Medifast (MED) will increase its quarterly dividend by 28 percent to $0.32 per share. In 2015 Medifast initiated a $0.25 per share quarterly dividend.

The quarterly cash dividend of $0.32 per share is payable on February 9, 2017 to stockholders of record as of the close of business on December 23, 2016.

Today’s dividend increase indicates an annualized rate of $1.28 per common share and a yield of approximately 3.1% based on the $40.65 closing price on December 8, 2016.

Medifast is a manufacturer and distributor of healthy living products and programs. The company produces, distributes and sells weight loss, weight management, and healthy living products, and other consumable health and nutritional products. Its product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins.