Riverhead Capital Management LLC purchased a new position in shares of Medifast Inc (NYSE:MED) during the 2nd quarter, HoldingsChannel reports. The firm purchased 1,400 shares of the specialty retailer’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Meadow Creek Investment Management LLC purchased a new stake in Medifast during the 2nd quarter worth about $110,000. Tyers Asset Management LLC purchased a new stake in Medifast during the 2nd quarter worth about $193,000. SG Americas Securities LLC purchased a new stake in Medifast during the 1st quarter worth about $125,000. Janus Henderson Group PLC purchased a new stake in Medifast during the 2nd quarter worth about $232,000. Finally, SeaCrest Wealth Management LLC increased its holdings in Medifast by 37,500.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 1,504 shares of the specialty retailer’s stock worth $241,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 88.55% of the company’s stock.

MED has been the topic of several recent research reports. Zacks Investment Research upgraded Medifast from a “hold” rating to a “strong-buy” rating and set a $229.00 price target on the stock in a report on Thursday, August 9th. DA Davidson increased their price objective on Medifast to $249.00 and gave the company a “buy” rating in a report on Friday, August 3rd. Finally, ValuEngine upgraded Medifast from a “buy” rating to a “strong-buy” rating in a report on Tuesday, September 4th.

MED opened at $242.18 on Tuesday. Medifast Inc has a one year low of $54.23 and a one year high of $246.50. The stock has a market capitalization of $2.83 billion, a PE ratio of 105.76, a price-to-earnings-growth ratio of 2.63 and a beta of 0.30.

Medifast (NYSE:MED) last released its quarterly earnings data on Thursday, August 2nd. The specialty retailer reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.18. Medifast had a return on equity of 37.25% and a net margin of 10.87%. The business had revenue of $117.30 million for the quarter, compared to the consensus estimate of $101.75 million. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue for the quarter was up 55.0% on a year-over-year basis. sell-side analysts forecast that Medifast Inc will post 4.5 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Friday, September 21st will be issued a $0.48 dividend. The ex-dividend date is Thursday, September 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.79%. Medifast’s payout ratio is currently 83.84%.

About Medifast

Medifast, Inc, through its subsidiaries, manufactures and distributes weight loss, weight management, healthy living products, and other consumable health and nutritional products. It offers bars, bites, pretzels, puffs, oatmeal and cereal crunch products, drinks, hearty choices, pancakes, puddings, soft serves, shakes, smoothies, soft bakes, and soups under the Medifast, OPTAVIA, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home, and Essential 1 brands.

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Institutional Ownership by Quarter for Medifast (NYSE:MED)

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