Verition Fund Management LLC Raises Position in Embecta Corp. (NASDAQ:EMBC)

Verition Fund Management LLC boosted its position in shares of Embecta Corp. (NASDAQ:EMBC) by 45.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,682 shares of the company’s stock after buying an additional 5,511 shares during the period. Verition Fund Management LLC’s holdings in Embecta were worth $249,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. CWM LLC boosted its stake in shares of Embecta by 11.3% in the third quarter. CWM LLC now owns 10,102 shares of the company’s stock worth $142,000 after acquiring an additional 1,023 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Embecta by 4.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,212 shares of the company’s stock worth $278,000 after purchasing an additional 1,025 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Embecta by 3.4% during the second quarter. SummerHaven Investment Management LLC now owns 36,198 shares of the company’s stock worth $452,000 after buying an additional 1,179 shares in the last quarter. Ceera Investments LLC raised its position in shares of Embecta by 0.9% in the second quarter. Ceera Investments LLC now owns 178,353 shares of the company’s stock valued at $2,229,000 after buying an additional 1,514 shares during the last quarter. Finally, Natixis Advisors LLC lifted its stake in shares of Embecta by 5.7% in the third quarter. Natixis Advisors LLC now owns 30,735 shares of the company’s stock worth $433,000 after buying an additional 1,648 shares in the last quarter. Institutional investors and hedge funds own 93.83% of the company’s stock.

Wall Street Analysts Forecast Growth

EMBC has been the subject of a number of recent research reports. BTIG Research upgraded shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Wednesday, November 27th. Morgan Stanley raised Embecta from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $13.00 to $20.00 in a report on Monday, December 2nd.

Embecta Trading Down 0.9 %

Shares of EMBC opened at $19.51 on Friday. Embecta Corp. has a 12-month low of $9.93 and a 12-month high of $21.48. The firm has a market capitalization of $1.13 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.08 and a beta of 1.25. The firm has a 50-day moving average price of $15.82 and a 200 day moving average price of $14.65.

Embecta (NASDAQ:EMBC) last posted its earnings results on Tuesday, November 26th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.05. The company had revenue of $286.10 million for the quarter, compared to analyst estimates of $276.97 million. Embecta had a net margin of 6.97% and a negative return on equity of 18.54%. Embecta’s revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.59 EPS. Equities research analysts predict that Embecta Corp. will post 2.84 earnings per share for the current fiscal year.

Embecta Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 3.08%. Embecta’s dividend payout ratio is currently 44.44%.

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.