Medifast (NYSE:MED) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Medifast (NYSE:MEDFree Report) from a hold rating to a buy rating in a report released on Monday.

Separately, DA Davidson cut their target price on Medifast from $93.00 to $80.00 and set a neutral rating on the stock in a research note on Tuesday, August 8th.

Check Out Our Latest Stock Analysis on MED

Medifast Stock Up 2.0 %

NYSE:MED opened at $82.86 on Monday. The business’s 50 day moving average is $91.26 and its two-hundred day moving average is $92.68. Medifast has a 52 week low of $77.67 and a 52 week high of $131.42. The company has a market cap of $902.26 million, a PE ratio of 6.84 and a beta of 1.24.

Medifast (NYSE:MEDGet Free Report) last announced its quarterly earnings results on Monday, August 7th. The specialty retailer reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $1.33. The business had revenue of $296.20 million for the quarter, compared to the consensus estimate of $270.20 million. Medifast had a return on equity of 89.20% and a net margin of 9.68%. The business’s revenue was down 34.7% on a year-over-year basis. During the same quarter last year, the business posted $3.87 EPS. As a group, sell-side analysts expect that Medifast will post 8.78 EPS for the current fiscal year.

Medifast Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 7th. Stockholders of record on Tuesday, September 19th will be given a dividend of $1.65 per share. This represents a $6.60 annualized dividend and a dividend yield of 7.97%. The ex-dividend date of this dividend is Monday, September 18th. Medifast’s dividend payout ratio (DPR) is presently 54.46%.

Insider Activity

In other news, Director Jeffrey J. Brown purchased 689 shares of the stock in a transaction dated Friday, August 4th. The shares were bought at an average cost of $100.03 per share, for a total transaction of $68,920.67. Following the transaction, the director now owns 38,317 shares in the company, valued at $3,832,849.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jeffrey J. Brown purchased 689 shares of the stock in a transaction dated Friday, August 4th. The shares were bought at an average cost of $100.03 per share, for a total transaction of $68,920.67. Following the transaction, the director now owns 38,317 shares in the company, valued at $3,832,849.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey J. Brown sold 15,154 shares of Medifast stock in a transaction on Monday, August 14th. The shares were sold at an average price of $92.60, for a total value of $1,403,260.40. Following the transaction, the director now owns 23,163 shares in the company, valued at $2,144,893.80. The disclosure for this sale can be found here. 2.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Medifast

Hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC grew its holdings in shares of Medifast by 416.1% during the second quarter. Quadrant Capital Group LLC now owns 289 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 233 shares in the last quarter. Covestor Ltd boosted its position in Medifast by 30,800.0% during the second quarter. Covestor Ltd now owns 309 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 308 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Medifast by 73.0% in the second quarter. Parallel Advisors LLC now owns 429 shares of the specialty retailer’s stock worth $40,000 after buying an additional 181 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in shares of Medifast in the fourth quarter worth about $49,000. Finally, Huntington National Bank acquired a new stake in shares of Medifast in the second quarter worth about $55,000. 87.83% of the stock is currently owned by institutional investors and hedge funds.

Medifast Company Profile

(Get Free Report)

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. The company offers bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serves, shakes, smoothies, soft bakes, and soups under the OPTAVIA, Optimal Health by Take Shape for Life, and Flavors of Home brands.

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