Medifast Inc., the Owings Mills-based weight loss company, announced Tuesday that one of its top executives has created a formal plan to sell about a fourth of her company stock.
Margaret Sheetz, Medifast's president and chief operating officer, will sell 100,000 shares of the company's common stock with the goal of diversifying her investment portfolio.
She established the trading plan to comply with both federal insider trading law and company rules while minimizing the market impact of her sale of the shares. The plan will be executed over the next year, expiring May 31, 2016.
As of May 4, Sheetz beneficially owned 416,912 shares of Medifast, or about 3.4 percent of the company's common stock, according to Medifast's recent proxy statement.
Medifast shares were up a penny in Tuesday trading, closing at $32.20 each.
Sheetz, 38, is the niece of Michael C. MacDonald, Medifast's chairman and CEO.