CIBC Asset Management Inc Sells 2,097 Shares of Organon & Co. (NYSE:OGN)

CIBC Asset Management Inc cut its holdings in shares of Organon & Co. (NYSE:OGN) by 7.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,682 shares of the company’s stock after selling 2,097 shares during the quarter. CIBC Asset Management Inc’s holdings in Organon & Co. were worth $511,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of OGN. Norges Bank acquired a new stake in shares of Organon & Co. in the fourth quarter valued at about $26,321,000. Wedge Capital Management L L P NC bought a new stake in shares of Organon & Co. during the 2nd quarter worth approximately $33,573,000. Allianz Asset Management GmbH boosted its holdings in shares of Organon & Co. by 156.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,900,554 shares of the company’s stock valued at $27,406,000 after buying an additional 1,159,519 shares during the last quarter. Kahn Brothers Group Inc. grew its stake in shares of Organon & Co. by 3,242.4% in the first quarter. Kahn Brothers Group Inc. now owns 1,180,204 shares of the company’s stock valued at $22,188,000 after buying an additional 1,144,894 shares in the last quarter. Finally, LSV Asset Management increased its holdings in Organon & Co. by 34.0% during the first quarter. LSV Asset Management now owns 4,488,828 shares of the company’s stock worth $84,390,000 after buying an additional 1,139,249 shares during the last quarter. 77.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. cut shares of Organon & Co. from a “neutral” rating to an “underweight” rating and increased their price target for the company from $18.00 to $20.00 in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.17.

Organon & Co. Trading Down 4.1 %

Shares of Organon & Co. stock opened at $20.49 on Friday. The company has a debt-to-equity ratio of 60.05, a current ratio of 1.64 and a quick ratio of 1.17. The business has a fifty day simple moving average of $21.02 and a two-hundred day simple moving average of $19.94. Organon & Co. has a 1 year low of $10.84 and a 1 year high of $23.10. The company has a market capitalization of $5.27 billion, a price-to-earnings ratio of 5.01, a P/E/G ratio of 0.98 and a beta of 0.85.

Organon & Co. (NYSE:OGN) last posted its earnings results on Tuesday, August 6th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Organon & Co. had a net margin of 15.76% and a negative return on equity of 840.29%. Organon & Co.’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the company posted $1.31 EPS. Research analysts forecast that Organon & Co. will post 4.14 EPS for the current year.

Organon & Co. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 5.47%. The ex-dividend date is Friday, August 16th. Organon & Co.’s payout ratio is 27.38%.

Organon & Co. Company Profile

Organon & Co develops and delivers health solutions through a portfolio of prescription therapies and medical devices within women's health in the United States and internationally. Its women's health portfolio comprises contraception and fertility brands, such as Nexplanon, a long-acting reversible contraceptive; NuvaRing, a monthly vaginal contraceptive ring; Cerazette, a daily pill used to prevent pregnancy; Marvelon, progestin and estrogen used as daily pills to prevent pregnancy; Follistim AQ, used to promote the development of multiple ovarian follicles in assisted reproduction technology procedures; Elonva, an ovarian follicle stimulant; Ganirelix Acetate Injection, an injectable antagonist; and Jada, for abnormal postpartum uterine bleeding or hemorrhage.