Medifast Inc. (MED) Sees Strong Trading Volume
Medifast Inc. (NYSE:MED) saw unusually-strong trading volume on Friday . Approximately 211,857 shares were traded during trading, an increase of 66% from the previous session’s volume of 127,417 shares.The stock last traded at $34.18 and had previously closed at $33.70.
Separately, Zacks Investment Research upgraded Medifast from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Wednesday, April 6th.
The company’s 50 day moving average is $33.05 and its 200 day moving average is $30.88. The company has a market cap of $404.86 million and a price-to-earnings ratio of 20.59.
Medifast (NYSE:MED) last released its quarterly earnings results on Wednesday, May 4th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.09. The business earned $72.30 million during the quarter, compared to analyst estimates of $69.31 million. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Analysts predict that Medifast Inc. will post $1.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 10th. Stockholders of record on Monday, June 27th will be given a $0.25 dividend. The ex-dividend date is Thursday, June 23rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.93%.
In other news, major shareholder Balanced Master Fund L. Visium sold 1,350,000 shares of Medifast stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $30.25, for a total value of $40,837,500.00. Following the completion of the sale, the insider now directly owns 1,247,882 shares in the company, valued at $37,748,430.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of hedge funds and institutional investors have recently made changes to their positions in MED. Dimensional Fund Advisors LP increased its position in shares of Medifast by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 489,024 shares of the company’s stock valued at $14,857,000 after buying an additional 2,167 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Medifast by 88.5% in the fourth quarter. GSA Capital Partners LLP now owns 97,599 shares of the company’s stock valued at $2,965,000 after buying an additional 45,821 shares in the last quarter. Oxford Asset Management increased its position in shares of Medifast by 4.7% in the fourth quarter. Oxford Asset Management now owns 91,848 shares of the company’s stock valued at $2,804,000 after buying an additional 4,123 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Medifast by 3.0% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 90,384 shares of the company’s stock valued at $2,746,000 after buying an additional 2,600 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Medifast by 1.0% in the fourth quarter. California Public Employees Retirement System now owns 73,500 shares of the company’s stock valued at $2,233,000 after buying an additional 700 shares in the last quarter.
Medifast, Inc (Medifast) is engaged in the production, distribution, and sale of weight loss and weight management products and other consumable health and diet products. The Company’s operations are primarily conducted through its wholly owned 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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