Convergence Investment Partners LLC Acquires New Stake in Medifast Inc (MED)

Convergence Investment Partners LLC acquired a new stake in shares of Medifast Inc (NYSE:MED) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,081 shares of the specialty retailer’s stock, valued at approximately $494,000. Convergence Investment Partners LLC owned about 0.06% of Medifast as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MED. American Century Companies Inc. raised its position in Medifast by 60.8% in the third quarter. American Century Companies Inc. now owns 301,115 shares of the specialty retailer’s stock worth $17,877,000 after purchasing an additional 113,885 shares in the last quarter. JPMorgan Chase & Co. raised its position in Medifast by 217.1% in the third quarter. JPMorgan Chase & Co. now owns 158,813 shares of the specialty retailer’s stock worth $9,468,000 after purchasing an additional 108,736 shares in the last quarter. Principal Financial Group Inc. raised its position in Medifast by 81.7% in the third quarter. Principal Financial Group Inc. now owns 166,311 shares of the specialty retailer’s stock worth $9,874,000 after purchasing an additional 74,802 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Medifast by 197.0% in the second quarter. Goldman Sachs Group Inc. now owns 89,606 shares of the specialty retailer’s stock worth $3,716,000 after purchasing an additional 59,437 shares in the last quarter. Finally, EAM Investors LLC acquired a new position in Medifast in the third quarter worth about $2,751,000. 86.79% of the stock is owned by institutional investors and hedge funds.

Several research firms recently issued reports on MED. DA Davidson increased their price target on shares of Medifast to $89.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. Zacks Investment Research raised shares of Medifast from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Friday, November 10th. Finally, ValuEngine lowered shares of Medifast from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $75.00.

Medifast Inc (NYSE:MED) opened at $73.14 on Friday. Medifast Inc has a 52-week low of $40.00 and a 52-week high of $74.78. The stock has a market cap of $872.83, a PE ratio of 35.85, a P/E/G ratio of 1.88 and a beta of 0.50.

Medifast (NYSE:MED) last posted its quarterly earnings results on Tuesday, November 7th. The specialty retailer reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.04. Medifast had a net margin of 8.58% and a return on equity of 24.07%. The firm had revenue of $77.20 million during the quarter, compared to analyst estimates of $74.94 million. During the same quarter in the prior year, the business posted $0.51 earnings per share. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. equities research analysts anticipate that Medifast Inc will post 2.17 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 8th. Stockholders of record on Friday, December 22nd will be issued a dividend of $0.48 per share. This is a positive change from Medifast’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, December 21st. This represents a $1.92 annualized dividend and a dividend yield of 2.63%. Medifast’s dividend payout ratio (DPR) is presently 94.12%.

In other news, Director Glenn W. Welling sold 275,000 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $64.60, for a total transaction of $17,765,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glenn W. Welling sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $65.00, for a total transaction of $16,250,000.00. The disclosure for this sale can be found here. Company insiders own 6.47% of the company’s stock.

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Medifast Profile

Medifast, Inc produces, distributes and sells weight loss, weight management, and healthy living products, and other consumable health and nutritional products. The Company’s product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins.

Institutional Ownership by Quarter for Medifast (NYSE:MED)

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