Neogen Corporation $NEOG Stock Holdings Cut by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. has significantly reduced its stake in Neogen Corporation by 65.7% in the first quarter, now holding 113,263 shares worth approximately $982,000.
• Neogen's stock currently has an average rating of "Hold" from analysts, with a consensus target price of $7.50.
• The stock price opened at $5.75, with a market cap of $1.25 billion and a 12-month trading range of $3.87 to $17.95.

Corebridge Financial Inc. cut its stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 65.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,263 shares of the company's stock after selling 216,973 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Neogen worth $982,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NEOG. Bank Pictet & Cie Europe AG boosted its stake in shares of Neogen by 6.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 132,000 shares of the company's stock worth $1,602,000 after acquiring an additional 8,000 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Neogen by 28.7% during the 4th quarter. Stifel Financial Corp now owns 24,784 shares of the company's stock worth $301,000 after acquiring an additional 5,534 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Neogen by 12.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 139,373 shares of the company's stock worth $1,692,000 after acquiring an additional 15,048 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Neogen by 2.1% during the 4th quarter. Ameriprise Financial Inc. now owns 1,812,525 shares of the company's stock worth $22,004,000 after acquiring an additional 36,844 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Neogen by 2.2% during the 4th quarter. Bank of America Corp DE now owns 3,578,755 shares of the company's stock worth $43,446,000 after acquiring an additional 76,906 shares in the last quarter. 96.73% of the stock is owned by institutional investors.

Neogen Stock Performance

Shares of Neogen stock opened at $5.75 on Friday. The stock has a market cap of $1.25 billion, a PE ratio of -1.14 and a beta of 1.85. The business has a fifty day simple moving average of $5.25 and a 200-day simple moving average of $6.32. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. Neogen Corporation has a 12 month low of $3.87 and a 12 month high of $17.95.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NEOG shares. Zacks Research raised Neogen from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Guggenheim decreased their target price on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, June 30th. Finally, William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Neogen currently has an average rating of "Hold" and a consensus target price of $7.50.

Neogen Company 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.

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