Neogen (NASDAQ:NEOG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $93.00 price target on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.71% from the company’s current price.

According to Zacks, “Neogen Corporation develops, manufactures, and markets a diverse line of products dedicated to food and animal safety. The company’s food safety segment consists primarily of diagnostic test kits and related products, including dehydrated culture media, marketed to food producers and processors to aid in the detection of foodborne bacteria, natural toxins, food allergens, drug residues, pesticide residues, plant disease infections and levels of general sanitation. “

Separately, BidaskClub upgraded shares of Neogen from a “hold” rating to a “buy” rating in a research report on Thursday, August 10th.

Shares of Neogen (NASDAQ NEOG) opened at $83.25 on Wednesday. The firm has a market cap of $3,181.07, a P/E ratio of 69.97, a PEG ratio of 4.24 and a beta of 1.53. Neogen has a 12-month low of $59.51 and a 12-month high of $84.50.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Tuesday, September 19th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. The business had revenue of $95.30 million during the quarter, compared to the consensus estimate of $94.87 million. Neogen had a net margin of 12.28% and a return on equity of 9.93%. The company’s revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. analysts forecast that Neogen will post 1.31 earnings per share for the current year.

In related news, CFO Steven J. Quinlan sold 2,250 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $78.52, for a total value of $176,670.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Steven J. Quinlan sold 2,772 shares of the company’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $73.54, for a total transaction of $203,852.88. Following the completion of the sale, the chief financial officer now owns 12,875 shares of the company’s stock, valued at approximately $946,827.50. The disclosure for this sale can be found here. Insiders have sold a total of 193,034 shares of company stock valued at $14,717,645 in the last 90 days. Insiders own 4.20% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in NEOG. Conestoga Capital Advisors LLC raised its position in Neogen by 20.2% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 958,784 shares of the company’s stock valued at $74,267,000 after purchasing an additional 161,170 shares during the last quarter. Wasatch Advisors Inc. purchased a new stake in Neogen in the 3rd quarter valued at $11,016,000. Citadel Advisors LLC raised its position in Neogen by 338.6% in the 3rd quarter. Citadel Advisors LLC now owns 143,553 shares of the company’s stock valued at $11,120,000 after purchasing an additional 110,821 shares during the last quarter. Ameriprise Financial Inc. raised its position in Neogen by 32.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 372,276 shares of the company’s stock valued at $25,728,000 after purchasing an additional 91,390 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Neogen by 71.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 194,552 shares of the company’s stock valued at $13,445,000 after purchasing an additional 80,775 shares during the last quarter. Hedge funds and other institutional investors own 86.97% of the company’s stock.

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About Neogen

Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.

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