Glenn W. Welling Acquires 35,000 Shares of Medifast Inc. (MED) Stock
Medifast Inc. (NYSE:MED) Director Glenn W. Welling acquired 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was purchased at an average cost of $39.02 per share, with a total value of $1,365,700.00. Following the acquisition, the director now directly owns 2,670 shares of the company’s stock, valued at $104,183.40. The purchase was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Medifast Inc. (NYSE:MED) opened at 40.64 on Friday. Medifast Inc. has a one year low of $27.12 and a one year high of $42.14. The company has a market cap of $481.50 million, a price-to-earnings ratio of 27.55 and a beta of 0.72. The company has a 50 day moving average price of $39.61 and a 200 day moving average price of $35.96.
Medifast (NYSE:MED) last posted its earnings results on Thursday, November 3rd. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The company earned $68.57 million during the quarter, compared to analyst estimates of $66.79 million. Medifast had a return on equity of 24.64% and a net margin of 6.43%. Medifast’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. Equities analysts predict that Medifast Inc. will post $1.88 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, September 23rd were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 21st. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%. Medifast’s dividend payout ratio is currently 67.11%.
A number of hedge funds have recently bought and sold shares of MED. Smith Asset Management Group LP raised its stake in Medifast by 2.0% in the third quarter. Smith Asset Management Group LP now owns 3,038 shares of the company’s stock worth $115,000 after buying an additional 60 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Medifast by 98.8% in the second quarter. BNP Paribas Arbitrage SA now owns 3,087 shares of the company’s stock valued at $103,000 after buying an additional 1,534 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of Medifast during the third quarter valued at approximately $136,000. IFP Advisors Inc raised its stake in shares of Medifast by 3,830.0% in the second quarter. IFP Advisors Inc now owns 3,930 shares of the company’s stock valued at $131,000 after buying an additional 3,830 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of Medifast during the third quarter valued at approximately $195,000. Institutional investors own 90.37% of the company’s stock.
MED has been the subject of several research analyst reports. Wunderlich lifted their price objective on Medifast from $32.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, August 4th. Zacks Investment Research raised Medifast from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a report on Thursday, August 11th.
Medifast Company Profile
Medifast, Inc (Medifast) is engaged in the production, distribution and sale of weight loss, weight management and healthy living products, and other consumable health and diet products. The Company operates through its 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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