Bank of New York Mellon Corp Has $1.62 Million Stock Holdings in Medifast, Inc. (NYSE:MED)

Bank of New York Mellon Corp cut its holdings in shares of Medifast, Inc. (NYSE:MED) by 33.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,251 shares of the specialty retailer’s stock after selling 37,837 shares during the period. Bank of New York Mellon Corp owned about 0.68% of Medifast worth $1,620,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MED. CWM LLC lifted its position in shares of Medifast by 370.8% in the 2nd quarter. CWM LLC now owns 4,684 shares of the specialty retailer’s stock worth $102,000 after purchasing an additional 3,689 shares during the period. Swedbank AB acquired a new position in shares of Medifast in the 1st quarter worth approximately $115,000. Virtu Financial LLC acquired a new position in shares of Medifast in the 1st quarter worth approximately $229,000. Aigen Investment Management LP lifted its position in shares of Medifast by 5.7% in the 4th quarter. Aigen Investment Management LP now owns 3,700 shares of the specialty retailer’s stock worth $249,000 after purchasing an additional 199 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its position in shares of Medifast by 10.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,589 shares of the specialty retailer’s stock worth $252,000 after purchasing an additional 618 shares during the period. Institutional investors and hedge funds own 95.51% of the company’s stock.

Medifast Stock Down 1.9 %

Medifast stock opened at $18.82 on Thursday. Medifast, Inc. has a 12-month low of $17.73 and a 12-month high of $83.60. The firm’s fifty day moving average is $19.29 and its 200 day moving average is $25.04. The company has a market capitalization of $205.89 million, a PE ratio of 3.04 and a beta of 1.13.

Medifast (NYSE:MED) last released its earnings results on Monday, August 5th. The specialty retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.56. Medifast had a net margin of 3.81% and a return on equity of 25.77%. The company had revenue of $168.56 million for the quarter, compared to the consensus estimate of $160.44 million. During the same quarter in the previous year, the company earned $2.77 EPS. Sell-side analysts expect that Medifast, Inc. will post 1.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, DA Davidson restated an “underperform” rating and issued a $17.50 price target on shares of Medifast in a research report on Monday, July 22nd.

Medifast Profile

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.