Nykredit A S Invests $1.42 Million in Medline $MDLN

Key Points

• Nykredit A S bought 36,116 Medline shares during the second quarter, representing a new position worth approximately $1.42 million. Several other institutional investors also increased or initiated stakes.
• Medline reported quarterly EPS of $0.50, beating estimates of $0.32, on revenue of $7.68 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $47.42.
• MDLN opened at $34.43, well below its 52-week high of $50.88. Insider selling has been notable, with insiders selling approximately $158.3 million in shares over the past 90 days.

Nykredit A S bought a new stake in shares of Medline (NASDAQ:MDLN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,116 shares of the company's stock, valued at approximately $1,424,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Corient Private Wealth LP increased its stake in Medline by 47.6% during the second quarter. Corient Private Wealth LP now owns 40,002 shares of the company's stock worth $1,578,000 after acquiring an additional 12,905 shares during the last quarter. Washington Trust Advisors Inc. bought a new stake in shares of Medline in the 2nd quarter valued at approximately $5,371,000. Readystate Asset Management LP boosted its holdings in shares of Medline by 32.6% in the 2nd 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. HB Wealth Management LLC purchased a new position in shares of Medline in the 2nd quarter worth approximately $680,000. Finally, Saudi Central Bank bought a new position in shares of Medline during the 2nd quarter valued at approximately $1,020,000.

Medline Price Performance

Shares of MDLN stock opened at $34.43 on Wednesday. Medline has a 52-week low of $31.49 and a 52-week high of $50.88. 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 firm has a market capitalization of $45.27 billion and a P/E ratio of 43.58. The stock has a 50 day moving average price of $35.95 and a 200 day moving average price of $39.08.

Medline (NASDAQ:MDLN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.32 by $0.18. The business had revenue of $7.68 billion during the quarter. As a group, sell-side analysts predict that Medline will post 1.51 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on MDLN. Evercore set a $39.00 price target on Medline in a report on Thursday, August 6th. JPMorgan Chase & Co. dropped their price objective on shares of Medline from $53.00 to $46.00 and set an "overweight" rating for the company in a research note on Wednesday, August 12th. BTIG Research reissued a "buy" rating and issued a $55.00 target price on shares of Medline in a research note on Thursday, August 27th. Royal Bank Of Canada lowered their target price on shares of Medline from $53.00 to $46.00 and set an "outperform" rating for the company in a report on Thursday, August 6th. Finally, Wells Fargo & Company dropped their price target on shares of Medline from $45.00 to $34.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.42.

Insider Activity

In other news, major shareholder Private Ltd Gic sold 100,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $35.80, for a total value of $3,580,000.00. Following 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 4,438,896 shares of company stock worth $158,259,454 over the last ninety days. 0.81% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding MDLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medline (NASDAQ:MDLN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.