Medifast, Inc. (NYSE:MED – Get Rating) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 713,300 shares, a drop of 20.0% from the August 15th total of 891,500 shares. Based on an average trading volume of 180,000 shares, the short-interest ratio is currently 4.0 days. Approximately 6.6% of the company's stock are sold short.
Medifast Price Performance
Medifast stock opened at $118.96 on Monday. The stock has a market cap of $1.31 billion, a PE ratio of 8.82 and a beta of 1.18. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.46 and a current ratio of 1.29. The stock has a fifty day moving average of $145.06 and a 200 day moving average of $166.80. Medifast has a one year low of $116.50 and a one year high of $235.71.
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Medifast Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 8th. Investors of record on Tuesday, September 20th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 5.51%. Medifast's dividend payout ratio (DPR) is presently 48.66%.
Analyst Ratings Changes
Several research analysts have recently weighed in on MED shares. Jefferies Financial Group cut Medifast from a "buy" rating to a "hold" rating and decreased their price target for the stock from $345.00 to $150.00 in a research note on Thursday, August 4th. StockNews.com raised Medifast from a "hold" rating to a "buy" rating in a research report on Thursday, September 1st. DA Davidson reduced their price target on shares of Medifast from $352.00 to $278.00 and set a "buy" rating for the company in a research note on Thursday, August 4th. Finally, TheStreet cut shares of Medifast from a "b" rating to a "c+" rating in a report on Tuesday, August 23rd.
Insider Activity at Medifast
In related news, Director Jeffrey J. Brown purchased 399 shares of the business's stock in a transaction that occurred on Thursday, August 4th. The shares were bought at an average price of $146.01 per share, for a total transaction of $58,257.99. Following the purchase, the director now directly owns 35,938 shares of the company's stock, valued at approximately $5,247,307.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Jeffrey J. Brown bought 3,940 shares of the firm's stock in a transaction on Tuesday, August 9th. The stock was acquired at an average cost of $126.54 per share, with a total value of $498,567.60. Following the completion of the acquisition, the director now owns 3,940 shares of the company's stock, valued at $498,567.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeffrey J. Brown purchased 399 shares of the business's stock in a transaction dated Thursday, August 4th. The shares were purchased at an average price of $146.01 per share, for a total transaction of $58,257.99. Following the acquisition, the director now owns 35,938 shares of the company's stock, valued at $5,247,307.38. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Medifast
Several large investors have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in Medifast by 6.9% in the 1st quarter. BlackRock Inc. now owns 2,134,513 shares of the specialty retailer's stock valued at $364,532,000 after acquiring an additional 138,602 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Medifast by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,521,936 shares of the specialty retailer's stock worth $259,916,000 after purchasing an additional 22,630 shares during the last quarter. State Street Corp lifted its position in shares of Medifast by 0.9% in the second quarter. State Street Corp now owns 377,972 shares of the specialty retailer's stock worth $68,839,000 after buying an additional 3,404 shares in the last quarter. Rice Hall James & Associates LLC boosted its stake in Medifast by 4.0% during the fourth quarter. Rice Hall James & Associates LLC now owns 326,732 shares of the specialty retailer's stock valued at $68,427,000 after buying an additional 12,687 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Medifast by 11.3% during the 2nd quarter. Principal Financial Group Inc. now owns 242,499 shares of the specialty retailer's stock valued at $43,774,000 after buying an additional 24,654 shares in the last quarter. 87.66% of the stock is currently owned by hedge funds and other institutional investors.
About Medifast
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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 in the United States and the Asia-Pacific. The company offers bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serves, shakes, smoothies, soft bakes, and soups under the OPTAVIA, Optimal Health by Take Shape for Life, and Flavors of Home brands.
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