Cambridge Investment Research Advisors Inc. raised its stake in Medifast, Inc. (NYSE:MED) by 24.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,656 shares of the specialty retailer’s stock after acquiring an additional 329 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Medifast were worth $319,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in MED. Vanguard Group Inc. boosted its stake in Medifast by 2.7% in the second quarter. Vanguard Group Inc. now owns 1,441,177 shares of the specialty retailer’s stock worth $407,824,000 after purchasing an additional 38,123 shares in the last quarter. State Street Corp boosted its stake in Medifast by 4.2% in the second quarter. State Street Corp now owns 370,516 shares of the specialty retailer’s stock worth $105,375,000 after purchasing an additional 15,014 shares in the last quarter. Geode Capital Management LLC boosted its stake in Medifast by 17.6% in the second quarter. Geode Capital Management LLC now owns 221,630 shares of the specialty retailer’s stock worth $62,716,000 after purchasing an additional 33,121 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Medifast by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 217,018 shares of the specialty retailer’s stock worth $61,411,000 after purchasing an additional 1,606 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Medifast by 5.5% in the second quarter. Principal Financial Group Inc. now owns 213,430 shares of the specialty retailer’s stock worth $60,396,000 after purchasing an additional 11,144 shares in the last quarter. Hedge funds and other institutional investors own 85.02% of the company’s stock.
A number of research firms have commented on MED. DA Davidson reduced their price objective on Medifast from $395.00 to $349.00 and set a “buy” rating on the stock in a research note on Monday, November 8th. Zacks Investment Research lowered Medifast from a “buy” rating to a “hold” rating and set a $200.00 price objective on the stock. in a research note on Tuesday, October 5th.
Medifast (NYSE:MED) last issued its quarterly earnings results on Thursday, November 4th. The specialty retailer reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.64. The business had revenue of $413.40 million for the quarter, compared to analyst estimates of $402.80 million. Medifast had a return on equity of 87.41% and a net margin of 11.18%. The firm’s revenue for the quarter was up 52.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.91 earnings per share. As a group, equities analysts predict that Medifast, Inc. will post 13.65 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 8th. Investors of record on Tuesday, December 21st will be issued a $1.42 dividend. The ex-dividend date of this dividend is Monday, December 20th. This represents a $5.68 dividend on an annualized basis and a yield of 2.78%. Medifast’s dividend payout ratio is presently 42.58%.
In related news, Director Jeffrey J. Brown acquired 4,200 shares of the company’s stock in a transaction that occurred on Monday, November 8th. The stock was acquired at an average price of $231.89 per share, for a total transaction of $973,938.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.40% of the company’s stock.
Medifast Company Profile
Medifast, Inc engages in the provision of healthy living products and programs. It offers the OPTAVIA brand-a highly competitive and effective lifestyle solution centered on developing new healthy habits through smaller, foundational changes called micro-habits. The company was founded by William Vitale in 1981 and is headquartered in Baltimore, MD.
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