Morgan Stanley Lowers Stake in Medifast Inc (MED)
Morgan Stanley cut its stake in shares of Medifast Inc (NYSE:MED) by 3.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 98,856 shares of the specialty retailer’s stock after selling 3,260 shares during the period. Morgan Stanley owned about 0.83% of Medifast worth $4,386,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. Victory Capital Management Inc. bought a new position in shares of Medifast during the first quarter valued at $859,000. Rational Advisors LLC bought a new position in shares of Medifast during the first quarter valued at $302,000. Pacific Ridge Capital Partners LLC boosted its position in shares of Medifast by 22.1% in the first quarter. Pacific Ridge Capital Partners LLC now owns 108,838 shares of the specialty retailer’s stock valued at $4,829,000 after buying an additional 19,698 shares in the last quarter. Comerica Bank boosted its position in shares of Medifast by 3.8% in the first quarter. Comerica Bank now owns 12,274 shares of the specialty retailer’s stock valued at $569,000 after buying an additional 453 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Medifast by 1.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,173 shares of the specialty retailer’s stock valued at $230,000 after buying an additional 91 shares in the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.
Shares of Medifast Inc (NYSE MED) traded up 2.25% during trading on Friday, reaching $50.87. The company’s stock had a trading volume of 174,473 shares. Medifast Inc has a 52-week low of $35.55 and a 52-week high of $51.07. The stock has a 50-day moving average of $42.47 and a 200-day moving average of $43.33. The stock has a market cap of $606.88 million, a P/E ratio of 25.56 and a beta of 0.48.
Medifast (NYSE:MED) last posted its quarterly earnings results on Tuesday, August 8th. The specialty retailer reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.10. Medifast had a return on equity of 29.92% and a net margin of 10.01%. The firm had revenue of $75.70 million during the quarter, compared to analyst estimates of $71.96 million. During the same period last year, the company earned $0.63 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Analysts predict that Medifast Inc will post $2.12 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 9th. Investors of record on Friday, June 23rd were given a $0.32 dividend. The ex-dividend date was Wednesday, June 21st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.52%. Medifast’s dividend payout ratio (DPR) is presently 64.32%.
MED has been the subject of several analyst reports. Sidoti cut Medifast from a “buy” rating to a “neutral” rating in a report on Tuesday, May 2nd. BidaskClub raised Medifast from a “strong sell” rating to a “sell” rating in a report on Friday.
Medifast, Inc is engaged in the production, distribution and sale of weight loss, weight management and healthy living products, and other consumable health and nutritional products. Medifast product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products and vitamins.
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