Embecta (NASDAQ:EMBC) Shares Down 2%

Embecta Corp. (NASDAQ:EMBC)’s share price fell 2% on Wednesday . The company traded as low as $16.17 and last traded at $16.17. 24,383 shares were traded during trading, a decline of 94% from the average session volume of 415,311 shares. The stock had previously closed at $16.50.

Analysts Set New Price Targets

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

Embecta Stock Performance

The stock has a market capitalization of $906.00 million, a price-to-earnings ratio of 12.98 and a beta of 1.00. The stock has a fifty day simple moving average of $14.97 and a two-hundred day simple moving average of $13.28.

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

Embecta Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were given a $0.15 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.60 annualized dividend and a yield of 3.82%. Embecta’s payout ratio is 49.59%.

Hedge Funds Weigh In On Embecta

Several large investors have recently added to or reduced their stakes in EMBC. Norges Bank bought a new position in shares of Embecta during the 4th quarter worth approximately $7,653,000. AQR Capital Management LLC lifted its position in shares of Embecta by 136.2% during the 2nd quarter. AQR Capital Management LLC now owns 614,645 shares of the company’s stock worth $7,683,000 after buying an additional 354,454 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Embecta by 95.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 643,230 shares of the company’s stock worth $8,536,000 after buying an additional 313,951 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Embecta by 29.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,288,995 shares of the company’s stock worth $24,401,000 after buying an additional 296,997 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position 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 worth $95,730,000 after buying an additional 187,916 shares in 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.