Allspring Global Investments Holdings LLC Reduces Stock Holdings in Medifast, Inc. (NYSE:MED)

Allspring Global Investments Holdings LLC lessened its stake in shares of Medifast, Inc. (NYSE:MED) by 88.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,056 shares of the specialty retailer’s stock after selling 37,837 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Medifast were worth $110,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. CWM LLC lifted its position in Medifast by 370.8% in the second quarter. CWM LLC now owns 4,684 shares of the specialty retailer’s stock valued at $102,000 after acquiring an additional 3,689 shares during the last quarter. Swedbank AB purchased a new stake in shares of Medifast in the 1st quarter valued at about $115,000. Virtu Financial LLC acquired a new stake in shares of Medifast in the 1st quarter valued at about $229,000. Aigen Investment Management LP grew its position in shares of Medifast by 5.7% during the fourth quarter. Aigen Investment Management LP now owns 3,700 shares of the specialty retailer’s stock worth $249,000 after acquiring an additional 199 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in Medifast by 10.4% during 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 last quarter. Institutional investors and hedge funds own 95.51% of the company’s stock.

Analysts Set New Price Targets

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

Medifast Price Performance

Shares of MED stock opened at $18.51 on Monday. The business’s fifty day moving average price is $19.41 and its 200 day moving average price is $26.17. The firm has a market capitalization of $202.44 million, a PE ratio of 2.99 and a beta of 1.13. Medifast, Inc. has a 1-year low of $17.73 and a 1-year high of $83.60.

Medifast (NYSE:MED) last released its quarterly earnings results on Monday, August 5th. The specialty retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.56. The business had revenue of $168.56 million for the quarter, compared to analysts’ expectations of $160.44 million. Medifast had a return on equity of 25.77% and a net margin of 3.81%. During the same quarter in the prior year, the firm posted $2.77 EPS. Equities research analysts expect that Medifast, Inc. will post 1.33 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.