Banque Pictet & Cie SA Reduces Holdings in Neogen Corporation (NASDAQ:NEOG)

Banque Pictet & Cie SA decreased its stake in Neogen Corporation (NASDAQ:NEOG - Free Report) by 22.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,948,090 shares of the company's stock after selling 574,700 shares during the period. Banque Pictet & Cie SA owned 0.90% of Neogen worth $16,890,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Harbour Investments Inc. purchased a new position in Neogen in the 4th quarter valued at approximately $27,000. Versant Capital Management Inc grew its position in shares of Neogen by 1,495.4% in the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after purchasing an additional 2,931 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in shares of Neogen in the fourth quarter valued at $43,000. Covestor Ltd raised its stake in shares of Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after purchasing an additional 1,202 shares during the period. Finally, KBC Group NV lifted its holdings in Neogen by 44.1% during the 1st quarter. KBC Group NV now owns 12,198 shares of the company's stock worth $106,000 after purchasing an additional 3,734 shares in the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Price Performance

NASDAQ:NEOG traded down $0.19 during trading hours on Friday, hitting $5.39. 3,122,200 shares of the company's stock traded hands, compared to its average volume of 3,583,134. The firm has a market cap of $1.17 billion, a P/E ratio of -2.42 and a beta of 1.77. The company has a quick ratio of 2.45, a current ratio of 3.91 and a debt-to-equity ratio of 0.33. The business's fifty day simple moving average is $5.62 and its two-hundred day simple moving average is $8.10. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). Neogen had a negative net margin of 53.56% and a positive return on equity of 2.69%. The company had revenue of $221.00 million during the quarter, compared to analysts' expectations of $225.27 million. During the same period in the prior year, the business earned $0.12 earnings per share. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, research analysts anticipate that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

NEOG has been the subject of a number of recent analyst reports. Guggenheim reduced their target price on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, June 30th. Piper Sandler decreased their target price on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd.

Insider Transactions at Neogen

In other Neogen news, insider Amy M. Rocklin purchased 12,500 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were purchased at an average cost of $4.99 per share, with a total value of $62,375.00. Following the completion of the purchase, the insider owned 36,287 shares of the company's stock, valued at $181,072.13. The trade was a 52.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James P. Tobin acquired 10,000 shares of the stock in a transaction dated Tuesday, April 22nd. The stock was acquired at an average price of $4.73 per share, with a total value of $47,300.00. Following the completion of the acquisition, the director owned 37,474 shares in the company, valued at approximately $177,252.02. The trade was a 36.40% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 73,500 shares of company stock valued at $380,825 over the last quarter. 1.13% of the stock is owned by company insiders.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including 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 to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.