Medifast Inc. (MED) Reaches New 1-Year High at $36.97
Medifast Inc. (NYSE:MED) shares reached a new 52-week high on Wednesday . The company traded as high as $36.97 and last traded at $36.58, with a volume of 15,750 shares changing hands. The stock had previously closed at $36.71.
MED has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Medifast from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 17th. Wunderlich lifted their target price on shares of Medifast from $32.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, August 4th.
The stock has a 50 day moving average of $34.94 and a 200-day moving average of $32.24. The company has a market cap of $431.39 million and a P/E ratio of 25.55.
Medifast (NYSE:MED) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.12. The company earned $71.14 million during the quarter, compared to analyst estimates of $72.01 million. During the same quarter last year, the company earned $0.53 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities research analysts predict that Medifast Inc. will post $1.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 10th. Stockholders of record on Monday, June 27th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Thursday, June 23rd.
In other news, major shareholder Balanced Master Fund L. Visium sold 1,350,000 shares of the company’s 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 transaction, the insider now owns 1,247,882 shares in the company, valued at $37,748,430.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A hedge fund recently raised its stake in Medifast stock. Schwab Charles Investment Management Inc. raised its stake in Medifast Inc. (NYSE:MED) by 16.6% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 35,760 shares of the company’s stock after buying an additional 5,080 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.30% of Medifast worth $1,087,000 as of its most recent SEC filing.
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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