Organon & Co. (NYSE:OGN) Shares Gap Up After Dividend Announcement

Shares of Organon & Co. (NYSE:OGN) gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $14.70, but opened at $15.74. Organon & Co. shares last traded at $16.45, with a volume of 1,169,714 shares trading hands.

The newly announced dividend which will be paid on Thursday, March 13th. Investors of record on Monday, February 24th will be given a $0.28 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.12 annualized dividend and a dividend yield of 7.32%. Organon & Co.’s dividend payout ratio is presently 22.22%.

Analyst Ratings Changes

OGN has been the topic of several research reports. Barclays cut their price target on shares of Organon & Co. from $26.00 to $24.00 and set an “overweight” rating on the stock in a report on Friday. Morgan Stanley cut their price target on shares of Organon & Co. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, TD Cowen upgraded shares of Organon & Co. to a “hold” rating in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.80.

Organon & Co. Price Performance

The company has a market cap of $3.94 billion, a PE ratio of 3.03, a price-to-earnings-growth ratio of 0.83 and a beta of 0.76. The business’s 50 day moving average price is $15.35 and its 200-day moving average price is $17.48. The company has a quick ratio of 1.21, a current ratio of 1.70 and a debt-to-equity ratio of 17.73.

Organon & Co. (NYSE:OGN) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.09). Organon & Co. had a net margin of 20.30% and a return on equity of 644.70%. As a group, analysts forecast that Organon & Co. will post 3.82 earnings per share for the current year.

Institutional Trading of Organon & Co.

Hedge funds have recently made changes to their positions in the company. Barclays PLC raised its stake in shares of Organon & Co. by 238.0% during the third quarter. Barclays PLC now owns 119,483 shares of the company’s stock valued at $2,285,000 after purchasing an additional 84,136 shares during the period. Weiss Asset Management LP acquired a new stake in shares of Organon & Co. during the third quarter worth approximately $32,966,000. Cerity Partners LLC grew its position in shares of Organon & Co. by 94.0% during the third quarter. Cerity Partners LLC now owns 667,340 shares of the company’s stock worth $12,766,000 after buying an additional 323,308 shares in the last quarter. Foundry Partners LLC acquired a new stake in shares of Organon & Co. during the third quarter worth approximately $7,642,000. Finally, Beddow Capital Management Inc. grew its position in shares of Organon & Co. by 38.8% during the third quarter. Beddow Capital Management Inc. now owns 306,675 shares of the company’s stock worth $5,867,000 after buying an additional 85,775 shares in the last quarter. Hedge funds and other institutional investors own 77.43% of the company’s stock.

About Organon & Co.

Organon & Co is a science based global pharmaceutical company, which develops and delivers innovative health solutions through a portfolio of prescription therapies within women’s health, biosimilars and established brands. The company was founded on March 11, 2020, and is headquartered in Jersey City, NJ.