StockNews.com Begins Coverage on Medifast (NYSE:MED)

StockNews.com assumed coverage on shares of Medifast (NYSE:MED – Get Rating) in a research note issued to investors on Thursday. The brokerage issued a hold rating on the specialty retailer’s stock.

Separately, DA Davidson decreased their price target on shares of Medifast from $106.00 to $94.00 and set a neutral rating on the stock in a research report on Wednesday, February 22nd.

Medifast Trading Down 1.6 %

NYSE:MED traded down $1.71 during midday trading on Thursday, hitting $102.75. 385,377 shares of the stock were exchanged, compared to its average volume of 243,688. Medifast has a one year low of $96.00 and a one year high of $197.19. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 8.10 and a beta of 1.16. The business has a 50-day moving average price of $112.96 and a two-hundred day moving average price of $115.43.

Medifast Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 9th. Shareholders of record on Tuesday, March 28th will be given a $1.65 dividend. This is a positive change from Medifast’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, March 27th. This represents a $6.60 annualized dividend and a yield of 6.42%. Medifast’s payout ratio is 51.69%.

Insiders Place Their Bets

In other Medifast news, Director Scott Schlackman sold 2,200 shares of Medifast stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $108.68, for a total value of $239,096.00. Following the transaction, the director now owns 7,280 shares in the company, valued at $791,190.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Medifast news, Director Jeffrey J. Brown purchased 571 shares of the stock in a transaction dated Friday, February 3rd. The shares were acquired at an average price of $116.11 per share, for a total transaction of $66,298.81. Following the completion of the acquisition, the director now owns 37,014 shares of the company’s stock, valued at approximately $4,297,695.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Schlackman sold 2,200 shares of Medifast stock in a transaction on Friday, March 10th. The shares were sold at an average price of $108.68, for a total value of $239,096.00. Following the transaction, the director now owns 7,280 shares in the company, valued at approximately $791,190.40. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC grew its holdings in shares of Medifast by 5.9% during the fourth quarter. Voya Investment Management LLC now owns 11,001 shares of the specialty retailer’s stock valued at $1,269,000 after buying an additional 610 shares in the last quarter. Truist Financial Corp purchased a new position in shares of Medifast during the fourth quarter valued at $427,000. Point72 Middle East FZE purchased a new position in shares of Medifast during the fourth quarter valued at $57,000. State of Wyoming grew its holdings in shares of Medifast by 79.2% during the fourth quarter. State of Wyoming now owns 733 shares of the specialty retailer’s stock valued at $85,000 after buying an additional 324 shares in the last quarter. Finally, State of Tennessee Treasury Department grew its stake in Medifast by 43.6% in the fourth quarter. State of Tennessee Treasury Department now owns 11,381 shares of the specialty retailer’s stock valued at $1,312,000 after purchasing an additional 3,456 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Medifast Company Profile

(Get Rating)

Medifast, Inc engages in the provision of healthy living products and programs. It offers the OPTAVIA brand, a lifestyle solution centered on developing new healthy habits through smaller, foundational changes called micro-habits. The firm’s product line includes bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups.