Key Points
Reinhart Partners added 1,981,198 shares of AdaptHealth; the estimated transaction value was $20.2 million based on average quarterly pricing.
The transaction represented a 0.6% change in the fund’s 13F assets under management (AUM).
Post-trade holding: 10,081,983 shares valued at $120.0 million (as of the most recent 13F filing).
The AdaptHealth position now accounts for 3.5% of Reinhart's AUM, placing it outside the top five holdings.
What happened
According to a filing with the Securities and Exchange Commission dated April 13, 2026, Reinhart Partners increased its stake in AdaptHealth(NASDAQ:AHCO) by 1,981,198 shares during the first quarter. The estimated transaction value was $20.2 million, calculated from the average closing price over the period. The fund’s quarter-end position value in AdaptHealth rose by $39.3 million, a figure that includes both stock accumulation and price changes.
What else to know
- After the purchase, AdaptHealth represents roughly 3.5% of Reinhart Partners' 13F reportable assets.
- Top holdings after the filing:
- NASDAQ: ACLS: $154.30 million (4.4% of AUM)
- UNK: FCNCA: $147.60 million (4.2% of AUM)
- NASDAQ: SIMO: $147.56 million (4.2% of AUM)
- NYSE: MOD: $130.29 million (3.7% of AUM)
- NASDAQ: IDCC: $127.54 million (3.7% of AUM)
- As of April 14, 2026, AdaptHealth shares were trading at $12.65, up 54% over the past year and outperforming the S&P 500 by roughly 26 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of April 14, 2026) | $12.65 |
| Market capitalization | $1.7 billion |
| Revenue (TTM) | $3.2 billion |
| Net income (TTM) | ($70.8 million) |
Company snapshot
- AdaptHealth provides home medical equipment and supplies -- including sleep therapy devices, diabetes management tools, oxygen therapy, and a broad range of chronic care products.
- The company operates a recurring-revenue model, supplying medical equipment and consumables to patients and billing primarily through Medicare, Medicaid, and commercial insurance payors.
- Its customers are individuals with chronic health conditions, particularly those requiring ongoing respiratory, diabetes, and mobility support, across the United States.
What this transaction means for investors
Reinhart Partners' decision to add nearly 2 million shares of AdaptHealth -- roughly $20 million worth -- is a meaningful incremental purchase from a fund that has been building conviction in this name. This wasn't a new position: Reinhart already held more than 8 million shares heading into Q1, so this latest buy represents a roughly 24% increase to an already sizable stake.
AdaptHealth operates in a space that has real structural tailwinds. An aging U.S. population means growing demand for home-based care solutions -- exactly the kind of recurring, insurance-reimbursed revenue stream that long-term institutional investors tend to find attractive. The company's mix of sleep therapy equipment, oxygen therapy, and diabetes management tools keeps it plugged into some of the most common chronic conditions Americans face.
AdaptHealth shares have had a bumpy few years, however, and the stock still trades well below its pandemic-era highs. In its most recent earnings report -- released in February -- AdaptHealth posted revenue of $846.3 million, beating analyst estimates, even as sales dipped roughly 1% from the year-ago quarter. The bottom line was messier, with a significant EPS miss driven largely by a non-cash goodwill impairment charge and upfront costs tied to launching what management called the largest capitated contract in the industry's history. For 2026, the company is guiding for net revenue of $3.44 billion to $3.51 billion and adjusted EBITDA of $680 million to $730 million -- a meaningful step up from 2025 -- suggesting management expects the business to regain momentum as that big new contract ramps up. Adding to the positive signals, AdaptHealth announced on April 13 that it had closed a new $1.1 billion senior secured credit facility, a move that both reduces near-term refinancing risk and reflects upgraded credit ratings from S&P and Moody's.
For everyday investors, Reinhart's accumulation of AdaptHealth shares is worth noting -- though it’s also worth noting that the fund isn’t going all in here: the purchase only represented about 0.6% of Reinhart’s AUM. Those interested in broader exposure to this space might also consider the SPDR S&P Health Care Equipment ETF(NYSEMKT:XHE)-- which tracks companies specifically in the healthcare equipment and supplies segment -- as one way to participate in the theme without concentrating on a single name.
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Andy Gould has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Modine Manufacturing. The Motley Fool has a disclosure policy.
