BNP Paribas Financial Markets Lowers Position in Medifast, Inc. (NYSE:MED)

BNP Paribas Financial Markets decreased its position in shares of Medifast, Inc. (NYSE:MED) by 29.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 10,472 shares of the specialty retailer’s stock after selling 4,289 shares during the period. BNP Paribas Financial Markets’ holdings in Medifast were worth $200,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Renaissance Technologies LLC grew its stake in Medifast by 20.3% in the second quarter. Renaissance Technologies LLC now owns 958,610 shares of the specialty retailer’s stock worth $20,917,000 after purchasing an additional 161,487 shares during the period. Millennium Management LLC grew its holdings in Medifast by 37.8% in the second quarter. Millennium Management LLC now owns 469,216 shares of the specialty retailer’s stock worth $10,238,000 after purchasing an additional 128,719 shares during the period. AQR Capital Management LLC increased its stake in shares of Medifast by 117.5% during the second quarter. AQR Capital Management LLC now owns 389,951 shares of the specialty retailer’s stock valued at $8,509,000 after purchasing an additional 210,669 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Medifast by 2,000.1% during the second quarter. Acadian Asset Management LLC now owns 338,228 shares of the specialty retailer’s stock valued at $7,376,000 after purchasing an additional 322,123 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Medifast by 415.1% in the 2nd quarter. Federated Hermes Inc. now owns 215,090 shares of the specialty retailer’s stock worth $4,693,000 after purchasing an additional 173,337 shares in the last quarter. Institutional investors own 95.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, DA Davidson raised Medifast from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $16.50 to $17.00 in a research report on Tuesday, November 5th.

Medifast Price Performance

MED opened at $18.23 on Tuesday. Medifast, Inc. has a 1 year low of $17.07 and a 1 year high of $70.58. The stock has a 50-day moving average price of $18.79 and a 200-day moving average price of $19.36. The firm has a market cap of $199.40 million, a PE ratio of 27.62 and a beta of 1.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.11 and a quick ratio of 2.55.

Medifast (NYSE:MED) last issued its earnings results on Monday, November 4th. The specialty retailer reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.50. Medifast had a net margin of 1.09% and a return on equity of 15.98%. The firm had revenue of $140.16 million for the quarter, compared to the consensus estimate of $135.45 million. During the same quarter in the prior year, the firm posted $2.12 earnings per share. Sell-side analysts predict that Medifast, Inc. will post 1.68 earnings per share for the current fiscal year.

About Medifast

Medifast, Inc, through its subsidiaries, engages in the manufacture and sale of weight loss, weight management, and healthy living products in the United States and the Asia-Pacific. It offers bars, puffs, cereal, crunchers, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups under the OPTAVIA, OPTAVIA ACTIVE, and Optimal Health brand names.