Pinebridge Investments L.P. Boosts Stock Holdings in Medifast Inc (NYSE:MED)

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Pinebridge Investments L.P. boosted its stake in shares of Medifast Inc (NYSE:MED) by 212.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 9,738 shares of the specialty retailer’s stock after buying an additional 6,623 shares during the period. Pinebridge Investments L.P.’s holdings in Medifast were worth $1,249,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sandy Spring Bank purchased a new position in Medifast during the second quarter valued at $26,000. Financial Gravity Wealth Inc. grew its stake in Medifast by 853.8% during the second quarter. Financial Gravity Wealth Inc. now owns 248 shares of the specialty retailer’s stock valued at $32,000 after acquiring an additional 222 shares in the last quarter. Advisors Preferred LLC purchased a new position in Medifast during the second quarter valued at $49,000. Systematic Financial Management LP purchased a new position in Medifast during the second quarter valued at $94,000. Finally, Convergence Investment Partners LLC purchased a new position in Medifast during the second quarter valued at $105,000. 97.27% of the stock is owned by institutional investors.

MED has been the subject of several research analyst reports. ValuEngine cut shares of Medifast from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. Jefferies Financial Group initiated coverage on shares of Medifast in a research note on Thursday, July 25th. They set a “buy” rating and a $130.00 target price for the company. DA Davidson set a $250.00 target price on shares of Medifast and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Zacks Investment Research raised shares of Medifast from a “hold” rating to a “buy” rating and set a $116.00 target price for the company in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Medifast presently has an average rating of “Buy” and a consensus target price of $178.00.

MED traded down $0.27 during trading on Thursday, hitting $107.43. 163,742 shares of the company traded hands, compared to its average volume of 296,903. The company has a market cap of $1.26 billion, a PE ratio of 23.25 and a beta of 0.70. The stock’s 50-day simple moving average is $103.32 and its two-hundred day simple moving average is $125.41. Medifast Inc has a 1 year low of $96.40 and a 1 year high of $228.76.

Medifast (NYSE:MED) last issued its quarterly earnings data on Thursday, August 1st. The specialty retailer reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. Medifast had a net margin of 11.22% and a return on equity of 61.06%. The business had revenue of $187.10 million during the quarter, compared to analysts’ expectations of $181.74 million. During the same period last year, the company posted $1.16 EPS. The business’s revenue was up 59.5% on a year-over-year basis. Analysts anticipate that Medifast Inc will post 6.86 earnings per share for the current fiscal year.

The firm also recently disclosed a — dividend, which will be paid on Thursday, November 7th. Shareholders of record on Friday, September 27th will be paid a $0.75 dividend. The ex-dividend date is Thursday, September 26th. This represents a dividend yield of 2.8%. Medifast’s payout ratio is currently 64.94%.

Medifast Company Profile

Medifast, Inc, through its subsidiaries, manufactures and distributes weight loss, weight management, healthy living products, and other consumable health and nutritional products. It offers bars, bites, pretzels, puffs, oatmeal and cereal crunch products, drinks, hearty choices, pancakes, puddings, soft serves, shakes, smoothies, soft bakes, and soups under the Medifast, OPTAVIA, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home, and Essential 1 brands.

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Institutional Ownership by Quarter for Medifast (NYSE:MED)

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