MONSANTO CO. $96 (New York symbol MON, Aggressive Growth Portfolio; Manufacturing & Industry sector; Shares outstanding: 439.8 million; Market cap: $42.2 billion; Price-to-sales ratio: 2.8; Dividend yield: 2.3%; TSINetwork Rating: Above Average; www.monsanto.com) plans to cut 12% of its workforce over the next two years. That’s because low prices for corn, soybeans and wheat are prompting farmers to buy fewer of its genetically modified seeds and other agricultural products.
The company now expects the cuts to save it $500 million annually by fiscal 2018 (fiscal years end August 31), up from its earlier target of $300 million. Monsanto earned $2.8 billion, or $5.73 a share, in fiscal 2015.
Monsanto is still a buy.