Norges Bank Investment Management recently announced the acquisition of new stake in Neogen Corp. (NASDAQ:NEOG). The institutional investor has increased its shareholding in the Healthcare company by 27.52% to 18.4 million shares with purchase of 3.97 million shares. This fresh investment now brings its stake to 8.51% valued currently at $312.26 million. In addition, William Blair Investment Manageme raised its holdings by 0.52 million to 8.38 million shares. And Luther King Capital Management Co has lifted its position by 1.98% or 0.12 million shares – to 5.93 million shares.
With over 5.99 million Neogen Corp. (NEOG) shares trading Tuesday and a closing price of $18.18 on the day, the dollar volume was approximately $108.93 million. The shares have shown a negative half year performance of -17.02% and its price on 01/09/24 lost nearly -8.37%. Currently, there are 216.25M common shares owned by the public and among those 216.04M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for NEOG have a consensus price objective of $17.50. The analysts have set the share’s price value over the next 12 months at a high of $17.50 and a low of $17.50. The average price target is -3.89% below its recent price level and a downside to the estimated low will see the stock lose -3.89% over that period. But a downside of -3.89% will see the stock hit the forecast high price target while median target price for the stock is $17.50.
Insiders at the company have transacted a total of 16 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 30,500 shares. Insider sales of the common stock occurred on 9 occasions, with total insider shares sold totaling 8,644 shares.
The top 3 mutual fund holders in Neogen Corp. are Government Pension Fund – Global, Vanguard Total Stock Market ETF, and iShares Core S&P Mid Cap ETF. Government Pension Fund – Global owns 18.4 million shares of the company’s stock, all valued at over $312.26 million. The company bought an additional 17.55 million shares recently to bring their total holdings to about 8.51% of the shares outstanding. Vanguard Total Stock Market ETF bought 8976.0 shares to see its total holdings expand to 6.1 million shares valued at over $103.53 million and representing 2.82% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 1077.0 shares to bring its total holdings to over 6.07 million shares at a value of $103.01 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 2.81% of the shares outstanding.
Shares of Neogen Corp. (NASDAQ: NEOG) opened at $16.35, down -$3.49 from a prior closing price of $19.84. However, the script later moved the day high at 18.51, down -8.37%. The company’s stock has a 5-day price change of -10.66% and 7.19% over the past three months. NEOG shares are trading -9.60% year to date (YTD), with the 12-month market performance up to 11.06% higher. It has a 12-month low price of $14.44 and touched a high of $24.09 over the same period. NEOG has an average intraday trading volume of 1.70 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.47%, 3.46%, and -3.95% respectively.
Institutional ownership of Neogen Corp. (NASDAQ: NEOG) shares accounts for 102.69% of the company’s 216.25M shares outstanding. Mutual fund holders own 42.79%, while other institutional holders and individual stakeholders account for 60.01% and 0.80% respectively.
It has a market capitalization of $3.93B and a beta (3y monthly) value of 1.13. The stock’s trailing 12-month PE ratio is 334.19, while the earnings-per-share (ttm) stands at $0.05. The company has a PEG of 33.42 and a Quick Ratio of 2.63 with the debt-to-equity ratio at 0.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.79% over the week and 3.69% over the month.
Analysts forecast that Neogen Corp. (NEOG) will achieve an EPS of $0.14 for the current quarter, $0.15 for the next quarter and $0.82 for 2025. The lowest estimate earnings-per-share for the quarter is $0.14 while analysts give the company a high EPS estimate of $0.14. Comparatively, EPS for the current quarter was $0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 166.67%, and 200.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Neogen Corp. (NEOG) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NEOG, a number of firms have released research notes about the stock. Wells Fargo stated their Overweight rating for the stock in a research note on June 16, 2023, with the firm’s price target at $22.
