Geode Capital Management LLC Has $4.68 Million Stock Holdings in Medifast, Inc. (NYSE:MED)

Geode Capital Management LLC trimmed its stake in shares of Medifast, Inc. (NYSE:MED) by 12.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,482 shares of the specialty retailer’s stock after selling 36,328 shares during the quarter. Geode Capital Management LLC owned approximately 2.23% of Medifast worth $4,681,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MED. Acadian Asset Management LLC raised its stake 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 acquiring an additional 322,123 shares during the last quarter. AQR Capital Management LLC increased its holdings in Medifast by 117.5% in 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 during the period. Federated Hermes Inc. increased its holdings in Medifast by 415.1% in the second quarter. Federated Hermes Inc. now owns 215,090 shares of the specialty retailer’s stock valued at $4,693,000 after purchasing an additional 173,337 shares during the period. Renaissance Technologies LLC raised its position in Medifast by 20.3% during the 2nd 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 last quarter. Finally, Millennium Management LLC lifted its holdings in Medifast by 37.8% during the 2nd quarter. Millennium Management LLC now owns 469,216 shares of the specialty retailer’s stock worth $10,238,000 after buying an additional 128,719 shares during the period. 95.51% of the stock is currently owned by institutional investors and hedge funds.

Medifast Stock Up 1.8 %

Medifast stock opened at $17.60 on Monday. Medifast, Inc. has a 12-month low of $16.70 and a 12-month high of $68.87. The company has a market capitalization of $192.51 million, a PE ratio of 26.67 and a beta of 1.15. The firm’s fifty day moving average is $18.70 and its 200 day moving average is $18.96. The company has a quick ratio of 2.55, a current ratio of 3.11 and a debt-to-equity ratio of 0.06.

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

Analyst Ratings Changes

Separately, DA Davidson upgraded shares of Medifast from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $16.50 to $17.00 in a report on Tuesday, November 5th.

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.