Municipal Employees Retirement System of Michigan Has $351,000 Position in Medifast Inc (MED)
Municipal Employees Retirement System of Michigan boosted its position in shares of Medifast Inc (NYSE:MED) by 28.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,910 shares of the specialty retailer’s stock after acquiring an additional 1,320 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Medifast were worth $351,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Swiss National Bank lifted its position in Medifast by 13.7% during the second quarter. Swiss National Bank now owns 16,600 shares of the specialty retailer’s stock valued at $688,000 after acquiring an additional 2,000 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Medifast by 197.0% during the second quarter. Goldman Sachs Group Inc. now owns 89,606 shares of the specialty retailer’s stock valued at $3,716,000 after acquiring an additional 59,437 shares during the last quarter. Vanguard Group Inc. lifted its position in Medifast by 2.2% during the second quarter. Vanguard Group Inc. now owns 657,254 shares of the specialty retailer’s stock valued at $27,256,000 after acquiring an additional 13,982 shares during the last quarter. Alps Advisors Inc. purchased a new stake in Medifast during the third quarter valued at approximately $506,000. Finally, Marshall Wace North America L.P. lifted its position in Medifast by 356.6% during the second quarter. Marshall Wace North America L.P. now owns 103,812 shares of the specialty retailer’s stock valued at $4,256,000 after acquiring an additional 81,075 shares during the last quarter. 86.91% of the stock is owned by institutional investors.
A number of research analysts have issued reports on MED shares. Zacks Investment Research upgraded shares of Medifast from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Friday, November 10th. DA Davidson upped their price target on shares of Medifast from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, September 15th. Sidoti restated a “neutral” rating and set a $55.00 price target (up previously from $49.00) on shares of Medifast in a research note on Thursday, September 21st. BidaskClub upgraded shares of Medifast from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Finally, ValuEngine lowered shares of Medifast from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Medifast currently has a consensus rating of “Hold” and a consensus target price of $74.33.
In other news, Director Glenn W. Welling sold 275,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $64.60, for a total value of $17,765,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Glenn W. Welling sold 250,000 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $65.00, for a total transaction of $16,250,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 550,000 shares of company stock worth $34,019,500 in the last 90 days. 6.47% of the stock is currently owned by company insiders.
Shares of Medifast Inc (MED) traded up $1.48 during trading on Friday, reaching $72.88. 162,026 shares of the company’s stock were exchanged, compared to its average volume of 150,967. Medifast Inc has a twelve month low of $39.97 and a twelve month high of $73.60. The firm has a market cap of $869.75, a price-to-earnings ratio of 35.90, a price-to-earnings-growth ratio of 2.24 and a beta of 0.51.
Medifast (NYSE:MED) last issued its quarterly earnings results on Tuesday, November 7th. The specialty retailer reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.04. Medifast had a net margin of 8.58% and a return on equity of 24.07%. The business had revenue of $77.20 million for the quarter, compared to analyst estimates of $74.94 million. During the same quarter in the prior year, the business posted $0.51 EPS. Medifast’s revenue for the quarter was up 12.5% compared to the same quarter last year. analysts expect that Medifast Inc will post 2.17 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Friday, December 22nd will be paid a dividend of $0.48 per share. This is a positive change from Medifast’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, December 21st. This represents a $1.92 dividend on an annualized basis and a yield of 2.63%. Medifast’s dividend payout ratio is presently 63.05%.
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Medifast, Inc produces, distributes and sells weight loss, weight management, and healthy living products, and other consumable health and nutritional products. The Company’s product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins.
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