Readystate Asset Management LP Sells 48,300 Shares of Organon & Co. (NYSE:OGN)

Readystate Asset Management LP lessened its stake in shares of Organon & Co. (NYSE:OGN - Free Report) by 8.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 499,082 shares of the company's stock after selling 48,300 shares during the period. Readystate Asset Management LP owned about 0.19% of Organon & Co. worth $7,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of OGN. Millstone Evans Group LLC bought a new position in Organon & Co. in the fourth quarter worth approximately $29,000. GeoWealth Management LLC bought a new position in Organon & Co. in the fourth quarter worth approximately $41,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Organon & Co. in the first quarter worth approximately $60,000. GAMMA Investing LLC raised its stake in Organon & Co. by 186.9% in the first quarter. GAMMA Investing LLC now owns 4,611 shares of the company's stock worth $69,000 after buying an additional 3,004 shares in the last quarter. Finally, Cary Street Partners Financial LLC bought a new position in Organon & Co. in the fourth quarter worth approximately $111,000. Institutional investors own 77.43% of the company's stock.

Insider Activity

In other news, insider Kirke Weaver acquired 8,045 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was acquired at an average price of $9.21 per share, for a total transaction of $74,094.45. Following the completion of the transaction, the insider owned 52,489 shares in the company, valued at approximately $483,423.69. The trade was a 18.10% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Ali acquired 34,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was purchased at an average price of $8.80 per share, with a total value of $299,200.00. Following the transaction, the chief executive officer owned 282,731 shares of the company's stock, valued at approximately $2,488,032.80. This trade represents a 13.67% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 102,345 shares of company stock worth $902,430. 1.40% of the stock is currently owned by insiders.

Organon & Co. Stock Up 3.2%

NYSE OGN traded up $0.31 on Tuesday, hitting $9.76. The stock had a trading volume of 1,954,894 shares, compared to its average volume of 3,622,785. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 3.39, a price-to-earnings-growth ratio of 0.98 and a beta of 0.60. The company has a debt-to-equity ratio of 16.49, a current ratio of 1.67 and a quick ratio of 1.15. Organon & Co. has a 52-week low of $8.01 and a 52-week high of $23.10. The business's fifty day moving average price is $9.52 and its 200 day moving average price is $12.49.

Organon & Co. (NYSE:OGN - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company earned $1.22 earnings per share. The business's quarterly revenue was down 6.7% compared to the same quarter last year. Equities research analysts anticipate that Organon & Co. will post 3.68 earnings per share for the current year.

Organon & Co. Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Monday, May 12th were given a $0.02 dividend. The ex-dividend date was Monday, May 12th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.82%. Organon & Co.'s dividend payout ratio (DPR) is currently 2.78%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OGN. Evercore ISI downgraded shares of Organon & Co. from an "outperform" rating to an "inline" rating in a research note on Friday, May 2nd. Morgan Stanley cut their price target 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. BNP Paribas raised shares of Organon & Co. to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, Piper Sandler cut their price target 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

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.

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