Comerica Bank Cuts Stock Position in Organon & Co. (NYSE:OGN)

Comerica Bank decreased its holdings in Organon & Co. (NYSE:OGN) by 45.2% in the 4th quarter, HoldingsChannel reports. The firm owned 114,735 shares of the company’s stock after selling 94,632 shares during the quarter. Comerica Bank’s holdings in Organon & Co. were worth $1,712,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Horizon Bancorp Inc. IN increased its holdings in Organon & Co. by 2,401.5% during the 4th quarter. Horizon Bancorp Inc. IN now owns 1,651 shares of the company’s stock worth $25,000 after purchasing an additional 1,585 shares during the period. Millstone Evans Group LLC purchased a new stake in shares of Organon & Co. during the fourth quarter worth approximately $29,000. Larson Financial Group LLC raised its holdings in Organon & Co. by 345.4% in the fourth quarter. Larson Financial Group LLC now owns 2,236 shares of the company’s stock valued at $33,000 after acquiring an additional 1,734 shares in the last quarter. Riverview Trust Co lifted its stake in Organon & Co. by 117.7% in the fourth quarter. Riverview Trust Co now owns 2,390 shares of the company’s stock worth $36,000 after acquiring an additional 1,292 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Organon & Co. by 32.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,749 shares of the company’s stock worth $41,000 after acquiring an additional 672 shares in the last quarter. Institutional investors and hedge funds own 77.43% of the company’s stock.

Organon & Co. Trading Down 3.3 %

OGN opened at $8.72 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.70 and a debt-to-equity ratio of 17.73. Organon & Co. has a 52 week low of $8.05 and a 52 week high of $23.10. The business’s 50 day moving average is $12.87 and its two-hundred day moving average is $14.64. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 2.62, a price-to-earnings-growth ratio of 0.90 and a beta of 0.75.

Organon & Co. (NYSE:OGN) last announced its earnings results on Thursday, May 1st. The company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Organon & Co. had a net margin of 13.49% and a return on equity of 431.62%. The company’s quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.22 EPS. On average, research analysts predict that Organon & Co. will post 3.68 EPS for the current year.

Organon & Co. Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Monday, May 12th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Monday, May 12th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.92%. Organon & Co.’s payout ratio is 2.78%.

Analysts Set New Price Targets

Several research firms have recently issued reports on OGN. Barclays decreased their price objective on shares of Organon & Co. from $26.00 to $24.00 and set an “overweight” rating for the company in a research report on Friday, February 14th. Morgan Stanley lowered their price objective on Organon & Co. from $15.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, May 5th. TD Cowen upgraded Organon & Co. to a “hold” rating in a report on Wednesday, January 15th. Finally, Evercore ISI cut Organon & Co. from an “outperform” rating to an “inline” rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $18.00.

Insider Buying and Selling

In other news, CFO Matthew M. Walsh bought 11,400 shares of Organon & Co. stock in a transaction dated Monday, May 5th. The stock was bought at an average price of $8.82 per share, for a total transaction of $100,548.00. Following the purchase, the chief financial officer now owns 144,484 shares of the company’s stock, valued at approximately $1,274,348.88. The trade was a 8.57 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kirke Weaver bought 8,045 shares of the stock in a transaction dated Tuesday, May 6th. The stock was purchased at an average cost of $9.21 per share, for a total transaction of $74,094.45. Following the acquisition, the insider now owns 52,489 shares of the company’s stock, valued at approximately $483,423.69. This represents a 18.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 102,345 shares of company stock valued at $902,430 over the last quarter. 1.96% of the stock is currently owned by insiders.

About Organon & Co.

Organon & Co is a science based global pharmaceutical company, which develops and delivers innovative health solutions through a portfolio of prescription therapies within women’s health, biosimilars and established brands. The company was founded on March 11, 2020, and is headquartered in Jersey City, NJ.