EULAV Asset Management purchased a new stake in Medifast (NYSE:MED) in the 1st quarter, Holdings Channel reports. The institutional investor purchased 10,500 shares of the specialty retailer’s stock, valued at approximately $981,000.
Several other hedge funds also recently modified their holdings of MED. Old Mutual Global Investors UK Ltd. boosted its stake in shares of Medifast by 554.9% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 108,869 shares of the specialty retailer’s stock valued at $7,600,000 after buying an additional 92,244 shares during the period. BlackRock Inc. raised its position in Medifast by 6.1% during the fourth quarter. BlackRock Inc. now owns 1,584,296 shares of the specialty retailer’s stock valued at $110,597,000 after purchasing an additional 91,658 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Medifast during the fourth quarter valued at approximately $5,907,000. Prudential Financial Inc. raised its position in Medifast by 436.6% during the first quarter. Prudential Financial Inc. now owns 103,236 shares of the specialty retailer’s stock valued at $9,648,000 after purchasing an additional 83,998 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Medifast by 63.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 189,619 shares of the specialty retailer’s stock valued at $13,237,000 after purchasing an additional 73,705 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.
MED has been the subject of several research analyst reports. DA Davidson boosted their price objective on shares of Medifast to $108.00 and gave the company a “buy” rating in a research report on Thursday, March 8th. Sidoti upgraded shares of Medifast from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 7th. ValuEngine upgraded shares of Medifast from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Zacks Investment Research upgraded shares of Medifast from a “hold” rating to a “strong-buy” rating and set a $97.00 price objective for the company in a research report on Saturday, March 10th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. Medifast presently has an average rating of “Buy” and an average target price of $95.67.
In related news, Director Michael C. Macdonald sold 20,000 shares of the stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $84.45, for a total value of $1,689,000.00. Following the completion of the sale, the director now directly owns 334,188 shares in the company, valued at $28,222,176.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles P. Connolly sold 8,000 shares of the stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $90.95, for a total value of $727,600.00. Following the completion of the sale, the director now owns 45,342 shares of the company’s stock, valued at $4,123,854.90. The disclosure for this sale can be found here. Insiders have sold 35,500 shares of company stock valued at $3,086,425 over the last quarter. Company insiders own 6.47% of the company’s stock.
Shares of Medifast opened at $132.91 on Friday, according to MarketBeat.com. Medifast has a one year low of $128.31 and a one year high of $129.85. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 46.67, a PEG ratio of 2.38 and a beta of 0.25.
Medifast (NYSE:MED) last announced its quarterly earnings results on Thursday, May 3rd. The specialty retailer reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.15. The company had revenue of $98.60 million during the quarter, compared to the consensus estimate of $89.23 million. Medifast had a net margin of 10.26% and a return on equity of 31.11%. The company’s revenue for the quarter was up 39.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. equities research analysts anticipate that Medifast will post 3.65 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 8th. Stockholders of record on Friday, March 30th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, March 28th. This represents a $1.92 annualized dividend and a dividend yield of 1.44%. Medifast’s dividend payout ratio (DPR) is presently 83.84%.
Medifast, Inc, through its subsidiaries, manufactures and distributes weight loss, weight management, healthy living products, and other consumable health and nutritional products. It offers bars, bites, pretzels, puffs, oatmeal and cereal crunch products, drinks, hearty choices, pancakes, puddings, soft serves, shakes, smoothies, soft bakes, and soups under the Medifast, OPTAVIA, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home, and Essential 1 brands.
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