Arizona State Retirement System bought a new position in shares of Medline (NASDAQ:MDLN – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 105,921 shares of the company’s stock, valued at approximately $4,178,000.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Nykredit A S bought a new position in Medline in the 2nd quarter valued at about $1,424,000. Corient Private Wealth LP grew its position in shares of Medline by 47.6% in the second quarter. Corient Private Wealth LP now owns 40,002 shares of the company’s stock valued at $1,578,000 after purchasing an additional 12,905 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Medline by 128,629.5% in the second quarter. California State Teachers Retirement System now owns 22,873,938 shares of the company’s stock valued at $902,148,000 after purchasing an additional 22,856,169 shares during the last quarter. Washington Trust Advisors Inc. bought a new position in shares of Medline during the second quarter worth approximately $5,371,000. Finally, Readystate Asset Management LP increased its stake in shares of Medline by 32.6% during the second quarter. Readystate Asset Management LP now owns 320,000 shares of the company’s stock worth $12,621,000 after purchasing an additional 78,683 shares during the period.
Medline Stock Performance
NASDAQ:MDLN opened at $32.53 on Friday. The stock has a fifty day moving average price of $37.14 and a 200-day moving average price of $39.85. The company has a market cap of $42.77 billion and a price-to-earnings ratio of 41.18. 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 fifty-two week low of $31.87 and a fifty-two week high of $50.88.
Insider Transactions at Medline
In other Medline news, insider Douglas Golwas sold 100,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $36.77, for a total transaction of $3,677,000.00. Following the sale, the insider directly owned 23,899 shares in the company, valued at $878,766.23. This represents a 80.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Private Ltd Gic sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $35.80, for a total transaction of $3,580,000.00. Following the completion of the transaction, the insider directly owned 22,802,482 shares in the company, valued at approximately $816,328,855.60. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,538,896 shares of company stock worth $161,936,454 over the last quarter. Corporate insiders own 0.81% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the company. William Blair restated an “outperform” rating on shares of Medline in a research note on Thursday, June 4th. BMO Capital Markets reiterated an “outperform” rating and set a $47.00 price objective on shares of Medline in a research report on Thursday, August 6th. Tigress Financial dropped their target price on Medline from $62.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Weiss Ratings raised shares of Medline from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, August 6th. Finally, Barclays decreased their price target on shares of Medline from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, June 1st. Two 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 issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.42.
Read Our Latest Stock Report on MDLN
Medline Company Profile
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.
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