Embecta (NASDAQ:EMBC) Stock Price Up 3.2% – Here’s Why

Shares of Embecta Corp. (NASDAQ:EMBC) shot up 3.2% on Monday . The company traded as high as $14.15 and last traded at $14.07. 44,444 shares were traded during mid-day trading, a decline of 89% from the average session volume of 414,951 shares. The stock had previously closed at $13.64.

Wall Street Analysts Forecast Growth

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

Embecta Stock Performance

The firm has a market capitalization of $821.80 million, a P/E ratio of 11.27 and a beta of 0.98. The stock’s 50 day simple moving average is $14.62 and its 200 day simple moving average is $13.37.

Embecta (NASDAQ:EMBC) last released its quarterly earnings data on Friday, August 9th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.28. The company had revenue of $272.50 million during the quarter, compared to analyst estimates of $267.44 million. Embecta had a net margin of 6.23% and a negative return on equity of 19.09%. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.69 earnings per share. On average, analysts anticipate that Embecta Corp. will post 2.43 earnings per share for the current year.

Embecta Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.60 dividend on an annualized basis and a yield of 4.21%. Embecta’s dividend payout ratio is currently 49.59%.

Institutional Investors Weigh In On Embecta

A number of hedge funds have recently made changes to their positions in EMBC. Iat Reinsurance Co. LTD. bought a new position in Embecta in the second quarter worth about $50,000. CWM LLC raised its stake in shares of Embecta by 773.8% during the 2nd quarter. CWM LLC now owns 9,079 shares of the company’s stock worth $113,000 after acquiring an additional 8,040 shares in the last quarter. Cardinal Capital Management purchased a new stake in Embecta during the first quarter valued at approximately $134,000. Canada Pension Plan Investment Board acquired a new stake in Embecta in the second quarter valued at approximately $140,000. Finally, Inspire Advisors LLC grew its holdings in Embecta by 12.1% in the first quarter. Inspire Advisors LLC now owns 12,341 shares of the company’s stock worth $164,000 after purchasing an additional 1,334 shares during the last quarter. 93.83% of the stock is currently owned by hedge funds and other institutional investors.

Embecta Company Profile

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.