Systematic Financial Management LP lessened its holdings in Medifast Inc (NYSE:MED) by 27.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,388 shares of the specialty retailer’s stock after selling 10,300 shares during the quarter. Systematic Financial Management LP owned approximately 0.23% of Medifast worth $1,626,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Acrospire Investment Management LLC purchased a new position in shares of Medifast during the 2nd quarter worth approximately $108,000. Sei Investments Co. lifted its holdings in shares of Medifast by 95.9% during the 2nd quarter. Sei Investments Co. now owns 3,922 shares of the specialty retailer’s stock valued at $163,000 after acquiring an additional 1,920 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Medifast by 86.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,189 shares of the specialty retailer’s stock valued at $174,000 after acquiring an additional 1,939 shares in the last quarter. AHL Partners LLP acquired a new position in shares of Medifast during the 2nd quarter valued at $241,000. Finally, Macquarie Group Ltd. acquired a new position in shares of Medifast during the 3rd quarter valued at $267,000. 86.91% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on MED. Zacks Investment Research upgraded shares of Medifast from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a report on Friday, November 10th. ValuEngine lowered shares of Medifast from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Sidoti reiterated a “neutral” rating and issued a $55.00 price objective (up previously from $49.00) on shares of Medifast in a report on Thursday, September 21st. BidaskClub upgraded shares of Medifast from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Finally, DA Davidson boosted their price objective on shares of Medifast from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, September 15th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.33.
In other Medifast news, Director Glenn W. Welling sold 275,000 shares of Medifast stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $64.60, for a total value of $17,765,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Glenn W. Welling sold 250,000 shares of Medifast stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $65.00, for a total transaction of $16,250,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 550,000 shares of company stock valued at $34,019,500 in the last quarter. 5.40% of the stock is currently owned by corporate insiders.
Medifast Inc (NYSE MED) traded up $1.23 on Wednesday, hitting $66.94. 105,400 shares of the stock traded hands, compared to its average volume of 96,066. Medifast Inc has a one year low of $38.75 and a one year high of $71.73. The company has a market cap of $784.16, a P/E ratio of 32.37, a P/E/G ratio of 2.02 and a beta of 0.51.
Medifast (NYSE:MED) last released its earnings results on Tuesday, November 7th. The specialty retailer reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. Medifast had a net margin of 8.58% and a return on equity of 24.07%. The business had revenue of $77.20 million during the quarter, compared to analyst estimates of $74.94 million. During the same period in the prior year, the business earned $0.51 earnings per share. The business’s quarterly revenue was up 12.5% on a year-over-year basis. analysts anticipate that Medifast Inc will post 2.17 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 22nd were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Thursday, September 21st. Medifast’s dividend payout ratio (DPR) is presently 63.05%.
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Medifast Company Profile
Medifast, Inc produces, distributes and sells weight loss, weight management, and healthy living products, and other consumable health and nutritional products. The Company’s product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins.
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