Embecta (NASDAQ:EMBC) Stock Price Up 7.7%

Shares of Embecta Corp. (NASDAQ:EMBC) rose 7.7% during mid-day trading on Tuesday . The company traded as high as $16.35 and last traded at $16.35. Approximately 364,594 shares traded hands during trading, a decline of 13% from the average daily volume of 421,383 shares. The stock had previously closed at $15.18.

Wall Street Analysts Forecast Growth

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

Embecta Price Performance

The company has a 50-day moving average price of $12.92 and a two-hundred day moving average price of $13.57. The company has a market cap of $915.22 million, a PE ratio of 13.39 and a beta of 0.99.

Embecta (NASDAQ:EMBC) last issued its earnings results on Thursday, May 9th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.24. Embecta had a negative return on equity of 18.42% and a net margin of 6.20%. The company had revenue of $287.20 million during the quarter, compared to the consensus estimate of $264.70 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts anticipate that Embecta Corp. will post 2.29 earnings per share for the current year.

Embecta Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, May 28th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend was Friday, May 24th. Embecta’s payout ratio is 49.59%.

Institutional Investors Weigh In On Embecta

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio boosted its holdings in Embecta by 66.2% in the third quarter. Public Employees Retirement System of Ohio now owns 2,284 shares of the company’s stock valued at $34,000 after purchasing an additional 910 shares during the last quarter. Bfsg LLC purchased a new position in Embecta in the fourth quarter valued at about $53,000. YHB Investment Advisors Inc. purchased a new position in Embecta in the first quarter valued at about $56,000. CWM LLC boosted its holdings in Embecta by 773.8% in the second quarter. CWM LLC now owns 9,079 shares of the company’s stock valued at $113,000 after purchasing an additional 8,040 shares during the last quarter. Finally, Cardinal Capital Management purchased a new position in Embecta in the first quarter valued at about $134,000. Hedge funds and other institutional investors own 93.83% of the company’s stock.

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.