Readystate Asset Management LP Reduces Stock Position in Organon & Co. (NYSE:OGN)

Readystate Asset Management LP trimmed its holdings in Organon & Co. (NYSE:OGN - Free Report) by 8.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 499,082 shares of the company's stock after selling 48,300 shares during the period. Readystate Asset Management LP owned 0.19% of Organon & Co. worth $7,431,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC acquired a new stake in Organon & Co. in the 4th quarter worth about $29,000. GeoWealth Management LLC acquired a new stake in Organon & Co. in the 4th quarter worth about $41,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Organon & Co. in the 1st quarter worth about $60,000. GAMMA Investing LLC boosted its stake in Organon & Co. by 186.9% in the 1st quarter. GAMMA Investing LLC now owns 4,611 shares of the company's stock worth $69,000 after buying an additional 3,004 shares during the last quarter. Finally, Cary Street Partners Financial LLC acquired a new stake in Organon & Co. in the 4th quarter worth about $111,000. 77.43% of the stock is owned by institutional investors and hedge funds.

Organon & Co. Stock Up 1.0%

Shares of NYSE:OGN traded up $0.11 during mid-day trading on Friday, hitting $10.18. 2,176,057 shares of the company traded hands, compared to its average volume of 4,440,739. The firm has a market cap of $2.65 billion, a P/E ratio of 3.53, a PEG ratio of 1.05 and a beta of 0.60. The company has a debt-to-equity ratio of 16.49, a quick ratio of 1.15 and a current ratio of 1.67. Organon & Co. has a 52-week low of $8.01 and a 52-week high of $23.10. The firm's 50 day simple moving average is $9.63 and its 200 day simple moving average is $12.38.

Organon & Co. (NYSE:OGN - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.89 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.53 billion. Organon & Co. had a return on equity of 227.43% and a net margin of 11.92%. The company's revenue was down 6.7% on a year-over-year basis. During the same period last year, the business posted $1.22 EPS. On average, equities analysts anticipate that Organon & Co. will post 3.68 EPS for the current year.

Organon & Co. Cuts Dividend

The business 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 0.79%. Organon & Co.'s payout ratio is currently 2.78%.

Insider Buying and Selling

In other Organon & Co. news, insider Kirke Weaver acquired 8,045 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were bought at an average cost of $9.21 per share, for a total transaction of $74,094.45. Following the acquisition, the insider directly owned 52,489 shares of the company's stock, valued at $483,423.69. This trade represents a 18.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew M. Walsh acquired 11,400 shares of the company's stock in a transaction on Monday, May 5th. The shares were acquired at an average price of $8.82 per share, for a total transaction of $100,548.00. Following the completion of the acquisition, the chief financial officer directly owned 144,484 shares in the company, valued at $1,274,348.88. The trade was a 8.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 102,345 shares of company stock valued at $902,430. Corporate insiders own 1.96% of the company's stock.

Analyst Upgrades and Downgrades

OGN has been the topic of a number of research analyst reports. Evercore ISI lowered Organon & Co. from an "outperform" rating to an "inline" rating in a research note on Friday, May 2nd. Morgan Stanley reduced their price objective on Organon & Co. from $15.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Monday, May 5th. BNP Paribas raised Organon & Co. to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, Piper Sandler reduced their price objective on Organon & Co. from $24.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.00.

Organon & Co. Company Profile

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.