Medifast to buy back $100 million in stock

Medifast Inc. has agreed to buy back $100 million worth of its own stock, nearly twice the amount of stock it repurchased in all of 2021. The Baltimore-based dieting and wellness company announced on Wednesday that it had entered into an agreement with JPMorgan Chase to repurchase $100 million worth of stock, which equates to about 600,000 shares based on the May 31 closing price of $166.75. That represents about 5% of the company’s fully diluted outstanding stock, Medifast said in a release.