Bank of America Corp DE Decreases Holdings in Organon & Co. (NYSE:OGN)

Bank of America Corp DE trimmed its holdings in shares of Organon & Co. (NYSE:OGN) by 35.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 806,715 shares of the company’s stock after selling 446,627 shares during the period. Bank of America Corp DE owned 0.31% of Organon & Co. worth $12,036,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new position in Organon & Co. in the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted its position in Organon & Co. by 345.4% in the 4th quarter. Larson Financial Group LLC now owns 2,236 shares of the company’s stock valued at $33,000 after buying an additional 1,734 shares during the last quarter. Riverview Trust Co boosted its position in Organon & Co. by 117.7% in the 4th quarter. Riverview Trust Co now owns 2,390 shares of the company’s stock valued at $36,000 after buying an additional 1,292 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Organon & Co. by 32.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,749 shares of the company’s stock valued at $41,000 after buying an additional 672 shares during the last quarter. Finally, GeoWealth Management LLC purchased a new position in Organon & Co. in the 4th quarter valued at about $41,000. 77.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Organon & Co. news, CEO Kevin Ali acquired 34,000 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were purchased at an average price of $8.80 per share, for a total transaction of $299,200.00. Following the completion of the purchase, the chief executive officer now directly owns 282,731 shares in the company, valued at $2,488,032.80. The trade was a 13.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matthew M. Walsh purchased 11,400 shares of the company’s stock in a transaction on Monday, May 5th. The stock was purchased 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 directly owns 144,484 shares of the company’s stock, valued at $1,274,348.88. This trade represents a 8.57% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 102,345 shares of company stock worth $902,430 over the last quarter. 1.96% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OGN has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on shares of Organon & Co. from $24.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, May 15th. Barclays cut their target price on shares of Organon & Co. from $26.00 to $24.00 and set an “overweight” rating on the stock in a research note on Friday, February 14th. Morgan Stanley cut their target price on shares of Organon & Co. from $15.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, May 5th. Finally, Evercore ISI lowered shares of Organon & Co. from an “outperform” rating to an “inline” rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.00.

Organon & Co. Stock Performance

Shares of Organon & Co. stock opened at $8.71 on Friday. The firm has a market cap of $2.26 billion, a PE ratio of 2.61, a price-to-earnings-growth ratio of 0.90 and a beta of 0.75. The firm’s 50-day simple moving average is $11.69 and its 200-day simple moving average is $14.10. The company has a debt-to-equity ratio of 17.73, a quick ratio of 1.21 and a current ratio of 1.70. Organon & Co. has a 1 year low of $8.01 and a 1 year high of $23.10.

Organon & Co. (NYSE:OGN) last issued its earnings results on Thursday, May 1st. The company reported $1.02 earnings per share (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 analyst estimates of $1.53 billion. Organon & Co. had a net margin of 13.49% and a return on equity of 431.62%. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 EPS. Equities analysts forecast that Organon & Co. will post 3.68 earnings per share for the current fiscal year.

Organon & Co. Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Monday, May 12th will be paid a dividend of $0.02 per share. The ex-dividend date is Monday, May 12th. This represents a $0.08 annualized dividend and a yield of 0.92%. Organon & Co.’s dividend payout ratio (DPR) is 2.78%.

Organon & Co. Company Profile

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.