Neogen Co. (NEOG) Receives $65.67 Consensus Target Price from Analysts

Neogen Co. (NASDAQ:NEOG) has earned an average recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $65.67.

Several brokerages have recently weighed in on NEOG. BidaskClub downgraded shares of Neogen from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. ValuEngine downgraded shares of Neogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 26th. Finally, Zacks Investment Research downgraded shares of Neogen from a “hold” rating to a “sell” rating in a research note on Friday, September 28th.

Shares of NEOG traded up $0.38 during midday trading on Friday, hitting $62.00. The stock had a trading volume of 188,254 shares, compared to its average volume of 217,914. Neogen has a 1 year low of $54.09 and a 1 year high of $97.38. The company has a market cap of $3.20 billion, a P/E ratio of 51.24 and a beta of 1.38.

Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, September 25th. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Neogen had a net margin of 16.35% and a return on equity of 12.06%. The business had revenue of $99.60 million for the quarter, compared to the consensus estimate of $104.43 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Neogen will post 1.24 EPS for the current year.

Neogen declared that its board has approved a stock buyback program on Wednesday, October 10th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider James L. Herbert sold 44,768 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $61.08, for a total value of $2,734,429.44. Following the transaction, the insider now owns 742,576 shares of the company’s stock, valued at approximately $45,356,542.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman James L. Herbert sold 2,748 shares of the firm’s stock in a transaction dated Friday, November 23rd. The stock was sold at an average price of $60.51, for a total transaction of $166,281.48. Following the completion of the transaction, the chairman now directly owns 742,576 shares in the company, valued at approximately $44,933,273.76. The disclosure for this sale can be found here. Insiders sold a total of 72,851 shares of company stock worth $4,482,628 in the last ninety days. 3.00% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Polen Capital Management LLC increased its stake in Neogen by 12.1% in the 2nd quarter. Polen Capital Management LLC now owns 6,460 shares of the company’s stock worth $518,000 after buying an additional 697 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Neogen by 2.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 29,130 shares of the company’s stock worth $2,336,000 after buying an additional 776 shares during the period. Everence Capital Management Inc. increased its stake in Neogen by 26.0% in the 3rd quarter. Everence Capital Management Inc. now owns 3,973 shares of the company’s stock worth $284,000 after buying an additional 820 shares during the period. Aperio Group LLC increased its stake in Neogen by 3.6% in the 2nd quarter. Aperio Group LLC now owns 23,532 shares of the company’s stock worth $1,887,000 after buying an additional 821 shares during the period. Finally, MetLife Investment Advisors LLC increased its stake in Neogen by 3.9% in the 2nd quarter. MetLife Investment Advisors LLC now owns 22,979 shares of the company’s stock worth $1,843,000 after buying an additional 861 shares during the period. 89.53% of the stock is currently owned by institutional investors.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test for adenosine triphosphate, a chemical found in living cells.

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