Medifast Inc (MED) Director Sells $16,250,000.00 in Stock
Medifast Inc (NYSE:MED) Director Glenn W. Welling sold 250,000 shares of Medifast stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $65.00, for a total transaction of $16,250,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Medifast Inc (NYSE:MED) traded up $0.90 during mid-day trading on Wednesday, hitting $67.83. 160,900 shares of the stock were exchanged, compared to its average volume of 92,823. Medifast Inc has a one year low of $38.43 and a one year high of $71.73. The company has a market capitalization of $798.72, a price-to-earnings ratio of 32.97, a P/E/G ratio of 2.06 and a beta of 0.45.
Medifast (NYSE:MED) last released its quarterly earnings data on Tuesday, November 7th. The specialty retailer reported $0.55 EPS for the quarter, beating 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 company had revenue of $77.20 million during the quarter, compared to analyst estimates of $74.94 million. During the same period last year, the business earned $0.51 earnings per share. Medifast’s revenue was up 12.5% compared to the same quarter last year. analysts anticipate that Medifast Inc will post 2.17 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 22nd were given a dividend of $0.32 per share. The ex-dividend date was Thursday, September 21st. This represents a $1.28 annualized dividend and a yield of 1.89%. Medifast’s payout ratio is presently 63.05%.
Institutional investors have recently made changes to their positions in the business. Acrospire Investment Management LLC bought a new stake in Medifast during the second quarter valued at approximately $108,000. Sei Investments Co. lifted its position in Medifast by 95.9% during the second quarter. Sei Investments Co. now owns 3,922 shares of the specialty retailer’s stock valued at $163,000 after purchasing an additional 1,920 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in Medifast by 86.2% during the second quarter. BNP Paribas Arbitrage SA now owns 4,189 shares of the specialty retailer’s stock valued at $174,000 after purchasing an additional 1,939 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Medifast during the second quarter valued at approximately $203,000. Finally, OppenheimerFunds Inc. bought a new stake in Medifast during the first quarter valued at approximately $218,000. Institutional investors and hedge funds own 90.67% of the company’s stock.
Several research firms have recently weighed in on MED. Zacks Investment Research upgraded shares of Medifast from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Friday, November 10th. Sidoti restated a “neutral” rating and issued a $55.00 price objective (up from $49.00) on shares of Medifast in a research report on Thursday, September 21st. BidaskClub upgraded shares of Medifast from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Finally, DA Davidson raised their price objective on shares of Medifast from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, September 15th.
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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