First Citizens Bank & Trust Co. reduced its stake in shares of Medifast Inc. (NYSE:MED) by 6.4% during the second quarter, Holdings Channel reports. The institutional investor owned 16,524 shares of the company’s stock after selling 1,129 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medifast were worth $550,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of MED. ClariVest Asset Management LLC boosted its position in Medifast by 11.3% in the second quarter. ClariVest Asset Management LLC now owns 79,882 shares of the company’s stock valued at $2,658,000 after buying an additional 8,100 shares in the last quarter. Capital Fund Management S.A. bought a new position in Medifast during the second quarter valued at about $652,000. Eqis Capital Management Inc. boosted its position in Medifast by 2.2% in the second quarter. Eqis Capital Management Inc. now owns 15,438 shares of the company’s stock valued at $514,000 after buying an additional 337 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in Medifast by 98.8% in the second quarter. BNP Paribas Arbitrage SA now owns 3,087 shares of the company’s stock valued at $103,000 after buying an additional 1,534 shares in the last quarter. Finally, Renaissance Technologies LLC boosted 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 in the last quarter. 87.40% of the stock is currently owned by institutional investors.
Shares of Medifast Inc. (NYSE:MED) traded up 0.86% during mid-day trading on Friday, reaching $39.87. 76,848 shares of the company’s stock traded hands. Medifast Inc. has a 52 week low of $27.12 and a 52 week high of $39.98. The company’s 50 day moving average is $37.73 and its 200-day moving average is $34.33. The firm has a market cap of $472.38 million, a price-to-earnings ratio of 27.98 and a beta of 0.65.
Medifast (NYSE:MED) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ 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 net margin of 6.29% and a return on equity of 24.46%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 earnings per share. Equities analysts expect that Medifast Inc. will post $1.86 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 23rd will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 21st. This represents a $1.00 annualized dividend and a yield of 2.51%. Medifast’s dividend payout ratio is 69.44%.
Several research analysts have issued reports on the company. Wunderlich upped their price target on Medifast from $32.00 to $36.00 and gave the company a “hold” rating in a report on Thursday, August 4th. Zacks Investment Research raised 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.
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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