Mackenzie Financial Corp Has $67.27 Million Holdings in Neogen Corporation (NASDAQ:NEOG)

Key Points

• Mackenzie Financial Corp reduced its stake in Neogen Corporation by 0.9%, holding approximately 7.76 million shares valued at $67.27 million.
• Multiple institutional investors, including Versant Capital Management and KBC Group NV, made significant changes to their positions in Neogen, indicating a high interest from hedge funds, which own around 96.73% of the company's stock.
• Recent analyst ratings saw Piper Sandler lowering its price target for Neogen from $6.40 to $5.00, while Guggenheim set a new target at $10.00, reflecting mixed outlooks on the stock's performance.

Mackenzie Financial Corp trimmed its stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,758,489 shares of the company's stock after selling 67,860 shares during the period. Mackenzie Financial Corp owned about 3.57% of Neogen worth $67,266,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Versant Capital Management Inc raised its position in Neogen by 1,495.4% during the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after buying an additional 2,931 shares during the period. Johnson Financial Group Inc. acquired a new position in Neogen in the 4th quarter worth about $43,000. Covestor Ltd increased its position in Neogen by 41.4% in the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after purchasing an additional 1,202 shares during the last quarter. Angeles Wealth Management LLC acquired a new position in Neogen in the 1st quarter worth about $99,000. Finally, KBC Group NV increased its position in Neogen by 44.1% in 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 during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Stock Performance

NASDAQ:NEOG traded up $0.01 during mid-day trading on Friday, hitting $4.66. 3,537,108 shares of the company's stock traded hands, compared to its average volume of 5,319,462. The firm has a 50 day moving average of $5.27 and a two-hundred day moving average of $7.33. Neogen Corporation has a 12 month low of $3.87 and a 12 month high of $17.95. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -0.92 and a beta of 1.77. The company has a current ratio of 3.32, a quick ratio of 2.45 and a debt-to-equity ratio of 0.42.

Insiders Place Their Bets

In other news, Director Aashima Gupta acquired 16,000 shares of Neogen stock in a transaction on Monday, May 12th. The stock was bought at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the transaction, the director owned 21,917 shares of the company's stock, valued at $136,981.25. The trade was a 270.41% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several research reports. William Blair lowered Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday. Guggenheim dropped their target price on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, June 30th. Finally, Piper Sandler lowered their price objective on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd.

Neogen Profile

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.