Medifast, Inc. (NYSE:MED) Forecasted to Earn Q2 2023 Earnings of $1.44 Per Share

Medifast, Inc. (NYSE:MED – Get Rating) – Analysts at Zacks Research dropped their Q2 2023 EPS estimates for shares of Medifast in a report issued on Monday, May 15th. Zacks Research analyst A. Mohta now anticipates that the specialty retailer will post earnings of $1.44 per share for the quarter, down from their previous estimate of $3.26. The consensus estimate for Medifast’s current full-year earnings is $7.95 per share. Zacks Research also issued estimates for Medifast’s Q3 2023 earnings at $1.95 EPS, Q4 2023 earnings at $2.71 EPS, FY2023 earnings at $9.78 EPS, Q1 2024 earnings at $2.74 EPS, Q2 2024 earnings at $2.06 EPS, Q3 2024 earnings at $2.86 EPS, Q4 2024 earnings at $2.98 EPS, FY2024 earnings at $10.63 EPS and Q1 2025 earnings at $3.04 EPS.

Other research analysts have also issued reports about the stock. DA Davidson lowered their price objective on shares of Medifast from $94.00 to $71.00 in a research note on Tuesday, May 2nd. StockNews.com assumed coverage on shares of Medifast in a research note on Thursday. They set a “hold” rating on the stock.

Medifast Trading Up 0.8 %

Shares of MED stock opened at $91.04 on Thursday. The firm has a market capitalization of $991.15 million, a P/E ratio of 7.13 and a beta of 1.24. The firm’s fifty day moving average price is $95.81 and its two-hundred day moving average price is $108.61. Medifast has a 1 year low of $80.52 and a 1 year high of $192.44.

Medifast (NYSE:MED – Get Rating) last issued its quarterly earnings results on Monday, May 1st. The specialty retailer reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $1.27. Medifast had a net margin of 9.27% and a return on equity of 106.70%. The firm had revenue of $349.00 million for the quarter, compared to analyst estimates of $319.50 million. During the same period in the previous year, the business earned $3.59 EPS. The company’s revenue was down 16.4% compared to the same quarter last year.

Medifast Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 9th. Investors of record on Tuesday, March 28th were issued a dividend of $1.65 per share. This is an increase from Medifast’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Monday, March 27th. This represents a $6.60 annualized dividend and a dividend yield of 7.25%. Medifast’s payout ratio is presently 51.68%.

Insider Buying and Selling

In related news, Director Scott Schlackman sold 2,200 shares of Medifast stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $108.68, for a total transaction of $239,096.00. Following the completion of the sale, the director now owns 7,280 shares of the company’s stock, valued at approximately $791,190.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Jeffrey J. Brown bought 754 shares of Medifast stock in a transaction that occurred on Friday, May 5th. The stock was acquired at an average price of $89.74 per share, with a total value of $67,663.96. Following the acquisition, the director now owns 37,695 shares of the company’s stock, valued at approximately $3,382,749.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Schlackman sold 2,200 shares of Medifast stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $108.68, for a total transaction of $239,096.00. Following the sale, the director now directly owns 7,280 shares of the company’s stock, valued at approximately $791,190.40. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Medifast

Hedge funds and other institutional investors have recently modified their holdings of the stock. Belpointe Asset Management LLC bought a new stake in Medifast in the 4th quarter valued at about $49,000. Point72 Middle East FZE bought a new stake in Medifast in the 4th quarter valued at about $57,000. Rockefeller Capital Management L.P. boosted its holdings in Medifast by 6,509.1% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 727 shares of the specialty retailer’s stock valued at $78,000 after purchasing an additional 716 shares during the period. State of Wyoming boosted its holdings in Medifast by 79.2% in the 4th quarter. State of Wyoming now owns 733 shares of the specialty retailer’s stock valued at $85,000 after purchasing an additional 324 shares during the period. Finally, Hollencrest Capital Management bought a new stake in Medifast in the 4th quarter valued at about $92,000. Institutional investors own 86.03% of the company’s stock.

Medifast Company Profile

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Medifast, Inc engages in the provision of healthy living products and programs. It offers the OPTAVIA brand, a lifestyle solution centered on developing new healthy habits through smaller, foundational changes called micro-habits. The firm’s product line includes bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups.