Medifast, Inc. (MED) will raise its quarterly dividend by 50.7 percent to $1.13 per share in 2019. This follows a 56 percent dividend boost by the company last year.

The next dividend is payable on February 6, 2020 to stockholders of record as of the close of business on December 27, 2019. A new annual dividend rate of $4.52 per share yields 5.0% at a stock price of $90.

"Today's announcement reflects the Board's confidence in Medifast's long-term growth prospects and our commitment to delivering high returns to our stockholders," said Dan Chard, Medifast's Chief Executive Officer. "This dividend increase is reflective of the consistent underlying strength of our business, which continues to deliver double-digit revenue growth in the health and wellness category."

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.