Garden State Investment Advisory Services LLC Makes New Investment in Embecta Corp. (NASDAQ:EMBC)

Garden State Investment Advisory Services LLC bought a new stake in shares of Embecta Corp. (NASDAQ:EMBC) in the third quarter, HoldingsChannel reports. The institutional investor bought 31,063 shares of the company’s stock, valued at approximately $438,000.

Other hedge funds have also made changes to their positions in the company. Copeland Capital Management LLC purchased a new position in shares of Embecta during the third quarter valued at $43,000. Iat Reinsurance Co. LTD. bought a new position in Embecta during the 2nd quarter worth about $50,000. CWM LLC increased its position in Embecta by 773.8% during the 2nd quarter. CWM LLC now owns 9,079 shares of the company’s stock valued at $113,000 after purchasing an additional 8,040 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Embecta in the 2nd quarter valued at about $140,000. Finally, Cardinal Capital Management lifted its position in shares of Embecta by 16.8% in the 2nd quarter. Cardinal Capital Management now owns 11,753 shares of the company’s stock worth $147,000 after purchasing an additional 1,691 shares during the period. 93.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EMBC has been the topic of several research reports. BTIG Research raised shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Wednesday, November 27th. Morgan Stanley upgraded Embecta from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $13.00 to $20.00 in a report on Monday.

Embecta Stock Performance

NASDAQ:EMBC opened at $21.47 on Monday. The company’s 50-day simple moving average is $14.68 and its 200-day simple moving average is $14.21. Embecta Corp. has a fifty-two week low of $9.93 and a fifty-two week high of $21.47. The stock has a market capitalization of $1.24 billion, a P/E ratio of 15.43 and a beta of 0.97.

Embecta Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.79%. Embecta’s dividend payout ratio (DPR) is 44.44%.

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.