Easterly Investment Partners LLC Raises Stock Position in Organon & Co. (NYSE:OGN)

Easterly Investment Partners LLC increased its stake in shares of Organon & Co. (NYSE:OGN - Free Report) by 22.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 486,623 shares of the company's stock after acquiring an additional 88,989 shares during the quarter. Easterly Investment Partners LLC owned about 0.19% of Organon & Co. worth $7,246,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OGN. Hsbc Holdings PLC raised its stake in Organon & Co. by 13.9% during the fourth quarter. Hsbc Holdings PLC now owns 13,922 shares of the company's stock valued at $208,000 after purchasing an additional 1,703 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Organon & Co. by 28.6% in the fourth quarter. Wells Fargo & Company MN now owns 262,746 shares of the company's stock valued at $3,920,000 after acquiring an additional 58,378 shares during the period. NBC Securities Inc. raised its stake in shares of Organon & Co. by 111,262.5% in the first quarter. NBC Securities Inc. now owns 8,909 shares of the company's stock valued at $132,000 after acquiring an additional 8,901 shares during the period. Wellington Management Group LLP grew its holdings in shares of Organon & Co. by 44.2% in the fourth quarter. Wellington Management Group LLP now owns 32,966 shares of the company's stock worth $492,000 after purchasing an additional 10,108 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Organon & Co. in the fourth quarter worth about $4,194,000. Institutional investors own 77.43% of the company's stock.

Analyst Ratings Changes

OGN has been the topic of several recent research reports. Morgan Stanley dropped 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 report on Monday, May 5th. Piper Sandler dropped their target price on shares of Organon & Co. from $24.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, May 15th. BNP Paribas upgraded shares of Organon & Co. to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, Evercore ISI cut shares of Organon & Co. from an "outperform" rating to an "inline" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Organon & Co. Stock Performance

Shares of Organon & Co. stock traded down $0.18 during midday trading on Friday, hitting $9.46. The company had a trading volume of 3,128,446 shares, compared to its average volume of 3,627,698. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 3.28, a PEG ratio of 0.98 and a beta of 0.60. Organon & Co. has a 12-month low of $8.01 and a 12-month high of $23.10. The company has a fifty day simple moving average of $9.52 and a 200 day simple moving average of $12.51. The company has a quick ratio of 1.15, a current ratio of 1.67 and a debt-to-equity ratio of 16.49.

Organon & Co. (NYSE:OGN - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.13. Organon & Co. had a net margin of 11.92% and a return on equity of 227.43%. The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the company posted $1.22 earnings per share. The firm's revenue was down 6.7% compared to the same quarter last year. As a group, analysts predict that Organon & Co. will post 3.68 earnings per share for the current fiscal year.

Organon & Co. Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Monday, May 12th were issued a dividend of $0.02 per share. The ex-dividend date was Monday, May 12th. This represents a $0.08 annualized dividend and a dividend yield of 0.85%. Organon & Co.'s dividend payout ratio (DPR) is presently 2.78%.

Insider Buying and Selling at Organon & Co.

In other news, VP Daniel Karp bought 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was purchased at an average cost of $8.24 per share, for a total transaction of $28,840.00. Following the purchase, the vice president directly owned 46,669 shares in the company, valued at approximately $384,552.56. This trade represents a 8.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew M. Walsh bought 11,400 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $8.82 per share, with a total value of $100,548.00. Following the completion of the purchase, the chief financial officer owned 144,484 shares in the company, valued at approximately $1,274,348.88. This trade represents a 8.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 102,345 shares of company stock worth $902,430. 1.96% of the stock is currently owned by company 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.