Texas Permanent School Fund Boosts Holdings in Medifast Inc (MED)
Texas Permanent School Fund raised its stake in Medifast Inc (NYSE:MED) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,830 shares of the specialty retailer’s stock after buying an additional 310 shares during the period. Texas Permanent School Fund owned approximately 0.07% of Medifast worth $979,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Loeb Partners Corp bought a new position in shares of Medifast in the fourth quarter valued at $25,000. Cutler Group LP raised its stake in Medifast by 133.3% during the 4th quarter. Cutler Group LP now owns 300 shares of the specialty retailer’s stock valued at $37,000 after purchasing an additional 1,200 shares during the period. Quantamental Technologies LLC acquired a new stake in Medifast during the 4th quarter valued at $159,000. LS Investment Advisors LLC raised its stake in Medifast by 8.1% during the 4th quarter. LS Investment Advisors LLC now owns 1,502 shares of the specialty retailer’s stock valued at $188,000 after purchasing an additional 113 shares during the period. Finally, Vident Investment Advisory LLC acquired a new stake in Medifast during the 3rd quarter valued at $201,000. 94.08% of the stock is currently owned by institutional investors.
In other news, Director Scott Schlackman sold 2,500 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $129.80, for a total value of $324,500.00. Following the transaction, the director now directly owns 10,555 shares of the company’s stock, valued at $1,370,039. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl E. Sassano sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $135.47, for a total transaction of $677,350.00. Following the completion of the transaction, the director now directly owns 13,156 shares in the company, valued at $1,782,243.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,500 shares of company stock worth $1,263,690. Company insiders own 4.30% of the company’s stock.
Medifast (NYSE:MED) last announced its earnings results on Tuesday, February 26th. The specialty retailer reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.09. Medifast had a net margin of 11.14% and a return on equity of 51.04%. The company had revenue of $145.80 million for the quarter, compared to the consensus estimate of $141.86 million. During the same period in the previous year, the business earned $0.60 EPS. The company’s revenue was up 86.9% on a year-over-year basis. Equities research analysts anticipate that Medifast Inc will post 6.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, March 29th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, March 28th. Medifast’s dividend payout ratio (DPR) is currently 64.94%.
Several brokerages have issued reports on MED. Zacks Investment Research raised shares of Medifast from a “hold” rating to a “strong-buy” rating and set a $146.00 target price on the stock in a research note on Tuesday, March 5th. Sidoti boosted their target price on shares of Medifast from $211.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday, February 27th. Finally, ValuEngine downgraded shares of Medifast from a “hold” rating to a “sell” rating in a research note on Monday, December 17th.
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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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