Medifast, Inc. (NYSE:MED) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its position in shares of Medifast, Inc. (NYSE:MED) by 4.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,200 shares of the specialty retailer’s stock after acquiring an additional 182 shares during the quarter. 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 and hedge funds have also recently modified their holdings of MED. BlackRock Inc. lifted its holdings in shares of Medifast by 4.0% in the 4th quarter. BlackRock Inc. now owns 1,728,538 shares of the specialty retailer’s stock valued at $339,382,000 after buying an additional 67,207 shares during the period. Renaissance Technologies LLC increased its stake in shares of Medifast by 2.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,010,510 shares of the specialty retailer’s stock valued at $198,404,000 after purchasing an additional 21,000 shares in the last quarter. Norges Bank purchased a new position in shares of Medifast in the 4th quarter valued at about $29,448,000. Morgan Stanley increased its stake in shares of Medifast by 129.1% in the 4th quarter. Morgan Stanley now owns 139,279 shares of the specialty retailer’s stock valued at $27,347,000 after purchasing an additional 78,494 shares in the last quarter. Finally, Lombard Odier Asset Management Switzerland SA increased its stake in Medifast by 100.0% during the 4th quarter. Lombard Odier Asset Management Switzerland SA now owns 110,000 shares of the specialty retailer’s stock worth $21,597,000 after buying an additional 55,000 shares in the last quarter. 81.51% of the stock is owned by institutional investors.

In related news, Director Scott Schlackman sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 19th. The stock was sold at an average price of $310.23, for a total value of $310,230.00. Following the transaction, the director now directly owns 5,231 shares in the company, valued at $1,622,813.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey J. Brown acquired 180 shares of the firm’s stock in a transaction that occurred on Thursday, May 6th. The stock was acquired at an average price of $225.04 per share, for a total transaction of $40,507.20. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

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

Shares of Medifast stock opened at $290.39 on Friday. The firm has a market cap of $3.42 billion, a PE ratio of 27.42 and a beta of 1.44. The business’s 50 day moving average is $270.83. Medifast, Inc. has a 1-year low of $99.59 and a 1-year high of $336.99.

Medifast (NYSE:MED) last issued its earnings results on Tuesday, May 4th. The specialty retailer reported $3.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.72 by $0.74. The business had revenue of $340.70 million for the quarter, compared to analysts’ expectations of $279.12 million. Medifast had a return on equity of 85.97% and a net margin of 11.44%. The firm’s quarterly revenue was up 90.9% on a year-over-year basis. As a group, equities research analysts expect that Medifast, Inc. will post 13.62 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 6th. Stockholders of record on Tuesday, June 22nd will be issued a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Monday, June 21st. 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.

See Also: How to use beta for portfolio diversification

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.