Exchange Traded Concepts LLC Has $424,000 Holdings in Medifast, Inc. (NYSE:MED)

Posted by Defense World Staff on Oct 7th, 2023

Exchange Traded Concepts LLC grew its stake in shares of Medifast, Inc. (NYSE:MED – Free Report) by 30.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,605 shares of the specialty retailer’s stock after acquiring an additional 1,068 shares during the period. Exchange Traded Concepts LLC’s holdings in Medifast were worth $424,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Louisiana State Employees Retirement System raised its position in shares of Medifast by 11.8% in the second quarter. Louisiana State Employees Retirement System now owns 5,700 shares of the specialty retailer’s stock valued at $525,000 after buying an additional 600 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Medifast in the second quarter valued at approximately $1,533,000. Pacer Advisors Inc. raised its position in shares of Medifast by 65.2% in the second quarter. Pacer Advisors Inc. now owns 241,911 shares of the specialty retailer’s stock valued at $22,295,000 after buying an additional 95,458 shares in the last quarter. Duality Advisers LP acquired a new stake in shares of Medifast in the first quarter valued at approximately $482,000. Finally, Macquarie Group Ltd. acquired a new stake in shares of Medifast in the first quarter valued at approximately $1,561,000. 87.83% of the stock is currently owned by institutional investors and hedge funds.

Medifast Price Performance

Shares of NYSE:MED opened at $73.80 on Friday. The company’s 50 day simple moving average is $84.38 and its 200 day simple moving average is $88.97. The stock has a market capitalization of $803.61 million, a price-to-earnings ratio of 6.09 and a beta of 1.24. Medifast, Inc. has a 1 year low of $70.55 and a 1 year high of $131.42.

Medifast (NYSE:MED – Get Free Report) last announced its quarterly earnings data on Monday, August 7th. The specialty retailer reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $1.33. The business had revenue of $296.20 million for the quarter, compared to analysts’ expectations of $270.20 million. Medifast had a net margin of 9.68% and a return on equity of 89.20%. The firm’s quarterly revenue was down 34.7% compared to the same quarter last year. During the same period last year, the firm posted $3.87 earnings per share. As a group, analysts anticipate that Medifast, Inc. will post 8.78 EPS for the current fiscal year.

Medifast Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 7th. Shareholders of record on Tuesday, September 19th will be paid a dividend of $1.65 per share. The ex-dividend date is Monday, September 18th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 8.94%. Medifast’s payout ratio is presently 54.46%.

Insiders Place Their Bets

In other Medifast news, Director Jeffrey J. Brown sold 15,154 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $92.60, for a total transaction of $1,403,260.40. Following the sale, the director now owns 23,163 shares of the company’s stock, valued at $2,144,893.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Medifast news, Director Jeffrey J. Brown sold 15,154 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $92.60, for a total transaction of $1,403,260.40. Following the sale, the director now owns 23,163 shares of the company’s stock, valued at $2,144,893.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jeffrey J. Brown bought 689 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were bought at an average cost of $100.03 per share, for a total transaction of $68,920.67. Following the purchase, the director now owns 38,317 shares of the company’s stock, valued at approximately $3,832,849.51. The disclosure for this purchase can be found here. Insiders own 2.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MED. StockNews.com upgraded shares of Medifast from a “hold” rating to a “buy” rating in a research report on Saturday. DA Davidson decreased their price objective on shares of Medifast from $93.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 8th.

Get Our Latest Stock Analysis on Medifast

About Medifast

(Free Report)

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.