Medline (NASDAQ:MDLN) Major Shareholder Sells 1,688,690 Shares of Company Stock

Key Points

• Major shareholder Private Ltd Gic sold 1,688,690 Medline shares at an average price of $35.78, generating approximately $60.4 million. The sale reduced its ownership by 8.35%, though it still held 18.54 million shares.
• Private Ltd Gic has made several additional Medline sales recently, including more than 9.27 million shares sold on October 2 and October 6 for approximately $570.3 million combined.
• Medline shares fell 0.7% to $35.55, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $46.88.

Medline (NASDAQ:MDLN - Get Free Report) major shareholder Private Ltd Gic sold 1,688,690 shares of the company's stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $35.78, for a total value of $60,421,328.20. Following the completion of the transaction, the insider owned 18,542,793 shares in the company, valued at $663,461,133.54. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases 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 value of $251,764,605.65.
• On Tuesday, October 6th, Private Ltd Gic sold 2,088,987 shares of Medline stock. The shares were sold at an average price of $35.05, for a total value of $73,218,994.35.
• 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 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 transaction of $70,367,600.80.

Medline Trading Down 0.7%

Shares of Medline stock traded down $0.25 on Tuesday, reaching $35.55. The company 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 two-hundred 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 52-week low of $31.49 and a 52-week high of $50.88. The firm has a market cap of $46.74 billion and a PE ratio of 45.00.

Medline (NASDAQ:MDLN - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.18. The company had revenue of $7.68 billion during the quarter. Sell-side analysts predict that Medline will post 1.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medline

Several large investors have recently bought and sold shares of MDLN. GAMMA Investing LLC raised its position in shares of Medline by 68.3% during the 2nd quarter. GAMMA Investing LLC now owns 626 shares of the company's stock worth $25,000 after acquiring an additional 254 shares in the last quarter. NewEdge Advisors LLC raised its holdings in 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 in the last quarter. Allworth Financial LP boosted its holdings in shares of 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 in the last quarter. North Star Investment Management Corp. boosted its holdings in shares of Medline by 60.2% in the 1st quarter. North Star Investment Management Corp. now owns 1,362 shares of the company's stock valued at $61,000 after buying an additional 512 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in shares of Medline in the 1st quarter valued at $30,000.

Analyst Upgrades and Downgrades

MDLN has been the topic of several research reports. Deutsche Bank Aktiengesellschaft set a $37.00 price target on shares of Medline in a research report on Thursday, August 6th. BMO Capital Markets reaffirmed an "outperform" rating and set a $47.00 target price on shares of Medline in a research note on Thursday, August 6th. Tigress Financial reduced their target price on shares of Medline from $62.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Royal Bank Of Canada dropped their price target on shares of Medline from $53.00 to $46.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Finally, UBS Group lowered their target price on Medline from $45.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, September 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus 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.

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