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

Medline (NASDAQ:MDLN)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $42.04, but opened at $37.30. Medline shares last traded at $36.86, with a volume of 2,710,444 shares changing hands.

Wall Street Analyst Weigh In

MDLN has been the topic of a number of recent analyst reports. Weiss Ratings downgraded Medline from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, July 23rd. Tigress Financial lifted their target price on Medline from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. BTIG Research reissued a “buy” rating and set a $55.00 target price on shares of Medline in a report on Friday, July 31st. Sanford C. Bernstein dropped their price target on Medline from $56.00 to $54.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Finally, Robert W. Baird cut their price target on Medline from $57.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.54.

Medline Stock Down 15.2%

The firm has a market cap of $46.81 billion and a PE ratio of 111.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.51 and a current ratio of 4.41. The company’s 50-day simple moving average is $38.27 and its two-hundred day simple moving average is $41.88.

Medline (NASDAQ:MDLN) last issued 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. On average, analysts predict that Medline will post 1.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas P. Golwas sold 100,000 shares of Medline stock in a transaction that occurred on 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 owned 23,899 shares in the company, valued at $878,766.23. This trade represents a 80.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jessi L. Corcoran bought 5,000 shares of the stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $34.15 per share, for a total transaction of $170,750.00. Following the acquisition, the insider directly owned 5,000 shares of the company’s stock, valued at approximately $170,750. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Medline

Several hedge funds have recently bought and sold shares of the stock. E. Ohman J or Asset Management AB bought a new position in shares of Medline during the 2nd quarter valued at about $508,000. GAMMA Investing LLC increased its stake in Medline by 68.3% in the 2nd quarter. GAMMA Investing LLC now owns 626 shares of the company’s stock worth $25,000 after acquiring an additional 254 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Medline by 1,073.3% during the 1st quarter. Parallel Advisors LLC now owns 5,280 shares of the company’s stock valued at $235,000 after acquiring an additional 4,830 shares during the last quarter. CTC Alternative Strategies Ltd. bought a new stake in Medline in the first quarter worth $1,048,000. Finally, Janus Henderson Group PLC raised its stake in Medline by 8.4% during the first quarter. Janus Henderson Group PLC now owns 11,451,861 shares of the company’s stock valued at $506,546,000 after purchasing an additional 887,240 shares in the last quarter.

Medline Company Profile

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.