Medifast Inc. (MED) Sees Unusually-High Trading Volume
Medifast Inc. (NYSE:MED) shares saw strong trading volume on Friday . 211,857 shares traded hands 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 cut Medifast from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 17th.
The stock has a market cap of $404.86 million and a price-to-earnings ratio of 20.59. The stock has a 50-day moving average of $33.05 and a 200 day moving average of $30.88.
Medifast (NYSE:MED) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.09. The firm had revenue of $72.30 million for the quarter, compared to analysts’ expectations of $69.31 million. During the same quarter in the previous year, the business earned $0.46 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. Equities research analysts expect that Medifast Inc. will post $1.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 10th. Stockholders of record on Monday, June 27th will be given a dividend of $0.25 per share. 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 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 transaction, the insider now owns 1,247,882 shares in the company, valued at $37,748,430.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Other hedge funds and institutional investors have made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Medifast by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 61,470 shares of the company’s stock worth $1,867,000 after buying an additional 1,394 shares during the last quarter. Matarin Capital Management LLC acquired a new position in shares of Medifast during the fourth quarter worth approximately $1,906,000. 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 worth $2,233,000 after buying an additional 700 shares during 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 worth $2,746,000 after buying an additional 2,600 shares during the last quarter. Finally, 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 worth $2,804,000 after buying an additional 4,123 shares during 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.