Wedbush Raises Medifast Price Target to $36.00 (MED)
Analysts at Wedbush lifted their price objective on shares of Medifast (NYSE:MED) from $32.00 to $36.00 in a research report issued to clients and investors on Friday. The firm currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 11.15% from the company’s current price.
A number of other analysts have also recently weighed in on MED. Analysts at Zacks downgraded shares of Medifast from a “neutral” rating to an “underperform” rating in a research note on Tuesday, August 12th. They now have a $25.50 price target on the stock. Separately, analysts at Canaccord Genuity cut their price target on shares of Medifast from $32.00 to $29.00 in a research note on Friday, August 8th. Finally, analysts at Imperial Capital cut their price target on shares of Medifast from $36.00 to $34.00 in a research note on Friday, August 8th. They now have an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $29.90.
In other Medifast news, EVP Jeannette M. Mills sold 3,000 shares of Medifast stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $28.03, for a total transaction of $84,090.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Medifast (NYSE:MED) opened at 32.39 on Friday. Medifast has a 52-week low of $23.02 and a 52-week high of $34.40. The stock has a 50-day moving average of $29.01 and a 200-day moving average of $29.62. The company has a market cap of $412.6 million and a price-to-earnings ratio of 19.20.
Medifast (NYSE:MED) last announced its earnings results on Thursday, August 7th. The company reported $0.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.39 by $0.05. The company had revenue of $80.88 million for the quarter, compared to the consensus estimate of $87.30 million. During the same quarter last year, the company posted $0.51 earnings per share. Medifast’s revenue was down 16.7% compared to the same quarter last year. On average, analysts predict that Medifast will post $1.75 earnings per share for the current fiscal year.
Medifast, Inc (NYSE:MED) is engaged in the production, distribution, and sale of weight management and disease management products and other consumable health and diet products.
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