Norges Bank Investment Management recently announced the acquisition of new stake in Neogen Corporation (NASDAQ:NEOG). The institutional investor has increased its shareholding in the Healthcare company by 2,975.70% to 18.4 million shares with purchase of 17.8 million shares. This fresh investment now brings its stake to 8.51% valued currently at $316.86 million. In addition, SSgA Funds Management, Inc. raised its holdings by 1.98 million to 7.54 million shares. And Luther King Capital Management Co has lifted its position by 2.05% or 0.12 million shares – to 5.8 million shares.
With over 2.28 million Neogen Corporation (NEOG) shares trading Monday and a closing price of $16.27 on the day, the dollar volume was approximately $37.05 million. The shares have shown a positive half year performance of 4.16% and its price on 05/22/23 lost nearly -0.97%. Currently, there are 216.22M common shares owned by the public and among those 215.80M 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 $19.00. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $19.00. The average price target is 14.37% above its recent price level and an upside to the estimated low will see the stock gain 14.37% over that period. But an upside of 14.37% will see the stock hit the forecast high price target while median target price for the stock is $19.00.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 68,600 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 750 shares.
The top 3 mutual fund holders in Neogen Corporation are Government Pension Fund – Global, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Government Pension Fund – Global owns 18.4 million shares of the company’s stock, all valued at over $316.86 million. The company bought an additional 17.55 million shares recently to bring their total holdings to about 8.51% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 21848.0 shares to see its total holdings expand to 6.75 million shares valued at over $116.15 million and representing 3.12% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.26 million shares to bring its total holdings to over 5.09 million shares at a value of $87.67 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.35% of the shares outstanding.
Shares of Neogen Corporation (NASDAQ: NEOG) opened at $16.40, down -$0.03 from a prior closing price of $16.43. However, the script later moved the day high at 16.51, down -0.97%. The company’s stock has a 5-day price change of -2.34% and -16.65% over the past three months. NEOG shares are trading 6.83% year to date (YTD), with the 12-month market performance down to -37.62% lower. It has a 12-month low price of $10.49 and touched a high of $26.95 over the same period. NEOG has an average intraday trading volume of 1.41 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 -4.28%, -6.43%, and -4.49% respectively.
Institutional ownership of Neogen Corporation (NASDAQ: NEOG) shares accounts for 93.50% of the company’s 216.22M shares outstanding. Mutual fund holders own 49.57%, while other institutional holders and individual stakeholders account for 53.71% and 0.77% respectively.
It has a market capitalization of $3.58B and a beta (3y monthly) value of 0.99. The stock’s trailing 12-month PE ratio is 524.84, while the earnings-per-share (ttm) stands at $0.03. The company has a PEG of 52.48 and a Quick Ratio of 3.80 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 3.09% over the week and 2.72% over the month.
Analysts forecast that Neogen Corporation (NEOG) will achieve an EPS of -$0.03 for the current quarter, $0.04 for the next quarter and -$0.01 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.07 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was $0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -21.30%, and 92.90% over the next financial year. EPS should grow at an annualized rate of 10.00% over the next five years, compared to 0.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Neogen Corporation (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.”
