Embecta (NASDAQ:EMBC) Hits New 1-Year High Following Dividend Announcement

Shares of Embecta Corp. (NASDAQ:EMBC) hit a new 52-week high during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $20.80 and last traded at $20.62, with a volume of 390469 shares. The stock had previously closed at $14.41.

The newly announced dividend which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.91%. Embecta’s dividend payout ratio is currently 50.00%.

Wall Street Analyst Weigh In

Separately, BTIG Research upgraded 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.

Embecta Stock Performance

The company’s fifty day simple moving average is $14.38 and its two-hundred day simple moving average is $14.07. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 17.16 and a beta of 0.97.

Hedge Funds Weigh In On Embecta

Several large investors have recently added to or reduced their stakes in EMBC. Vanguard Group Inc. grew its holdings in shares of Embecta by 2.7% during the first quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock valued at $95,730,000 after purchasing an additional 187,916 shares during the last quarter. American Century Companies Inc. grew its stake in Embecta by 0.6% during the 2nd quarter. American Century Companies Inc. now owns 3,163,073 shares of the company’s stock worth $39,538,000 after buying an additional 18,933 shares during the last quarter. Geode Capital Management LLC increased its position in Embecta by 3.4% in the third quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock worth $19,564,000 after buying an additional 45,228 shares during the period. Rubric Capital Management LP bought a new stake in Embecta in the third quarter valued at $15,306,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Embecta by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 793,585 shares of the company’s stock valued at $9,920,000 after acquiring an additional 12,424 shares during the period. 93.83% of the stock is currently owned by 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.