Neogen Corporation $NEOG Shares Bought by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. significantly increased its stake in Neogen Corporation by 110.0% in Q1, acquiring an additional 248,654 shares, bringing its total holdings to 474,684 shares valued at approximately $4.12 million.
• Multiple institutional investors, including Russell Investments Group Ltd. and Principal Financial Group Inc., have also expanded their positions in Neogen, indicating a strong interest in the company's stock.
• Neogen's stock performance shows a current price of $5.75, with a 12-month trading range of $3.87 to $17.95, and analysts hold a mixed sentiment with an average rating of "Hold" and a price target of $7.50.

Raymond James Financial Inc. boosted its position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 110.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 474,684 shares of the company's stock after buying an additional 248,654 shares during the quarter. Raymond James Financial Inc. owned approximately 0.22% of Neogen worth $4,115,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of NEOG. American Century Companies Inc. grew its position in shares of Neogen by 16.5% during the 1st quarter. American Century Companies Inc. now owns 3,034,872 shares of the company's stock valued at $26,312,000 after acquiring an additional 428,829 shares during the period. Neuberger Berman Group LLC grew its holdings in Neogen by 1,812.1% in the first quarter. Neuberger Berman Group LLC now owns 328,876 shares of the company's stock valued at $2,851,000 after purchasing an additional 311,676 shares during the period. Caitong International Asset Management Co. Ltd increased its position in shares of Neogen by 388.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock valued at $87,000 after buying an additional 8,010 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Neogen by 29.4% during the 1st quarter. Russell Investments Group Ltd. now owns 451,898 shares of the company's stock worth $3,916,000 after buying an additional 102,640 shares during the period. Finally, Public Sector Pension Investment Board acquired a new position in shares of Neogen during the 1st quarter worth approximately $5,428,000. Institutional investors and hedge funds own 96.73% of the company's stock.

Neogen Trading Up 1.2%

NASDAQ:NEOG traded up $0.07 on Tuesday, hitting $5.73. The stock had a trading volume of 2,051,076 shares, compared to its average volume of 5,300,816. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -1.14 and a beta of 1.84. The company has a fifty day moving average price of $5.27 and a two-hundred day moving average price of $6.24. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $17.95.

Analyst Upgrades and Downgrades

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

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.