Royal Bank of Canada boosted its stake in Medifast Inc (NYSE:MED) by 423.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 69,400 shares of the specialty retailer’s stock after purchasing an additional 56,152 shares during the period. Royal Bank of Canada’s holdings in Medifast were worth $8,904,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Nuveen Asset Management LLC increased its position in Medifast by 4,753.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 178,507 shares of the specialty retailer’s stock worth $22,902,000 after purchasing an additional 174,829 shares during the period. Hoplite Capital Management L.P. boosted its stake in shares of Medifast by 55.9% during the 2nd quarter. Hoplite Capital Management L.P. now owns 408,828 shares of the specialty retailer’s stock worth $52,453,000 after acquiring an additional 146,568 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Medifast by 56.7% during the 2nd quarter. Pictet Asset Management Ltd. now owns 292,731 shares of the specialty retailer’s stock worth $37,557,000 after acquiring an additional 105,886 shares in the last quarter. Lombard Odier Asset Management USA Corp purchased a new stake in shares of Medifast during the 1st quarter worth approximately $9,116,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Medifast by 4,090.8% during the 2nd quarter. Victory Capital Management Inc. now owns 59,510 shares of the specialty retailer’s stock worth $7,635,000 after acquiring an additional 58,090 shares in the last quarter. Hedge funds and other institutional investors own 97.27% of the company’s stock.

MED stock opened at $99.00 on Wednesday. Medifast Inc has a 1 year low of $96.40 and a 1 year high of $219.99. The stock’s 50 day moving average price is $103.07 and its 200 day moving average price is $122.55. The firm has a market cap of $1.23 billion, a P/E ratio of 21.43 and a beta of 0.69.

Medifast (NYSE:MED) last posted its earnings results on Thursday, August 1st. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. Medifast had a return on equity of 61.06% and a net margin of 11.22%. The firm had revenue of $187.10 million for the quarter, compared to analyst estimates of $181.74 million. During the same quarter in the prior year, the company earned $1.16 EPS. Medifast’s revenue was up 59.5% on a year-over-year basis. On average, analysts anticipate that Medifast Inc will post 6.86 EPS for the current year.

The business also recently announced a — dividend, which will be paid on Thursday, November 7th. Investors of record on Friday, September 27th will be paid a $0.75 dividend. This represents a yield of 2.8%. The ex-dividend date of this dividend is Thursday, September 26th. Medifast’s payout ratio is currently 64.94%.

Several equities research analysts have recently commented on MED shares. Jefferies Financial Group started coverage on Medifast in a research note on Thursday, July 25th. They set a “buy” rating and a $130.00 price target on the stock. Zacks Investment Research lowered Medifast from a “buy” rating to a “hold” rating in a research note on Thursday, October 3rd. ValuEngine raised Medifast from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, DA Davidson set a $250.00 price target on Medifast and gave the stock a “buy” rating in a research note on Monday, September 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $178.00.

Medifast Profile

Medifast, Inc, through its subsidiaries, manufactures and distributes weight loss, weight management, healthy living products, and other consumable health and nutritional products. It offers bars, bites, pretzels, puffs, oatmeal and cereal crunch products, drinks, hearty choices, pancakes, puddings, soft serves, shakes, smoothies, soft bakes, and soups under the Medifast, OPTAVIA, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home, and Essential 1 brands.

Read More: Price Target

Want to see what other hedge funds are holding MED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medifast Inc (NYSE:MED).

Institutional Ownership by Quarter for Medifast (NYSE:MED)

Receive News & Ratings for Medifast Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medifast and related companies with MarketBeat.com's FREE daily email newsletter.