of $60,421,328.20.
• On Friday, October 2nd, Private Ltd Gic sold 7,146,941 shares of Medline stock. The shares were sold at an average price of $34.33, for a total value of $245,354,484.53.
• On Friday, August 14th, Private Ltd Gic sold 100,000 shares of Medline stock. The stock was sold at an average price of $35.80, for a total value of $3,580,000.00.
• On Thursday, August 13th, Private Ltd Gic sold 1,500,000 shares of Medline stock. The stock was sold at an average price of $35.80, for a total value of $53,700,000.00.
• On Friday, August 7th, Private Ltd Gic sold 590,284 shares of Medline stock. The shares were sold at an average price of $35.58, for a total value of $21,002,304.72.
• On Thursday, August 6th, Private Ltd Gic sold 271,994 shares of Medline stock. The shares were sold at an average price of $35.33, for a total value of $9,609,548.02.
• On Wednesday, August 5th, Private Ltd Gic sold 1,976,618 shares of Medline stock. The stock was sold at an average price of $35.60, for a total value of $70,367,600.80.

Medline Price Performance

Shares of NASDAQ:MDLN traded down $0.25 on Tuesday, hitting $35.55. The stock had a trading volume of 8,878,494 shares, compared to its average volume of 9,394,258. The firm’s 50 day moving average price is $35.11 and its 200-day moving average price is $38.55. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.61 and a current ratio of 4.33. Medline has a twelve month low of $31.49 and a twelve month high of $50.88. The company has a market capitalization of $46.74 billion and a price-to-earnings ratio of 45.00.

Medline (NASDAQ:MDLN) last released 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 firm had revenue of $7.68 billion during the quarter. On average, equities research analysts predict that Medline will post 1.51 earnings per share for the current year.

Institutional Investors Weigh In On Medline

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in Medline by 1,864.5% in the third quarter. Versant Capital Management Inc now owns 2,102 shares of the company’s stock valued at $73,000 after acquiring an additional 1,995 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Medline by 20.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 12,705 shares of the company’s stock worth $501,000 after purchasing an additional 2,149 shares during the last quarter. Andra AP fonden acquired a new position in Medline during the 2nd quarter valued at about $3,180,000. Core Capital Management & Research inc. acquired a new position in Medline during the 2nd quarter valued at about $96,000. Finally, Tidal Investments LLC bought a new position in shares of Medline in the 2nd quarter valued at about $334,000.

Wall Street Analysts Forecast Growth

MDLN has been the subject of a number of recent analyst reports. TD Cowen dropped their price target on Medline from $53.00 to $45.00 and set a “buy” rating for the company in a report on Monday, August 10th. Evercore set a $39.00 price objective on Medline in a research note on Thursday, August 6th. BTIG Research restated a “buy” rating and set a $55.00 target price on shares of Medline in a report on Thursday, August 27th. Weiss Ratings raised Medline from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Medline from $45.00 to $34.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.88.

About Medline

Medline Industries, Inc is a healthcare company that manufactures and distributes medical supplies, clinical products and equipment to hospitals, health systems, physician practices, long-term care facilities, surgery centers and other healthcare providers. Its offerings are designed to support patient care, surgical procedures, infection prevention and healthcare facility operations.

The company’s product portfolio includes surgical instruments and supplies, exam gloves and protective apparel, wound care products, patient-care items, respiratory and monitoring equipment, laboratory supplies, durable medical equipment and products for environmental and facility management.