Bank of America Corp DE boosted its position in Medifast Inc (NYSE:MED) by 501.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,353 shares of the specialty retailer’s stock after buying an additional 42,815 shares during the period. Bank of America Corp DE’s holdings in Medifast were worth $2,278,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MED. Mason Street Advisors LLC raised its position in Medifast by 7.0% in the first quarter. Mason Street Advisors LLC now owns 2,604 shares of the specialty retailer’s stock worth $116,000 after buying an additional 170 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in Medifast during the first quarter worth approximately $179,000. OppenheimerFunds Inc. purchased a new position in Medifast during the first quarter worth approximately $218,000. Cambridge Investment Research Advisors Inc. raised its position in Medifast by 1.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,173 shares of the specialty retailer’s stock worth $230,000 after buying an additional 91 shares in the last quarter. Finally, Bowling Portfolio Management LLC purchased a new position in Medifast during the first quarter worth approximately $237,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Shares of Medifast Inc (MED) traded down 0.42% during midday trading on Friday, hitting $49.54. 35,060 shares of the company’s stock were exchanged. The firm has a market cap of $590.91 million, a price-to-earnings ratio of 24.89 and a beta of 0.48. Medifast Inc has a 52 week low of $35.38 and a 52 week high of $51.04. The company has a 50-day moving average of $42.20 and a 200-day moving average of $43.26.

Medifast (NYSE:MED) last announced its earnings results on Tuesday, August 8th. The specialty retailer reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.10. Medifast had a net margin of 8.62% and a return on equity of 24.25%. The business had revenue of $75.70 million during the quarter, compared to analysts’ expectations of $71.96 million. During the same quarter in the prior year, the company posted $0.63 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. Equities research analysts expect that Medifast Inc will post $2.12 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 9th. Shareholders of record on Friday, June 23rd were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Wednesday, June 21st. Medifast’s dividend payout ratio (DPR) is currently 64.32%.

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A number of equities analysts recently commented on MED shares. Sidoti lowered shares of Medifast from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 2nd. BidaskClub raised shares of Medifast from a “strong sell” rating to a “sell” rating in a research note on Friday.

About Medifast

Medifast, Inc is engaged in the production, distribution and sale of weight loss, weight management and healthy living products, and other consumable health and nutritional products. Medifast product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products and vitamins.

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Institutional Ownership by Quarter for Medifast (NYSE:MED)

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