Medline (NASDAQ:MDLN) Stock: Insider Private Ltd Gic Sells 2,570,999 Shares

Medline (NASDAQ:MDLN) major shareholder Private Ltd Gic sold 2,570,999 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $35.35, for a total transaction of $90,884,814.65. Following the completion of the transaction, the insider directly owned 20,231,483 shares of the company’s stock, valued at approximately $715,182,924.05. The trade was a 11.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large 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 Tuesday, October 6th, Private Ltd Gic sold 2,088,987 shares of Medline stock. The stock was sold at an average price of $35.05, for a total transaction of $73,218,994.35.
• 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 transaction of $60,421,328.20.
• On Friday, October 2nd, Private Ltd Gic sold 7,146,941 shares of Medline stock. The stock was 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 shares were 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 stock was sold at an average price of $35.58, for a total transaction 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 transaction of $9,609,548.02.
• On Wednesday, August 5th, Private Ltd Gic sold 1,976,618 shares of Medline stock. The shares were sold at an average price of $35.60, for a total value of $70,367,600.80.

Medline Stock Up 0.8%

Shares of NASDAQ MDLN opened at $35.74 on Friday. The business has a 50-day moving average of $34.95 and a two-hundred day moving average of $38.44. The company has a market capitalization of $46.99 billion and a price-to-earnings ratio of 45.24. Medline has a 1 year low of $31.49 and a 1 year high of $50.88. 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 (NASDAQ:MDLN) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.18. The business had revenue of $7.68 billion for the quarter. On average, analysts forecast that Medline will post 1.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on MDLN. BTIG Research reiterated a “buy” rating and set a $55.00 price target on shares of Medline in a research note on Thursday, August 27th. Stifel Nicolaus cut their target price on Medline from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Truist Financial decreased their target price on Medline from $56.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Royal Bank Of Canada dropped their price target on Medline from $53.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft set a $37.00 price objective on Medline in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $46.88.

Institutional Investors Weigh In On Medline

Several hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in Medline by 68.3% during the 2nd quarter. GAMMA Investing LLC now owns 626 shares of the company’s stock valued at $25,000 after acquiring an additional 254 shares during the last quarter. Whipplewood Advisors LLC acquired a new position in shares of Medline in the first quarter valued at approximately $30,000. NewEdge Advisors LLC raised its stake in shares of Medline by 100.0% during the second quarter. NewEdge Advisors LLC now owns 950 shares of the company’s stock worth $37,000 after purchasing an additional 475 shares during the last quarter. Allworth Financial LP grew its position in Medline by 86.2% in the 2nd quarter. Allworth Financial LP now owns 1,052 shares of the company’s stock valued at $41,000 after buying an additional 487 shares during the last quarter. Finally, Whittier Trust Co. acquired a new position in Medline in the 1st quarter valued at $49,000.

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.