Cardinal Capital Management Buys New Shares in Embecta Corp. (NASDAQ:EMBC)

Cardinal Capital Management bought a new position in shares of Embecta Corp. (NASDAQ:EMBC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,062 shares of the company’s stock, valued at approximately $134,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EMBC. SummerHaven Investment Management LLC grew its stake in shares of Embecta by 1.9% during the fourth quarter. SummerHaven Investment Management LLC now owns 34,483 shares of the company’s stock worth $653,000 after purchasing an additional 629 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Embecta by 66.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 2,284 shares of the company’s stock worth $34,000 after acquiring an additional 910 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Embecta by 7.4% in the 3rd quarter. Deutsche Bank AG now owns 36,474 shares of the company’s stock valued at $549,000 after acquiring an additional 2,505 shares during the last quarter. Bfsg LLC acquired a new stake in shares of Embecta during the 4th quarter worth about $53,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Embecta by 29.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,003 shares of the company’s stock worth $284,000 after purchasing an additional 3,411 shares during the last quarter. Institutional investors and hedge funds own 93.83% of the company’s stock.

Analysts Set New Price Targets

Separately, Morgan Stanley dropped their price target on shares of Embecta from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Friday, May 10th.

Embecta Price Performance

NASDAQ EMBC opened at $12.46 on Friday. The company has a fifty day moving average of $12.32 and a two-hundred day moving average of $14.30. The company has a market capitalization of $718.57 million, a PE ratio of 10.30 and a beta of 0.99. Embecta Corp. has a 1 year low of $9.93 and a 1 year high of $23.75.

Embecta (NASDAQ:EMBC) last announced its earnings results on Thursday, May 9th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.24. Embecta had a negative return on equity of 18.42% and a net margin of 6.20%. The firm had revenue of $287.20 million during the quarter, compared to analysts’ expectations of $264.70 million. During the same period in the prior year, the firm earned $0.75 EPS. The business’s revenue was up 3.6% on a year-over-year basis. On average, research analysts expect that Embecta Corp. will post 2.3 earnings per share for the current year.

Embecta Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Tuesday, May 28th were given a $0.15 dividend. The ex-dividend date was Friday, May 24th. This represents a $0.60 annualized dividend and a yield of 4.82%. Embecta’s dividend payout ratio (DPR) is 49.59%.

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.