Victory Capital Management Inc. Sells 2,407 Shares of Organon & Co. (NYSE:OGN)

Victory Capital Management Inc. cut its stake in shares of Organon & Co. (NYSE:OGN – Get Rating) by 0.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 507,360 shares of the company’s stock after selling 2,407 shares during the quarter. Victory Capital Management Inc.’s holdings in Organon & Co. were worth $17,695,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in Organon & Co. in the 4th quarter worth approximately $12,197,000. Commonwealth Equity Services LLC boosted its stake in Organon & Co. by 768.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 1,000,109 shares of the company’s stock worth $3,048,000 after purchasing an additional 884,995 shares during the period. Yousif Capital Management LLC bought a new position in Organon & Co. in the 4th quarter worth approximately $1,192,000. D.A. Davidson & CO. boosted its stake in Organon & Co. by 1.9% in the 4th quarter. D.A. Davidson & CO. now owns 54,003 shares of the company’s stock worth $1,646,000 after purchasing an additional 1,010 shares during the period. Finally, CWM LLC bought a new position in Organon & Co. in the 4th quarter worth approximately $106,000. 70.85% of the stock is currently owned by institutional investors.

Organon & Co. Stock Down 2.8 %

Shares of OGN opened at $31.50 on Friday. The business has a fifty day moving average of $34.03 and a 200 day moving average of $34.46. The company has a market cap of $7.99 billion, a PE ratio of 6.20 and a beta of 0.47. Organon & Co. has a 52-week low of $28.50 and a 52-week high of $39.47.

Organon & Co. (NYSE:OGN – Get Rating) last announced its earnings results on Thursday, May 5th. The company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.34. Organon & Co. had a net margin of 20.42% and a negative return on equity of 103.33%. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm posted $1.56 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, research analysts anticipate that Organon & Co. will post 5.09 earnings per share for the current fiscal year.

Organon & Co. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Monday, August 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.56%. Organon & Co.’s dividend payout ratio is presently 21.96%.

Analyst Ratings Changes

OGN has been the subject of several recent analyst reports. Bank of America downgraded Organon & Co. from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $40.00 to $37.00 in a research note on Friday. The Goldman Sachs Group assumed coverage on Organon & Co. in a report on Wednesday, April 27th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Morgan Stanley decreased their price objective on Organon & Co. from $35.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, July 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.80.

Organon & Co. Profile

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Organon & Co, a health care company, develops and delivers health solutions through a portfolio of prescription therapies in the United States and internationally. Its women's health portfolio comprises contraception and fertility brands, such as Nexplanon/Implanon, a long-acting reversible contraceptive.

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