105,921 Shares in Medline $MDLN Bought by Arizona State Retirement System

Key Points

• Arizona State Retirement System acquired 105,921 Medline shares in the second quarter, worth approximately $4.18 million, joining several other major institutional investors that recently bought or expanded positions.
• Medline reported quarterly earnings of $0.50 per share, exceeding the $0.32 analyst consensus, on revenue of $7.68 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $47.42.
• MDLN was trading at $32.53, near its 12-month low of $31.87, while insiders sold 4.54 million shares worth approximately $161.9 million over the past 90 days.

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 filing with the SEC. The institutional investor bought 105,921 shares of the company's stock, valued at approximately $4,178,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Carlyle Group Inc. acquired a new position in shares of Medline during the fourth quarter worth about $9,042,728,000. H&F Corporate Investors X Ltd. bought a new stake in Medline in the 4th quarter valued at approximately $4,179,591,000. California State Teachers Retirement System boosted its position in Medline by 128,629.5% during the 2nd quarter. California State Teachers Retirement System now owns 22,873,938 shares of the company's stock worth $902,148,000 after acquiring an additional 22,856,169 shares during the last quarter. Morgan Stanley bought a new position in shares of Medline during the 4th quarter worth approximately $636,807,000. Finally, Capital Research Global Investors bought a new position in shares of Medline during the 4th quarter worth approximately $620,937,000.

Medline Trading Up 0.4%

NASDAQ MDLN opened at $32.53 on Friday. The company has a market cap of $42.77 billion and a PE ratio of 41.18. The company has a current ratio of 4.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.66. Medline has a 12 month low of $31.87 and a 12 month high of $50.88. The stock has a 50 day moving average of $37.14 and a 200-day moving average of $39.85.

Medline (NASDAQ:MDLN - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.18. The firm had revenue of $7.68 billion for the quarter. On average, equities research analysts anticipate that Medline will post 1.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MDLN has been the topic of a number of research reports. BTIG Research reissued a "buy" rating and issued a $55.00 price objective on shares of Medline in a research report on Thursday, August 27th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $47.00 target price on shares of Medline in a research report on Thursday, August 6th. Citigroup upgraded shares of Medline to a "strong-buy" rating in a research note on Wednesday, August 5th. Evercore set a $39.00 price target on shares of Medline in a research report on Thursday, August 6th. Finally, TD Cowen reduced their price objective on shares of Medline from $53.00 to $45.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Medline currently has a consensus rating of "Moderate Buy" and an average target price of $47.42.

Insider Activity

In related news, insider Douglas P. Golwas sold 100,000 shares of Medline stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $36.77, for a total transaction of $3,677,000.00. Following the completion of the transaction, the insider owned 23,899 shares in the company, valued at approximately $878,766.23. This trade represents a 80.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Private Ltd Gic sold 1,976,618 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $35.60, for a total value of $70,367,600.80. Following the transaction, the insider directly owned 25,264,760 shares in the company, valued at approximately $899,425,456. This trade represents a 7.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,538,896 shares of company stock worth $161,936,454 over the last 90 days. 0.81% of the stock is owned by company insiders.

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.

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