Lazard Asset Management LLC grew its position in shares of Medifast, Inc. (NYSE:MED – Get Rating) by 35.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 800 shares of the specialty retailer’s stock after buying an additional 210 shares during the quarter. Lazard Asset Management LLC’s holdings in Medifast were worth $144,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in MED. Captrust Financial Advisors grew its stake in shares of Medifast by 114.6% during the first quarter. Captrust Financial Advisors now owns 648 shares of the specialty retailer’s stock valued at $112,000 after purchasing an additional 346 shares during the last quarter. OLD National Bancorp IN bought a new stake in shares of Medifast during the second quarter valued at approximately $206,000. PNC Financial Services Group Inc. grew its stake in shares of Medifast by 58.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,271 shares of the specialty retailer’s stock valued at $217,000 after purchasing an additional 468 shares during the last quarter. Avantax Advisory Services Inc. bought a new stake in shares of Medifast during the second quarter valued at approximately $261,000. Finally, Toth Financial Advisory Corp grew its stake in shares of Medifast by 15.0% during the second quarter. Toth Financial Advisory Corp now owns 1,467 shares of the specialty retailer’s stock valued at $265,000 after purchasing an additional 191 shares during the last quarter. 87.66% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, Director Jeffrey J. Brown bought 561 shares of the business’s stock in a transaction on Friday, November 4th. The shares were bought at an average cost of $105.06 per share, for a total transaction of $58,938.66. Following the completion of the acquisition, the director now owns 36,499 shares in the company, valued at approximately $3,834,584.94. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.
Medifast Stock Performance
Medifast Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 8th. Shareholders of record on Tuesday, September 20th were issued a $1.64 dividend. The ex-dividend date of this dividend was Monday, September 19th. This represents a $6.56 annualized dividend and a yield of 5.42%. Medifast’s dividend payout ratio (DPR) is presently 49.73%.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on MED. StockNews.com cut shares of Medifast from a “buy” rating to a “hold” rating in a research note on Tuesday, November 15th. DA Davidson lowered shares of Medifast from a “buy” rating to a “neutral” rating and cut their price objective for the company from $278.00 to $106.00 in a report on Friday, November 4th. TheStreet lowered shares of Medifast from a “b” rating to a “c+” rating in a report on Tuesday, August 23rd. Finally, Jefferies Financial Group lowered shares of Medifast from a “buy” rating to a “hold” rating and cut their price objective for the company from $345.00 to $150.00 in a report on Thursday, August 4th.
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.
- Get a free copy of the StockNews.com research report on Medifast (MED)
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