Medline (NASDAQ:MDLN) Shares Gap Down – What’s Next?

Shares of Medline (NASDAQ:MDLN) 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 changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Evercore reissued an “outperform” rating and issued a $55.00 target price on shares of Medline in a report on Wednesday, February 25th. Sanford C. Bernstein cut their target price on shares of Medline from $56.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company raised their target price on shares of Medline from $42.00 to $47.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Morgan Stanley raised their target price on shares of Medline from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Finally, Leerink Partners set a $56.00 price target on shares of Medline in a report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Medline Stock Performance

The firm’s fifty day simple moving average is $43.19.

Medline (NASDAQ:MDLN) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $7.35 billion during the quarter. Medline’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Medline will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medline

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MDLN. Sound Income Strategies LLC bought a new position in Medline in the 4th quarter worth approximately $25,000. Entrust Financial LLC acquired a new position in Medline during the 4th quarter valued at about $26,000. NBC Securities Inc. acquired a new position in Medline during the 4th quarter valued at about $28,000. Whipplewood Advisors LLC acquired a new position in Medline during the 1st quarter valued at about $30,000. Finally, Global Retirement Partners LLC acquired a new position in Medline during the 4th quarter valued at about $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.