Bank of America Corp DE Lowers Stake in Medifast, Inc. (NYSE:MED)

Bank of America Corp DE decreased its position in Medifast, Inc. (NYSE:MED - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 276,081 shares of the specialty retailer's stock after selling 38,647 shares during the period. Bank of America Corp DE owned about 2.52% of Medifast worth $4,865,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in shares of Medifast by 2,308.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,442 shares of the specialty retailer's stock valued at $202,000 after purchasing an additional 10,967 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Medifast by 4.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 17,106 shares of the specialty retailer's stock valued at $301,000 after purchasing an additional 674 shares during the period. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Medifast in the fourth quarter valued at about $1,938,000. Amundi acquired a new stake in shares of Medifast in the fourth quarter valued at about $374,000. Finally, American Century Companies Inc. lifted its stake in shares of Medifast by 3.4% in the fourth quarter. American Century Companies Inc. now owns 244,185 shares of the specialty retailer's stock valued at $4,303,000 after purchasing an additional 8,058 shares during the period. Hedge funds and other institutional investors own 95.51% of the company's stock.

Analysts Set New Price Targets

MED has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Medifast from a "hold" rating to a "buy" rating in a research note on Thursday, May 1st. DA Davidson reduced their price objective on shares of Medifast from $17.00 to $16.50 and set a "neutral" rating for the company in a research note on Wednesday, February 19th.

Medifast Price Performance

MED traded down $0.77 during midday trading on Monday, reaching $13.30. 231,942 shares of the company's stock were exchanged, compared to its average volume of 287,157. The stock has a market capitalization of $146.18 million, a PE ratio of 73.89 and a beta of 0.96. The business's 50-day moving average price is $13.04 and its 200 day moving average price is $15.20. Medifast, Inc. has a 1-year low of $11.57 and a 1-year high of $26.07.

Medifast (NYSE:MED - Get Free Report) last announced its earnings results on Monday, April 28th. The specialty retailer reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.04). The business had revenue of $115.73 million for the quarter, compared to analyst estimates of $114.85 million. Medifast had a return on equity of 10.64% and a net margin of 0.35%. As a group, analysts expect that Medifast, Inc. will post 0.51 EPS for the current fiscal year.

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.