Covington Capital Management Sells 17,025 Shares of Organon & Co. (NYSE:OGN)

Covington Capital Management decreased its holdings in shares of Organon & Co. (NYSE:OGNGet Rating) by 86.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,718 shares of the company’s stock after selling 17,025 shares during the period. Covington Capital Management’s holdings in Organon & Co. were worth $92,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Green Alpha Advisors LLC bought a new stake in shares of Organon & Co. during the 2nd quarter valued at about $2,436,000. Crestwood Advisors Group LLC acquired a new position in Organon & Co. during the 2nd quarter worth approximately $201,000. J.W. Cole Advisors Inc. acquired a new position in Organon & Co. during the 1st quarter worth approximately $56,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Organon & Co. by 36.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,754 shares of the company’s stock worth $656,000 after buying an additional 4,973 shares during the period. Finally, M Holdings Securities Inc. acquired a new position in Organon & Co. during the 1st quarter worth approximately $562,000. Institutional investors own 76.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on OGN shares. 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, August 5th. Morgan Stanley lowered their price objective on Organon & Co. from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, July 8th. Finally, Piper Sandler raised Organon & Co. from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $37.00 to $34.00 in a research note on Tuesday, September 6th.

Organon & Co. Stock Down 1.1 %

Shares of Organon & Co. stock opened at $28.30 on Tuesday. The company has a market cap of $7.20 billion, a PE ratio of 6.52 and a beta of 0.55. Organon & Co. has a 52 week low of $27.53 and a 52 week high of $39.47. The business has a 50 day moving average price of $30.67 and a 200-day moving average price of $33.44.

Organon & Co. (NYSE:OGNGet Rating) last released its earnings results on Thursday, August 4th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.50 billion. Organon & Co. had a negative return on equity of 109.70% and a net margin of 17.42%. As a group, research analysts anticipate that Organon & Co. will post 5.08 EPS for the current year.

Organon & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Friday, August 12th. Organon & Co.’s dividend payout ratio is presently 25.81%.

About Organon & Co.

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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.

See Also

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Institutional Ownership by Quarter for Organon & Co. (NYSE:OGN)

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