Principal Financial Group Inc. Has $2.46 Million Stock Position in Medifast, Inc. (NYSE:MED)

Principal Financial Group Inc. cut its stake in Medifast, Inc. (NYSE:MED) by 1.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,183 shares of the specialty retailer’s stock after selling 1,042 shares during the period. Principal Financial Group Inc. owned about 0.59% of Medifast worth $2,459,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MED. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Medifast by 53.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,628 shares of the specialty retailer’s stock worth $177,000 after acquiring an additional 911 shares in the last quarter. Triumph Capital Management acquired a new stake in shares of Medifast during the 4th quarter worth about $213,000. Vest Financial LLC bought a new position in Medifast during the 4th quarter valued at about $232,000. Aigen Investment Management LP boosted its position in Medifast by 5.7% in the fourth quarter. Aigen Investment Management LP now owns 3,700 shares of the specialty retailer’s stock valued at $249,000 after buying an additional 199 shares in the last quarter. Finally, Prairiewood Capital LLC grew its stake in Medifast by 26.7% during the first quarter. Prairiewood Capital LLC now owns 7,215 shares of the specialty retailer’s stock worth $276,000 after buying an additional 1,520 shares during the last quarter. Institutional investors own 95.51% of the company’s stock.

Medifast Stock Performance

Shares of NYSE MED traded down $0.35 during trading on Friday, reaching $19.42. The company had a trading volume of 95,997 shares, compared to its average volume of 481,783. Medifast, Inc. has a 52 week low of $18.81 and a 52 week high of $109.52. The business’s 50 day moving average price is $23.47 and its 200-day moving average price is $39.20. The stock has a market cap of $212.45 million, a PE ratio of 3.11 and a beta of 1.15.

Medifast (NYSE:MED) last posted its quarterly earnings data on Monday, April 29th. The specialty retailer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.12). The company had revenue of $174.74 million during the quarter, compared to the consensus estimate of $168.90 million. Medifast had a return on equity of 36.64% and a net margin of 7.55%. The business’s revenue for the quarter was down 49.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.67 EPS. Equities analysts anticipate that Medifast, Inc. will post 0.94 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, DA Davidson cut shares of Medifast from a “neutral” rating to an “underperform” rating and cut their target price for the company from $25.00 to $17.50 in a research note on Wednesday, June 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.