First Citizens Bank & Trust Co. trimmed its position in Medifast Inc (NYSE:MED) by 15.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,784 shares of the specialty retailer’s stock after selling 332 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medifast were worth $228,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MED. Loeb Partners Corp acquired a new stake in shares of Medifast during the 4th quarter valued at $25,000. Cutler Group LP lifted its position in shares of Medifast by 133.3% during the 4th quarter. Cutler Group LP now owns 300 shares of the specialty retailer’s stock valued at $37,000 after acquiring an additional 1,200 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of Medifast by 41.8% during the 4th quarter. Macquarie Group Ltd. now owns 339 shares of the specialty retailer’s stock valued at $42,000 after acquiring an additional 100 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in shares of Medifast during the 4th quarter valued at $159,000. Finally, LS Investment Advisors LLC lifted its position in shares of Medifast by 8.1% during the 4th quarter. LS Investment Advisors LLC now owns 1,502 shares of the specialty retailer’s stock valued at $188,000 after acquiring an additional 113 shares during the last quarter. Hedge funds and other institutional investors own 95.42% of the company’s stock.
MED opened at $139.90 on Wednesday. The firm has a market capitalization of $1.63 billion, a PE ratio of 30.28, a price-to-earnings-growth ratio of 1.06 and a beta of 0.63. Medifast Inc has a 12-month low of $95.88 and a 12-month high of $260.98.
Medifast (NYSE:MED) last released its earnings results on Tuesday, February 26th. The specialty retailer reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. The company had revenue of $145.80 million during the quarter, compared to analyst estimates of $141.86 million. Medifast had a return on equity of 51.04% and a net margin of 11.14%. The company’s revenue for the quarter was up 86.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. As a group, sell-side analysts expect that Medifast Inc will post 6.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, March 29th will be issued a $0.75 dividend. The ex-dividend date is Thursday, March 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.14%. Medifast’s payout ratio is currently 64.94%.
MED has been the subject of a number of recent research reports. Sidoti increased their price objective on Medifast from $211.00 to $216.00 and gave the company a “buy” rating in a research report on Wednesday, February 27th. Zacks Investment Research upgraded Medifast from a “hold” rating to a “strong-buy” rating and set a $146.00 price objective for the company in a research report on Tuesday, March 5th. Finally, ValuEngine upgraded Medifast from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd.
In other Medifast news, Director Scott Schlackman sold 2,000 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $130.92, for a total transaction of $261,840.00. Following the transaction, the director now directly owns 7,045 shares of the company’s stock, valued at $922,331.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carl E. Sassano sold 5,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $135.47, for a total transaction of $677,350.00. Following the transaction, the director now directly owns 13,156 shares in the company, valued at $1,782,243.32. The disclosure for this sale can be found here. Insiders sold 9,500 shares of company stock valued at $1,263,690 in the last 90 days. Corporate insiders own 4.30% of the company’s stock.
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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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