Pat McCormack's Tiger Consumer Adds to Medifast (MED) ~ market folly

Monday, September 20, 2010

Pat McCormack's Tiger Consumer Adds to Medifast (MED)

Patrick McCormack's hedge fund Tiger Consumer Management just filed a 13G with the SEC regarding shares of Medifast Inc (MED). Per the filing, Tiger Consumer has disclosed a 5.11% ownership stake in MED with 788,790 shares due to portfolio activity on September 7th, 2010. This marks an increase in their position as they previously held 553,191 shares back on June 30th. As such, Tiger Consumer has boosted its position size by 42.6%, buying 235,599 additional shares over the past two and a half months.

In terms of other portfolio activity from McCormack's fund, we detailed back in July that they started a position in Sonic Automotive (SAH). Tiger Consumer is one of the many funds seeded by Tiger Management founder Julian Robertson and you can view the proverbial Tiger family tree here.

Taken from Google Finance, Medifast is "engaged in the production, distribution, and sale of weight management and disease management products and other consumable health and diet products."

To see the other stocks that matter most to hedge funds, head to our coverage of Goldman Sachs' VIP list.

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