Medifast Inc. (MED) Hits New 12-Month High at $35.87
Shares of Medifast Inc. (NYSE:MED) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $35.87 and last traded at $35.76, with a volume of 54,429 shares. The stock had previously closed at $35.22.
Separately, Zacks Investment Research raised shares of Medifast from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Wednesday, April 6th.
The stock has a market capitalization of $418.01 million and a P/E ratio of 21.26. The stock’s 50 day moving average is $33.43 and its 200 day moving average is $31.35.
Medifast (NYSE:MED) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.09. During the same period in the prior year, the business posted $0.46 EPS. The company earned $72.30 million during the quarter, compared to analysts’ expectations of $69.31 million. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, analysts forecast that Medifast Inc. will post $1.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 10th. Investors of record on Monday, June 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, June 23rd. This represents a $1.00 dividend on an annualized basis and a yield of 2.83%.
In other Medifast news, major shareholder Balanced Master Fund L. Visium sold 1,350,000 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $30.25, for a total transaction 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 approximately $37,748,430.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
A number of large investors have made changes to their positions in MED. Dimensional Fund Advisors LP raised its stake 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 worth $14,857,000 after buying an additional 2,167 shares during the last quarter. Matarin Capital Management LLC purchased a new stake in shares of Medifast during the fourth quarter valued at about $1,906,000. Finally, California Public Employees Retirement System raised its stake 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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