Bank of New York Mellon Corp reduced its stake in shares of Medifast Inc. (NYSE:MED) by 12.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,975 shares of the company’s stock after selling 20,542 shares during the period. Bank of New York Mellon Corp owned 1.22% of Medifast worth $4,822,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Kennedy Capital Management Inc. raised its position in Medifast by 124.1% in the first quarter. Kennedy Capital Management Inc. now owns 305,806 shares of the company’s stock valued at $9,232,000 after buying an additional 169,343 shares during the last quarter. Renaissance Technologies LLC raised its position in Medifast by 10.9% in the first quarter. Renaissance Technologies LLC now owns 827,900 shares of the company’s stock valued at $24,994,000 after buying an additional 81,600 shares during the last quarter. Prudential Financial Inc. raised its position in Medifast by 250.7% in the first quarter. Prudential Financial Inc. now owns 88,951 shares of the company’s stock valued at $2,685,000 after buying an additional 63,585 shares during the last quarter. Acadian Asset Management LLC raised its position in Medifast by 16.5% in the first quarter. Acadian Asset Management LLC now owns 156,016 shares of the company’s stock valued at $4,709,000 after buying an additional 22,098 shares during the last quarter. Finally, Capital Fund Management S.A. acquired a new position in Medifast during the second quarter valued at approximately $652,000. Hedge funds and other institutional investors own 87.33% of the company’s stock.
Shares of Medifast Inc. (NYSE:MED) traded down 0.42% during mid-day trading on Friday, reaching $38.20. 89,916 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $36.68 and a 200-day moving average price of $33.36. The company has a market capitalization of $452.59 million, a P/E ratio of 26.81 and a beta of 0.63. Medifast Inc. has a 1-year low of $26.14 and a 1-year high of $39.16.
Medifast (NYSE:MED) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.12. The firm had revenue of $71.14 million for the quarter, compared to analysts’ expectations of $72.01 million. Medifast had a return on equity of 24.46% and a net margin of 6.29%. Medifast’s revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. On average, equities research analysts forecast that Medifast Inc. will post $1.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, September 23rd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $1.00 dividend on an annualized basis and a yield of 2.62%. Medifast’s dividend payout ratio is currently 69.44%.
MED has been the topic of several research reports. Zacks Investment Research upgraded shares of Medifast from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a report on Thursday, August 11th. Wunderlich increased their price objective on shares of Medifast from $32.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, August 4th.
Medifast, Inc (Medifast) is engaged in the production, distribution and sale of weight loss, weight management and healthy living products, and other consumable health and diet products. The Company operates through its subsidiaries, Jason Pharmaceuticals, Inc, Take Shape For Life, Inc, Jason Enterprises, Inc, Medifast Franchise Systems (MFSI), Inc, Jason Properties, LLC, Medifast Nutrition, Inc and Seven Crondall, LLC.
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