State Street Corp Trims Position in Embecta Corp. (NASDAQ:EMBC)

State Street Corp reduced its position in Embecta Corp. (NASDAQ:EMBC) by 0.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,310,439 shares of the company’s stock after selling 13,918 shares during the period. State Street Corp’s holdings in Embecta were worth $32,577,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Nisa Investment Advisors LLC boosted its holdings in shares of Embecta by 19.4% during the second quarter. Nisa Investment Advisors LLC now owns 26,395 shares of the company’s stock worth $330,000 after purchasing an additional 4,287 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Embecta by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 793,585 shares of the company’s stock worth $9,920,000 after buying an additional 12,424 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Embecta by 14.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,184 shares of the company’s stock valued at $215,000 after buying an additional 2,181 shares during the period. Natixis Advisors LLC acquired a new position in shares of Embecta during the 2nd quarter valued at about $364,000. Finally, Versor Investments LP lifted its holdings in shares of Embecta by 49.9% during the 2nd quarter. Versor Investments LP now owns 31,029 shares of the company’s stock worth $388,000 after acquiring an additional 10,329 shares during the period. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Embecta Price Performance

Shares of NASDAQ:EMBC opened at $20.23 on Friday. The business has a 50-day moving average of $16.52 and a two-hundred day moving average of $14.90. The firm has a market capitalization of $1.18 billion, a PE ratio of 14.99, a P/E/G ratio of 1.08 and a beta of 1.25. Embecta Corp. has a 12 month low of $9.93 and a 12 month high of $21.48.

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

Embecta Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 6th. Embecta’s dividend payout ratio is presently 44.44%.

Analysts Set New Price Targets

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

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.