Zacks Research Weighs in on Medifast, Inc.’s Q3 2023 Earnings (NYSE:MED)

Medifast, Inc. (NYSE:MED – Get Rating) – Research analysts at Zacks Research cut their Q3 2023 earnings estimates for shares of Medifast in a note issued to investors on Monday, March 6th. Zacks Research analyst A. Mohta now expects that the specialty retailer will earn $2.95 per share for the quarter, down from their prior estimate of $3.12. The consensus estimate for Medifast’s current full-year earnings is $11.94 per share. Zacks Research also issued estimates for Medifast’s FY2025 earnings at $11.97 EPS.

A number of other equities research analysts also recently issued reports on MED. StockNews.com downgraded shares of Medifast from a “buy” rating to a “hold” rating in a research report on Wednesday, February 22nd. DA Davidson dropped their target price on shares of Medifast from $106.00 to $94.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 22nd.

Medifast Stock Performance

Shares of MED stock opened at $109.92 on Thursday. Medifast has a 52-week low of $96.00 and a 52-week high of $197.19. The company has a 50-day simple moving average of $114.37 and a two-hundred day simple moving average of $116.69. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 8.66 and a beta of 1.16.

Insider Buying and Selling at Medifast

In related news, Director Jeffrey J. Brown bought 571 shares of the company’s stock in a transaction on Friday, February 3rd. The shares were purchased at an average cost of $116.11 per share, for a total transaction of $66,298.81. Following the completion of the purchase, the director now directly owns 37,014 shares in the company, valued at $4,297,695.54. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Medifast

A number of institutional investors have recently modified their holdings of MED. BlackRock Inc. lifted its stake in shares of Medifast by 6.9% during the 1st quarter. BlackRock Inc. now owns 2,134,513 shares of the specialty retailer’s stock valued at $364,532,000 after buying an additional 138,602 shares in the last quarter. Norges Bank purchased a new stake in shares of Medifast during the 4th quarter valued at approximately $12,190,000. Balyasny Asset Management LLC purchased a new stake in shares of Medifast during the 3rd quarter valued at approximately $11,336,000. Pacer Advisors Inc. purchased a new stake in shares of Medifast during the 4th quarter valued at approximately $7,794,000. Finally, First Trust Advisors LP lifted its stake in Medifast by 56.0% in the 3rd quarter. First Trust Advisors LP now owns 113,541 shares of the specialty retailer’s stock worth $12,303,000 after purchasing an additional 40,758 shares in the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

About Medifast

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Medifast, Inc engages in the provision of healthy living products and programs. It offers the OPTAVIA brand, a lifestyle solution centered on developing new healthy habits through smaller, foundational changes called micro-habits. The firm’s product line includes bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups.