Absolute Gestao de Investimentos Ltda. Takes Position in Organon & Co. $OGN

Key Points

• Absolute Gestao de Investimentos Ltda. bought 665,230 Organon shares in the second quarter, valued at approximately $9.0 million and representing about 0.25% of the company.
• Other institutional investors, including Goldman Sachs and Royal Bank of Canada, also increased their OGN holdings; institutional investors collectively own 77.43% of the stock.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and a $11.40 price target, despite Organon shares opening at a 52-week high of $13.78. The company also declared a quarterly dividend of $0.02 per share.

Absolute Gestao de Investimentos Ltda. purchased a new position in shares of Organon & Co. (NYSE:OGN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 665,230 shares of the company's stock, valued at approximately $9,007,000. Organon & Co. accounts for approximately 0.9% of Absolute Gestao de Investimentos Ltda.'s portfolio, making the stock its 15th biggest holding. Absolute Gestao de Investimentos Ltda. owned approximately 0.25% of Organon & Co. at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in OGN. Royal Bank of Canada raised its stake in Organon & Co. by 53.4% in the 1st quarter. Royal Bank of Canada now owns 360,862 shares of the company's stock valued at $5,374,000 after acquiring an additional 125,648 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Organon & Co. by 126.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,435,198 shares of the company's stock valued at $21,370,000 after buying an additional 801,307 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Organon & Co. by 2.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,042,991 shares of the company's stock valued at $15,530,000 after buying an additional 26,640 shares in the last quarter. Focus Partners Wealth boosted its holdings in Organon & Co. by 33.2% in the 1st quarter. Focus Partners Wealth now owns 55,875 shares of the company's stock worth $832,000 after buying an additional 13,925 shares during the period. Finally, XTX Topco Ltd bought a new position in Organon & Co. in the 2nd quarter worth approximately $107,000. Hedge funds and other institutional investors own 77.43% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of Organon & Co. from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Organon & Co. presently has a consensus rating of "Reduce" and a consensus price target of $11.40.

Organon & Co. Stock Performance

Organon & Co. stock opened at $13.78 on Monday. Organon & Co. has a 1-year low of $5.69 and a 1-year high of $13.78. The company has a current ratio of 1.95, a quick ratio of 1.44 and a debt-to-equity ratio of 8.43. The firm has a market capitalization of $3.62 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 1.28 and a beta of 1.52. The firm's 50 day simple moving average is $13.61 and its 200 day simple moving average is $11.34.

Organon & Co. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 14th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Organon & Co.'s dividend payout ratio (DPR) is 10.39%.

About Organon & Co.

Organon & Co is a global healthcare company that was established as an independent, publicly traded entity following its spin-off from Merck & Co in June 2021. Headquartered in Jersey City, New Jersey, Organon focuses on delivering therapeutic solutions across women’s health, biosimilars, and established brands. The company’s creation reflected a strategic effort to concentrate on specialty pharmaceuticals and legacy products with proven patient impact.

In women’s health, Organon provides a broad portfolio of products addressing reproductive and gynecological conditions, including fertility treatments, contraception, and hormone replacement therapies.

Want to see what other hedge funds are holding OGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Organon & Co. (NYSE:OGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.