Legal & General Group Plc Sells 8,466 Shares of Medifast, Inc. (NYSE:MED)

Legal & General Group Plc lowered its position in Medifast, Inc. (NYSE:MED) by 21.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,947 shares of the specialty retailer’s stock after selling 8,466 shares during the period. Legal & General Group Plc owned about 0.26% of Medifast worth $8,757,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. C M Bidwell & Associates Ltd. increased its position in shares of Medifast by 26.5% in the 1st quarter. C M Bidwell & Associates Ltd. now owns 191 shares of the specialty retailer’s stock valued at $40,000 after buying an additional 40 shares in the last quarter. Fifth Third Bancorp bought a new position in Medifast during the 2nd quarter worth about $48,000. Van ECK Associates Corp bought a new position in Medifast during the 2nd quarter worth about $49,000. Captrust Financial Advisors increased its holdings in Medifast by 1,175.0% during the 1st quarter. Captrust Financial Advisors now owns 255 shares of the specialty retailer’s stock worth $54,000 after purchasing an additional 235 shares in the last quarter. Finally, Harbour Investments Inc. bought a new position in Medifast during the 1st quarter worth about $59,000. Institutional investors and hedge funds own 84.06% of the company’s stock.

In related news, Director Jeffrey J. Brown acquired 142 shares of the business’s stock in a transaction on Friday, August 6th. The stock was purchased at an average cost of $286.16 per share, for a total transaction of $40,634.72. Following the completion of the transaction, the director now directly owns 765 shares of the company’s stock, valued at approximately $218,912.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kevin G. Byrnes sold 673 shares of the firm’s stock in a transaction that occurred on Friday, August 20th. The stock was sold at an average price of $221.99, for a total transaction of $149,399.27. Following the transaction, the director now directly owns 8,154 shares in the company, valued at $1,810,106.46. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Several brokerages have recently weighed in on MED. Zacks Investment Research cut Medifast from a “buy” rating to a “hold” rating and set a $200.00 price objective for the company. in a report on Tuesday, October 5th. DA Davidson reiterated a “buy” rating and issued a C$395.00 target price on shares of Medifast in a research note on Monday, August 23rd.

Shares of NYSE:MED opened at $190.33 on Thursday. Medifast, Inc. has a 52-week low of $139.59 and a 52-week high of $336.99. The company has a market capitalization of $2.23 billion, a P/E ratio of 15.00 and a beta of 1.39. The company has a 50-day simple moving average of $221.45 and a 200 day simple moving average of $253.82.

Medifast (NYSE:MED) last issued its earnings results on Wednesday, August 4th. The specialty retailer reported $3.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.30 by $0.66. The business had revenue of $394.20 million during the quarter, compared to the consensus estimate of $359.25 million. Medifast had a net margin of 11.84% and a return on equity of 90.26%. Medifast’s revenue was up 79.2% on a year-over-year basis. During the same period last year, the business posted $1.86 EPS. Equities research analysts anticipate that Medifast, Inc. will post 13.82 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 8th. Shareholders of record on Tuesday, September 21st will be given a dividend of $1.42 per share. The ex-dividend date of this dividend is Monday, September 20th. This represents a $5.68 annualized dividend and a yield of 2.98%. Medifast’s dividend payout ratio (DPR) is presently 62.14%.

Medifast Company Profile

Medifast, Inc engages in the provision of healthy living products and programs. It offers the OPTAVIA brand-a highly competitive and effective lifestyle solution centered on developing new healthy habits through smaller, foundational changes called micro-habits. The company was founded by William Vitale in 1981 and is headquartered in Baltimore, MD.

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Institutional Ownership by Quarter for Medifast (NYSE:MED)

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