Medifast (MED) will raise its quarterly dividend by 56.3 percent to $0.75 per share in the fourth quarter of 2018. This follows a 14 cent dividend hike to 48 cents quarterly last year.

The increased dividend is payable on February 7, 2019 to stockholders of record as of the close of business on December 21, 2018.

"This increase reflects our confidence in the business as well our commitment to deliver attractive total stockholder returns," said Dan Chard, Chief Executive Officer of Medifast.

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.