Cresset Asset Management LLC Lowers Position in Medifast, Inc. (NYSE:MED)

Cresset Asset Management LLC cut its stake in shares of Medifast, Inc. (NYSE:MED) by 16.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 42,112 shares of the specialty retailer’s stock after selling 8,315 shares during the quarter. Cresset Asset Management LLC’s holdings in Medifast were worth $742,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MED. Prescott Group Capital Management L.L.C. bought a new stake in Medifast during the fourth quarter valued at about $1,938,000. Marshall Wace LLP bought a new stake in Medifast during the fourth quarter valued at about $1,836,000. Federated Hermes Inc. raised its holdings in Medifast by 28.8% during the fourth quarter. Federated Hermes Inc. now owns 279,473 shares of the specialty retailer’s stock valued at $4,924,000 after acquiring an additional 62,574 shares during the period. JPMorgan Chase & Co. raised its holdings in Medifast by 103.9% during the fourth quarter. JPMorgan Chase & Co. now owns 117,157 shares of the specialty retailer’s stock valued at $2,064,000 after acquiring an additional 59,702 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new stake in Medifast during the fourth quarter valued at about $577,000. 95.51% of the stock is owned by institutional investors.

Medifast Trading Down 3.0%

Shares of MED stock opened at $12.73 on Wednesday. Medifast, Inc. has a 12-month low of $11.57 and a 12-month high of $27.16. The stock’s 50-day moving average price is $13.22 and its 200-day moving average price is $15.76. The stock has a market capitalization of $139.92 million, a price-to-earnings ratio of 70.72 and a beta of 0.96.

Medifast (NYSE:MED) last issued its earnings results on Monday, April 28th. The specialty retailer reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.04). Medifast had a return on equity of 10.64% and a net margin of 0.35%. The firm had revenue of $115.73 million during the quarter, compared to the consensus estimate of $114.85 million. As a group, research analysts predict that Medifast, Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. DA Davidson decreased their price target on Medifast from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. StockNews.com raised Medifast from a “hold” rating to a “buy” rating in a report on Thursday, May 1st.

Medifast Company 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.