Vanguard Group Inc. Purchases 1,912,877 Shares of Neogen Corporation $NEOG

Key Points

• Vanguard Group Inc. increased its stake in Neogen Corporation by 8.8%, owning approximately 10.85% of the company, valued at $204.18 million.
• Other hedge funds significantly raised or established new positions in Neogen, with 96.73% of the stock now held by institutional investors.
• Analysts' ratings for Neogen are mixed, with Piper Sandler and William Blair downgrading the stock, leading to an average target price of $7.50 and an overall rating of "Hold."

Vanguard Group Inc. raised its position in Neogen Corporation (NASDAQ:NEOG - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,550,128 shares of the company's stock after acquiring an additional 1,912,877 shares during the period. Vanguard Group Inc. owned about 10.85% of Neogen worth $204,180,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NEOG. Versant Capital Management Inc raised its holdings in Neogen by 1,495.4% in the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after acquiring an additional 2,931 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Neogen in the 4th quarter valued at approximately $43,000. Lindenwold Advisors INC acquired a new position in Neogen in the 1st quarter valued at approximately $92,000. Angeles Wealth Management LLC acquired a new position in shares of Neogen in the 1st quarter worth approximately $99,000. Finally, KBC Group NV raised its holdings in shares of 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 buying an additional 3,734 shares in the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NEOG. Guggenheim dropped their target price on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, June 30th. Zacks Research raised Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday. Finally, William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $7.50.

Neogen Price Performance

NASDAQ NEOG traded up $0.04 during trading hours on Friday, reaching $5.64. 2,900,269 shares of the company's stock were exchanged, compared to its average volume of 6,055,356. The stock has a market cap of $1.23 billion, a PE ratio of -1.12 and a beta of 1.79. Neogen Corporation has a one year low of $3.87 and a one year high of $17.95. The firm has a fifty day moving average of $5.11 and a 200-day moving average of $6.64. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42.

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.