Medifast Inc. (MED) Reaches New 52-Week High at $36.70
Medifast Inc. (NYSE:MED)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $36.70 and last traded at $36.57, with a volume of 16,924 shares changing hands. The stock had previously closed at $36.29.
Several brokerages recently issued reports on MED. Zacks Investment Research upgraded Medifast from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research note on Thursday, August 11th. Wunderlich boosted their price target on Medifast from $32.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, August 4th.
The firm’s 50 day moving average is $34.80 and its 200-day moving average is $32.06. The company has a market cap of $435.89 million and a P/E ratio of 25.82.
Medifast (NYSE:MED) last announced its quarterly earnings data 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 the consensus estimate of $72.01 million. During the same quarter in the previous year, the business earned $0.53 EPS. Medifast’s revenue was down 1.4% on a year-over-year basis. Equities research analysts predict that Medifast Inc. will post $1.86 earnings per share for the current year.
The business also recently disclosed 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 was Thursday, June 23rd.
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 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 approximately $37,748,430.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
A hedge fund recently bought a new stake in Medifast stock. Matarin Capital Management LLC acquired a new stake in shares of Medifast Inc. (NYSE:MED) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 62,747 shares of the company’s stock, valued at approximately $1,906,000. Matarin Capital Management LLC owned 0.53% of Medifast as of its most recent filing with the SEC.
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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