Medifast Inc. (MED) Sets New 12-Month High at $36.97
Medifast Inc. (NYSE:MED)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $36.97 and last traded at $36.58, with a volume of 15,750 shares trading hands. The stock had previously closed at $36.71.
Several brokerages have recently weighed in on MED. Wunderlich increased their price objective on shares of Medifast from $32.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, August 4th. Zacks Investment Research raised shares of Medifast from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research report on Thursday, August 11th.
The firm has a market cap of $435.18 million and a price-to-earnings ratio of 25.78. The company has a 50-day moving average price of $35.11 and a 200-day moving average price of $32.30.
Medifast (NYSE:MED) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. The business earned $71.14 million during the quarter, compared to analyst estimates of $72.01 million. During the same period in the previous year, the business posted $0.53 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities research analysts anticipate that Medifast Inc. will post $1.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 10th. Investors of record on Monday, June 27th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Thursday, June 23rd.
In related news, major shareholder Balanced Master Fund L. Visium sold 1,350,000 shares of Medifast stock in a transaction 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 owns 1,247,882 shares of the company’s stock, valued at approximately $37,748,430.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
An institutional investor recently raised its position in Medifast stock. Schwab Charles Investment Management Inc. boosted its position in Medifast Inc. (NYSE:MED) by 16.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. 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 about 0.30% of Medifast worth $1,087,000 at the end of the most recent 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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