JPMorgan Chase & Co. Buys 59,702 Shares of Medifast, Inc. (NYSE:MED)

JPMorgan Chase & Co. grew its position in shares of Medifast, Inc. (NYSE:MED - Free Report) by 103.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 117,157 shares of the specialty retailer's stock after buying an additional 59,702 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.07% of Medifast worth $2,064,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Amundi acquired a new stake in shares of Medifast in the fourth quarter valued at approximately $374,000. American Century Companies Inc. increased its stake in shares of Medifast by 3.4% in the 4th quarter. American Century Companies Inc. now owns 244,185 shares of the specialty retailer's stock valued at $4,303,000 after buying an additional 8,058 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Medifast by 2,308.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,442 shares of the specialty retailer's stock valued at $202,000 after acquiring an additional 10,967 shares during the period. Prescott Group Capital Management L.L.C. acquired a new position in shares of Medifast during the fourth quarter valued at $1,938,000. Finally, Exchange Traded Concepts LLC boosted its holdings in 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 acquiring an additional 674 shares during the last quarter. Institutional investors and hedge funds own 95.51% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, DA Davidson cut their target price on shares of Medifast from $17.00 to $16.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 19th.

Medifast Stock Up 5.4 %

MED stock traded up $0.68 during midday trading on Wednesday, reaching $13.18. The company's stock had a trading volume of 277,973 shares, compared to its average volume of 312,094. Medifast, Inc. has a 52 week low of $11.57 and a 52 week high of $28.44. The business's 50-day simple moving average is $13.44 and its 200-day simple moving average is $16.06. The stock has a market cap of $144.16 million, a PE ratio of 73.22 and a beta of 1.05.

Medifast (NYSE:MED - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $115.73 million for the quarter, compared to analyst estimates of $114.85 million. Medifast had a net margin of 0.35% and a return on equity of 10.64%. As a group, equities analysts forecast that Medifast, Inc. will post 0.51 earnings per share 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.