Everence Capital Management Inc. Reduces Stake in Medifast, Inc. (NYSE:MED)

Everence Capital Management Inc. reduced its position in Medifast, Inc. (NYSE:MEDGet Rating) by 26.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,780 shares of the specialty retailer’s stock after selling 630 shares during the period. Everence Capital Management Inc.’s holdings in Medifast were worth $304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Gladius Capital Management LP bought a new position in Medifast in the 4th quarter worth $96,000. Islay Capital Management LLC bought a new position in Medifast in the 4th quarter worth $133,000. PEAK6 Investments LLC raised its holdings in Medifast by 111.9% in the 4th quarter. PEAK6 Investments LLC now owns 959 shares of the specialty retailer’s stock worth $201,000 after purchasing an additional 9,015 shares during the period. Carolina Wealth Advisors LLC raised its holdings in Medifast by 298.3% in the 4th quarter. Carolina Wealth Advisors LLC now owns 1,374 shares of the specialty retailer’s stock worth $288,000 after purchasing an additional 1,029 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in Medifast by 14.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,378 shares of the specialty retailer’s stock worth $289,000 after purchasing an additional 177 shares during the period. Hedge funds and other institutional investors own 84.78% of the company’s stock.

In related news, CEO Daniel R. Chard purchased 431 shares of the company’s stock in a transaction that occurred on Thursday, May 5th. The stock was bought at an average price of $183.25 per share, for a total transaction of $78,980.75. Following the completion of the transaction, the chief executive officer now owns 108,598 shares in the company, valued at approximately $19,900,583.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey J. Brown purchased 315 shares of the company’s stock in a transaction that occurred on Thursday, May 5th. The stock was bought at an average price of $183.25 per share, with a total value of $57,723.75. Following the transaction, the director now owns 35,539 shares of the company’s stock, valued at approximately $6,512,521.75. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

A number of equities analysts recently commented on MED shares. DA Davidson raised their target price on Medifast from $341.00 to $352.00 and gave the stock a “buy” rating in a report on Thursday, June 2nd. StockNews.com raised Medifast from a “hold” rating to a “buy” rating in a report on Thursday, June 9th.

NYSE:MED opened at $178.75 on Thursday. The business’s 50-day simple moving average is $178.00 and its two-hundred day simple moving average is $186.82. The stock has a market cap of $2.06 billion, a PE ratio of 12.75 and a beta of 1.31. Medifast, Inc. has a 52 week low of $154.67 and a 52 week high of $295.38.

Medifast (NYSE:MEDGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The specialty retailer reported $3.59 EPS for the quarter, beating analysts’ consensus estimates of $3.56 by $0.03. Medifast had a return on equity of 81.42% and a net margin of 10.28%. The business had revenue of $417.60 million for the quarter, compared to analysts’ expectations of $415.20 million. As a group, research analysts forecast that Medifast, Inc. will post 15.74 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 8th. Stockholders of record on Tuesday, June 28th will be issued a $1.64 dividend. The ex-dividend date is Monday, June 27th. This represents a $6.56 annualized dividend and a dividend yield of 3.67%. Medifast’s dividend payout ratio (DPR) is 46.79%.

About Medifast (Get Rating)

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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Institutional Ownership by Quarter for Medifast (NYSE:MED)

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