Embecta (NASDAQ:EMBC) Trading Up 2.9%

Embecta Corp. (NASDAQ:EMBC) shot up 2.9% during trading on Wednesday . The stock traded as high as $15.04 and last traded at $15.04. 129,444 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 413,909 shares. The stock had previously closed at $14.61.

Analyst Ratings Changes

Separately, Morgan Stanley lowered their price target on shares of Embecta from $13.00 to $12.00 and set an “underweight” rating on the stock in a report on Monday, July 15th.

Embecta Stock Up 5.5 %

The firm has a market capitalization of $888.69 million, a PE ratio of 12.55 and a beta of 0.99. The company has a 50-day moving average of $13.71 and a 200 day moving average of $13.10.

Embecta (NASDAQ:EMBC) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.28. Embecta had a net margin of 6.20% and a negative return on equity of 18.42%. The company had revenue of $272.50 million for the quarter, compared to analysts’ expectations of $267.44 million. During the same period in the prior year, the business earned $0.69 earnings per share. Embecta’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, equities analysts anticipate that Embecta Corp. will post 2.29 EPS for the current fiscal year.

Embecta Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th 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 3.89%. The ex-dividend date of this dividend is Tuesday, August 27th. Embecta’s dividend payout ratio is currently 49.59%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new position in shares of Embecta during the 4th quarter valued at about $543,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Embecta by 29.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,003 shares of the company’s stock worth $284,000 after buying an additional 3,411 shares during the last quarter. Russell Investments Group Ltd. grew its position in Embecta by 126.3% during the fourth quarter. Russell Investments Group Ltd. now owns 57,388 shares of the company’s stock valued at $1,086,000 after acquiring an additional 32,029 shares during the last quarter. SummerHaven Investment Management LLC raised 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 acquiring an additional 629 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its holdings in shares of Embecta by 28.3% in the 4th quarter. Natixis Advisors L.P. now owns 30,582 shares of the company’s stock worth $578,000 after acquiring an additional 6,739 shares during the last quarter. Institutional investors own 93.83% of the company’s stock.

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.