Embecta (NASDAQ:EMBC) Reaches New 52-Week High Following Dividend Announcement

Embecta Corp. (NASDAQ:EMBC)’s stock price hit a new 52-week high during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $20.80 and last traded at $20.62, with a volume of 390469 shares. The stock had previously closed at $14.41.

The newly announced dividend which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.91%. Embecta’s payout ratio is presently 50.00%.

Embecta Price Performance

The firm has a 50-day moving average of $14.33 and a 200 day moving average of $14.04. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 12.01 and a beta of 0.97.

Institutional Trading of Embecta

A number of hedge funds have recently made changes to their positions in EMBC. Russell Investments Group Ltd. increased its stake in Embecta by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 59,215 shares of the company’s stock worth $786,000 after acquiring an additional 1,827 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Embecta by 14.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 18,863 shares of the company’s stock valued at $250,000 after acquiring an additional 2,370 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Embecta by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock valued at $95,730,000 after acquiring an additional 187,916 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Embecta by 1,135.6% during the 1st quarter. Public Employees Retirement System of Ohio now owns 40,268 shares of the company’s stock worth $534,000 after buying an additional 37,009 shares during the period. Finally, Bayesian Capital Management LP lifted its holdings in Embecta by 13.3% during the 1st quarter. Bayesian Capital Management LP now owns 12,751 shares of the company’s stock worth $169,000 after buying an additional 1,500 shares during the period. 93.83% of the stock is owned by institutional investors and hedge funds.

About Embecta

Embecta Corp., a medical device company, focuses on the provision of various solutions to enhance the health and wellbeing of people living with diabetes. Its products include pen needles, syringes, and safety injection devices, as well as digital applications to assist people with managing patient's diabetes.