Envestnet Asset Management Inc. Raises Stock Position in Medifast, Inc. (NYSE:MED)

Envestnet Asset Management Inc. raised its stake in Medifast, Inc. (NYSE:MED) by 4.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,200 shares of the specialty retailer’s stock after buying an additional 182 shares during the period. Envestnet Asset Management Inc.’s holdings in Medifast were worth $890,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MED. Vantage Consulting Group Inc purchased a new position in shares of Medifast during the 4th quarter worth approximately $52,000. Public Employees Retirement System of Ohio increased its stake in shares of Medifast by 17.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 268 shares of the specialty retailer’s stock worth $53,000 after purchasing an additional 40 shares in the last quarter. Veriti Management LLC purchased a new position in shares of Medifast during the 4th quarter worth approximately $78,000. CAPROCK Group Inc. purchased a new position in shares of Medifast during the 1st quarter worth approximately $213,000. Finally, CWA Asset Management Group LLC purchased a new position in shares of Medifast during the 4th quarter worth approximately $219,000. 81.51% of the stock is owned by institutional investors.

Several research firms have commented on MED. DA Davidson lifted their target price on shares of Medifast from $302.00 to $395.00 and gave the stock a “buy” rating in a research note on Wednesday, May 5th. B. Riley lifted their target price on shares of Medifast from $310.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, May 5th.

In other news, Director Jeffrey J. Brown acquired 180 shares of the business’s stock in a transaction on Thursday, May 6th. The shares were purchased at an average price of $225.04 per share, for a total transaction of $40,507.20. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Schlackman sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 19th. The stock was sold at an average price of $310.23, for a total transaction of $310,230.00. Following the completion of the transaction, the director now owns 5,231 shares in the company, valued at approximately $1,622,813.13. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

NYSE:MED opened at $290.39 on Friday. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 27.42 and a beta of 1.44. The company’s fifty day simple moving average is $270.83. Medifast, Inc. has a twelve month low of $99.59 and a twelve month high of $336.99.

Medifast (NYSE:MED) last posted its earnings results on Tuesday, May 4th. The specialty retailer reported $3.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.72 by $0.74. The business had revenue of $340.70 million for the quarter, compared to analyst estimates of $279.12 million. Medifast had a net margin of 11.44% and a return on equity of 85.97%. The business’s revenue was up 90.9% compared to the same quarter last year. As a group, analysts forecast that Medifast, Inc. will post 13.62 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 6th. Shareholders of record on Tuesday, June 22nd will be issued a $1.42 dividend. The ex-dividend date is Monday, June 21st. This represents a $5.68 dividend on an annualized basis and a yield of 1.96%. Medifast’s dividend payout ratio is currently 62.14%.

About Medifast

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

Featured Story: Black Swan

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.