Medline (NASDAQ:MDLN) Shares Gap Down – Here’s Why

Medline (NASDAQ:MDLN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $37.70, but opened at $36.28. Medline shares last traded at $36.2490, with a volume of 674,864 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. BMO Capital Markets raised their price target on shares of Medline from $45.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, February 26th. JPMorgan Chase & Co. raised their price target on shares of Medline from $50.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 10th. UBS Group raised their price target on shares of Medline from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. BNP Paribas Exane decreased their price target on shares of Medline from $49.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Finally, Evercore reaffirmed an “outperform” rating and set a $55.00 price target on shares of Medline in a research note on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

Medline Stock Performance

The company’s 50 day simple moving average is $42.93.

Medline (NASDAQ:MDLN) last released its earnings results on Wednesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $7.35 billion during the quarter. Medline’s revenue was up 10.7% compared to the same quarter last year. Equities analysts anticipate that Medline will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Medline

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDLN. Sound Income Strategies LLC bought a new position in Medline during the fourth quarter worth $25,000. Entrust Financial LLC bought a new position in Medline during the fourth quarter worth $26,000. NBC Securities Inc. bought a new position in Medline during the fourth quarter worth $28,000. Whipplewood Advisors LLC bought a new position in Medline during the first quarter worth $30,000. Finally, Global Retirement Partners LLC bought a new position in Medline during the fourth quarter worth $31,000.

About Medline

Medline (NASDAQ: MDLN) is a healthcare products and services company that manufactures, sources and distributes a wide range of medical supplies and equipment for healthcare providers. Its product portfolio spans clinical consumables and personal protective equipment, surgical and procedural supplies, wound care and incontinence products, diagnostic and laboratory supplies, and select durable medical equipment. Medline supports care settings that include hospitals, health systems, long-term care facilities, ambulatory clinics and home health providers.

In addition to product manufacturing and distribution, Medline provides supply?chain and logistics services designed to help healthcare customers manage inventory, reduce costs and streamline operations.