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Stock Update: Monsanto Company (NYSE:MON) – Bayer defies critics with $62 billion Monsanto offer

[Reuters] – German drugs and crop chemicals group Bayer has offered to buy U.S. seeds company Monsanto for $62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Monsanto Co’s stock rose 5 percent to $106.61 by midday trade on the New York Stock Exchange – well below Bayer’s offer price, in a sign that it faces a tough task convincing the St. Louis-based company’s shareholders to sign off on the deal. The non-binding bid was made to Monsanto’s management on May 10, Monsanto has said it would review the proposal. Read more on this. Monsanto Company (MON) , with a current market cap of $46.62B, started the session at $108.44. A quick look at the market, the company’s stock traded between $106.00 and $109.37 and has traded between $81.22 and $120.00 over the past 12 months. Priced at 21.67x this year’s forecasted earnings, MON shares are relatively inexpensive compared to the industry’s 86.10x forward p/e ratio. The company pays shareholders $2.16 per share in dividend income per year, for a current yield of 2.13%. In a review of the consensus earnings estimate this quarter, 19 sell-side analysts are looking at $2.38 per share, which would be $0.01 worse than the year-ago quarter and a $0.08 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $4.64, which would be a $1.09 setback when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $4.47 Billion. If realized, that would be a 2.40% decrease over the year-ago quarter. In terms of ratings, Citigroup downgraded MON from Buy to Neutral (Mar 14, 2016). Previously, Goldman downgraded MON from Neutral to Sell. The average price target for MON shares by the analysts covering it is $97.82, which is 9.79% below where the stock opened. See more in (NYSE:MON) Similar Articles: Market Update (NYSE:MON): Bayer’s Monsanto approach sparks shareholder uproar Stock Update: Monsanto Company (NYSE:MON) – Monsanto to pay $80 million in SEC settlement over Roundup earnings Market Update: Monsanto Company (NYSE:MON) – Farmers to Gain Access to Monsanto’s Roundup Ready 2 Xtend™ Soybeans in 2016
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