Cadence Capital Management LLC lifted its position in Medifast Inc (NYSE:MED) by 7.7% during the 4th quarter, Holdings Channel reports. The firm owned 30,389 shares of the specialty retailer’s stock after buying an additional 2,180 shares during the quarter. Cadence Capital Management LLC’s holdings in Medifast were worth $2,121,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Crossmark Global Holdings Inc. bought a new stake in shares of Medifast in the 4th quarter worth about $302,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Medifast in the 4th quarter worth about $101,000. Aperio Group LLC grew its holdings in shares of Medifast by 31.9% in the 4th quarter. Aperio Group LLC now owns 48,958 shares of the specialty retailer’s stock worth $3,418,000 after purchasing an additional 11,839 shares during the last quarter. Alambic Investment Management L.P. bought a new stake in shares of Medifast in the 4th quarter worth about $336,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Medifast by 6.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,541 shares of the specialty retailer’s stock worth $945,000 after purchasing an additional 821 shares during the last quarter. 86.93% of the stock is currently owned by institutional investors and hedge funds.
In other Medifast news, Director Glenn W. Welling sold 250,000 shares of the stock in a transaction dated Monday, November 13th. The shares were 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 is accessible through this link. Also, Director Glenn W. Welling sold 275,000 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $64.60, for a total transaction of $17,765,000.00. The disclosure for this sale can be found here. 6.47% of the stock is owned by corporate insiders.
Medifast (NYSE:MED) last issued its quarterly earnings data on Tuesday, November 7th. The specialty retailer reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. Medifast had a net margin of 8.58% and a return on equity of 24.07%. The firm had revenue of $77.20 million for the quarter, compared to analyst estimates of $74.94 million. During the same quarter in the prior year, the firm earned $0.51 EPS. The company’s revenue was up 12.5% on a year-over-year basis. equities analysts anticipate that Medifast Inc will post 2.17 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 8th. Shareholders of record on Friday, December 22nd were issued a dividend of $0.48 per share. The ex-dividend date was Thursday, December 21st. This represents a $1.92 dividend on an annualized basis and a yield of 2.88%. This is a positive change from Medifast’s previous quarterly dividend of $0.32. Medifast’s dividend payout ratio is currently 94.12%.
Several research firms have recently weighed in on MED. ValuEngine lowered shares of Medifast from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Zacks Investment Research raised shares of Medifast from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a report on Friday, January 5th. Finally, DA Davidson upped their target price on shares of Medifast to $89.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $75.00.
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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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