Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Medifast Inc. (NYSE:MED) by 7.7% during the second quarter, Holdings Channel reports. The institutional investor owned 9,620 shares of the company’s stock after buying an additional 685 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned 0.08% of Medifast worth $320,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of MED. Kennedy Capital Management Inc. boosted its stake 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 boosted its stake 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. boosted its stake 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. Emerald Acquisition Ltd. bought a new stake in Medifast during the second quarter valued at $1,688,000. Finally, Capital Fund Management S.A. bought a new stake in Medifast during the second quarter valued at $652,000. 87.33% of the stock is currently owned by institutional investors.
Shares of Medifast Inc. (NYSE:MED) traded up 1.02% on Wednesday, reaching $37.56. 20,507 shares of the company’s stock were exchanged. The company has a market cap of $445.01 million, a price-to-earnings ratio of 26.36 and a beta of 0.63. Medifast Inc. has a 12 month low of $26.14 and a 12 month high of $39.16. The firm’s 50-day moving average price is $36.80 and its 200 day moving average price is $33.51.
Medifast (NYSE:MED) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.51 by $0.12. Medifast had a net margin of 6.29% and a return on equity of 24.46%. The firm had revenue of $71.14 million for the quarter, compared to analysts’ expectations of $72.01 million. During the same period in the previous year, the firm posted $0.53 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Equities research analysts predict that Medifast Inc. will post $1.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 23rd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $1.00 annualized dividend and a dividend yield of 2.69%. Medifast’s dividend payout ratio is presently 69.44%.
MED has been the subject of several research reports. Zacks Investment Research upgraded shares of Medifast from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a research note on Thursday, August 11th. Wunderlich increased their target price on shares of Medifast from $32.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, August 4th.
Medifast Company Profile
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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