Alps Advisors Inc. Takes $506,000 Position in Medifast Inc (MED)
Alps Advisors Inc. purchased a new position in shares of Medifast Inc (NYSE:MED) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,519 shares of the specialty retailer’s stock, valued at approximately $506,000. Alps Advisors Inc. owned about 0.07% of Medifast as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new position in shares of Medifast during the second quarter worth about $108,000. Sei Investments Co. grew its position in shares of 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 acquiring an additional 1,920 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Medifast by 86.2% during the second quarter. BNP Paribas Arbitrage SA now owns 4,189 shares of the specialty retailer’s stock worth $174,000 after acquiring an additional 1,939 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Medifast during the second quarter worth about $203,000. Finally, OppenheimerFunds Inc. bought a new position in shares of Medifast during the first quarter worth about $218,000. Institutional investors and hedge funds own 90.67% of the company’s stock.
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Shares of Medifast Inc (MED) opened at $67.03 on Friday. The firm has a market cap of $776.16, a PE ratio of 33.41, a P/E/G ratio of 2.08 and a beta of 0.45. Medifast Inc has a 1-year low of $38.43 and a 1-year high of $71.73.
Medifast (NYSE:MED) last posted its quarterly earnings data on Tuesday, November 7th. The specialty retailer reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. The business had revenue of $77.20 million during the quarter, compared to the consensus estimate of $74.94 million. Medifast had a net margin of 8.58% and a return on equity of 24.07%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 earnings per share. research analysts predict that Medifast Inc will post 2.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Friday, September 22nd were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Thursday, September 21st. Medifast’s payout ratio is currently 62.75%.
Several equities analysts have recently commented on MED shares. BidaskClub upgraded shares of Medifast from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. DA Davidson began coverage on shares of Medifast in a research report on Wednesday, August 16th. They set a “buy” rating for the company. Sidoti reaffirmed a “neutral” rating and issued a $55.00 price objective (up previously from $49.00) on shares of Medifast in a report on Thursday, September 21st. Finally, Zacks Investment Research raised shares of Medifast from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Friday, November 10th.
In related news, Director Glenn W. Welling sold 250,000 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $65.00, for a total value of $16,250,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 406,500 shares of company stock valued at $16,278,170 in the last ninety days. Corporate insiders own 6.47% of the company’s stock.
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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