Medifast (NYSE:MED) Issues Earnings Results, Beats Estimates By $0.04 EPS

Medifast (NYSE:MED) issued its quarterly earnings data on Thursday. The specialty retailer reported $1.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.04, Bloomberg Earnings reports. The company had revenue of $187.10 million for the quarter, compared to the consensus estimate of $181.74 million. Medifast had a net margin of 11.22% and a return on equity of 62.63%. The firm’s revenue for the quarter was up 59.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 earnings per share.

Medifast stock traded down $7.98 during midday trading on Friday, reaching $103.19. 1,479,976 shares of the company traded hands, compared to its average volume of 282,680. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 22.34 and a beta of 0.71. The company’s 50 day simple moving average is $120.95. Medifast has a 12 month low of $102.68 and a 12 month high of $260.98.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 7th. Investors of record on Friday, June 28th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $3.00 dividend on an annualized basis and a yield of 2.91%. Medifast’s dividend payout ratio (DPR) is 64.94%.

In related news, Director Carl E. Sassano sold 850 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $143.94, for a total transaction of $122,349.00. Following the transaction, the director now owns 17,792 shares in the company, valued at $2,560,980.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.00% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MED. Sandy Spring Bank bought a new position in Medifast in the second quarter worth approximately $26,000. Financial Gravity Wealth Inc. raised its position in Medifast by 853.8% in the second quarter. Financial Gravity Wealth Inc. now owns 248 shares of the specialty retailer’s stock worth $32,000 after acquiring an additional 222 shares during the period. Macquarie Group Ltd. raised its position in Medifast by 41.8% in the fourth quarter. Macquarie Group Ltd. now owns 339 shares of the specialty retailer’s stock worth $42,000 after acquiring an additional 100 shares during the period. Systematic Financial Management LP bought a new position in Medifast in the second quarter worth approximately $94,000. Finally, Convergence Investment Partners LLC bought a new position in Medifast in the second quarter worth approximately $105,000. Institutional investors and hedge funds own 98.36% of the company’s stock.

A number of research analysts recently weighed in on the stock. ValuEngine downgraded shares of Medifast from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th. Zacks Investment Research downgraded shares of Medifast from a “buy” rating to a “hold” rating in a research report on Wednesday, July 3rd. Finally, Jefferies Financial Group assumed coverage on shares of Medifast in a research report on Thursday, July 25th. They set a “buy” rating and a $130.00 price objective on the stock.

Medifast Company Profile

Medifast, Inc, through its subsidiaries, manufactures and distributes weight loss, weight management, healthy living products, and other consumable health and nutritional products. It offers bars, bites, pretzels, puffs, oatmeal and cereal crunch products, drinks, hearty choices, pancakes, puddings, soft serves, shakes, smoothies, soft bakes, and soups under the Medifast, OPTAVIA, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home, and Essential 1 brands.

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Earnings History for Medifast (NYSE:MED)

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