BNP Paribas Arbitrage SA increased its position in shares of Medifast Inc (NYSE:MED) by 36.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,706 shares of the specialty retailer’s stock after purchasing an additional 1,517 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Medifast were worth $339,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MED. Acrospire Investment Management LLC bought a new position in Medifast during the second quarter worth $108,000. Sei Investments Co. lifted its stake in Medifast by 95.9% during the second quarter. Sei Investments Co. now owns 3,922 shares of the specialty retailer’s stock worth $163,000 after purchasing an additional 1,920 shares during the last quarter. AHL Partners LLP bought a new position in Medifast during the second quarter worth $241,000. Thrivent Financial For Lutherans lifted its stake in Medifast by 9.4% during the second quarter. Thrivent Financial For Lutherans now owns 6,760 shares of the specialty retailer’s stock worth $280,000 after purchasing an additional 580 shares during the last quarter. Finally, Stevens Capital Management LP bought a new position in Medifast during the second quarter worth $312,000. Hedge funds and other institutional investors own 86.91% of the company’s stock.
Several brokerages recently issued reports on MED. DA Davidson raised their price objective on Medifast to $89.00 and gave the stock a “buy” rating in a research note on Friday. Zacks Investment Research raised Medifast from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Friday, November 10th. ValuEngine lowered Medifast from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Sidoti reaffirmed a “neutral” rating and issued a $55.00 target price (up from $49.00) on shares of Medifast in a research report on Thursday, September 21st. Finally, BidaskClub raised Medifast from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $74.33.
Medifast (NYSE:MED) last issued its earnings results on Tuesday, November 7th. The specialty retailer reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.04. Medifast had a return on equity of 24.07% and a net margin of 8.58%. The firm had revenue of $77.20 million for the quarter, compared to analyst estimates of $74.94 million. During the same period last year, the company earned $0.51 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. research analysts anticipate that Medifast Inc will post 2.17 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Friday, December 22nd will be given a $0.48 dividend. The ex-dividend date is Thursday, December 21st. This is a positive change from Medifast’s previous quarterly dividend of $0.32. This represents a $1.92 annualized dividend and a yield of 2.62%. Medifast’s dividend payout ratio (DPR) is currently 63.05%.
In other news, Director Glenn W. Welling sold 250,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $65.00, for a total transaction of $16,250,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Glenn W. Welling sold 275,000 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $64.60, for a total value of $17,765,000.00. The disclosure for this sale can be found here. Insiders sold 550,000 shares of company stock worth $34,019,500 over the last ninety days. 5.40% of the stock is owned by corporate insiders.
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Medifast, Inc produces, distributes and sells weight loss, weight management, and healthy living products, and other consumable health and nutritional products. The Company’s product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins.
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