JPMorgan Chase & Co. raised its position in Medifast Inc. (NYSE:MED) by 31.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,124 shares of the company’s stock after buying an additional 7,710 shares during the period. JPMorgan Chase & Co. owned about 0.27% of Medifast worth $1,068,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in MED. Kennedy Capital Management Inc. raised its stake in shares of Medifast by 124.1% in the first quarter. Kennedy Capital Management Inc. now owns 305,806 shares of the company’s stock valued at $9,232,000 after buying an additional 169,343 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Medifast by 10.9% in the first quarter. Renaissance Technologies LLC now owns 827,900 shares of the company’s stock valued at $24,994,000 after buying an additional 81,600 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Medifast by 250.7% in the first quarter. Prudential Financial Inc. now owns 88,951 shares of the company’s stock valued at $2,685,000 after buying an additional 63,585 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Medifast during the second quarter valued at $1,688,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Medifast during the second quarter valued at $652,000. 87.37% of the stock is currently owned by institutional investors and hedge funds.
Medifast Inc. (NYSE:MED) traded down 0.80% during trading on Friday, hitting $40.95. The stock had a trading volume of 77,096 shares. The stock has a 50-day moving average price of $38.84 and a 200-day moving average price of $35.12. The company has a market cap of $485.18 million, a PE ratio of 28.74 and a beta of 0.65. Medifast Inc. has a 52 week low of $27.12 and a 52 week high of $42.14.
Medifast (NYSE:MED) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.12. Medifast had a net margin of 6.29% and a return on equity of 24.46%. The company earned $71.14 million during the quarter, compared to analysts’ expectations of $72.01 million. During the same period in the prior year, the company earned $0.53 earnings per share. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities analysts predict that Medifast Inc. will post $1.88 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 23rd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Wednesday, September 21st. Medifast’s dividend payout ratio (DPR) is 69.44%.
MED has been the subject of several research analyst reports. Zacks Investment Research raised Medifast from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a report on Thursday, August 11th. Wunderlich upped their target price on Medifast from $32.00 to $36.00 and gave the company a “hold” rating in a report on Thursday, August 4th.
Medifast Company Profile
Medifast, Inc (Medifast) is engaged in the production, distribution and sale of weight loss, weight management and healthy living products, and other consumable health and diet products. The Company operates through its subsidiaries, Jason Pharmaceuticals, Inc, Take Shape For Life, Inc, Jason Enterprises, Inc, Medifast Franchise Systems (MFSI), Inc, Jason Properties, LLC, Medifast Nutrition, Inc and Seven Crondall, LLC.