Allspring Global Investments Holdings LLC Sells 6,467 Shares of Embecta Corp. (NASDAQ:EMBC)

Allspring Global Investments Holdings LLC lessened its position in shares of Embecta Corp. (NASDAQ:EMBC) by 45.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 7,916 shares of the company’s stock after selling 6,467 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Embecta were worth $112,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. LSV Asset Management grew its holdings in shares of Embecta by 205.6% during the first quarter. LSV Asset Management now owns 110,700 shares of the company’s stock valued at $1,469,000 after buying an additional 74,480 shares during the last quarter. Sei Investments Co. raised its position in shares of Embecta by 15.9% in the first quarter. Sei Investments Co. now owns 362,111 shares of the company’s stock valued at $4,805,000 after purchasing an additional 49,551 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Embecta by 1,135.6% during the 1st quarter. Public Employees Retirement System of Ohio now owns 40,268 shares of the company’s stock worth $534,000 after acquiring an additional 37,009 shares during the period. Vanguard Group Inc. increased its holdings in 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 acquiring an additional 187,916 shares during the period. Finally, Algert Global LLC increased its holdings in Embecta by 281.8% during the 2nd quarter. Algert Global LLC now owns 153,953 shares of the company’s stock worth $1,924,000 after acquiring an additional 113,633 shares during the period. Institutional investors own 93.83% of the company’s stock.

Embecta Stock Performance

Shares of Embecta stock opened at $14.54 on Tuesday. The stock has a market capitalization of $838.99 million, a price-to-earnings ratio of 12.12 and a beta of 0.97. The company has a fifty day moving average of $14.63 and a 200-day moving average of $13.60. Embecta Corp. has a 52-week low of $9.93 and a 52-week high of $19.79.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.28. The business had revenue of $272.50 million during 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 firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.69 EPS. On average, equities research analysts forecast that Embecta Corp. will post 2.43 earnings per share for the current fiscal year.

Embecta Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.60 annualized dividend and a yield of 4.13%. Embecta’s dividend payout ratio (DPR) is presently 50.00%.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley cut their price target 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 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.