Embecta (NASDAQ:EMBC) Shares Gap Up After Dividend Announcement

Embecta Corp. (NASDAQ:EMBC) gapped up before the market opened on Wednesday after the company announced a dividend. The stock had previously closed at $18.70, but opened at $19.57. Embecta shares last traded at $19.25, with a volume of 87,420 shares traded.

The newly announced dividend which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.12%. Embecta’s payout ratio is presently 50.00%.

Analyst Ratings Changes

Separately, BTIG Research upgraded Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday.

Embecta Stock Up 2.9 %

The firm has a market cap of $1.11 billion, a PE ratio of 15.58 and a beta of 0.97. The firm has a 50 day moving average of $14.38 and a 200 day moving average of $14.07.

Institutional Investors Weigh In On Embecta

Several institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Embecta during the third quarter worth $217,000. Barclays PLC lifted its position in shares of Embecta by 41.1% during the third quarter. Barclays PLC now owns 97,930 shares of the company’s stock worth $1,381,000 after acquiring an additional 28,523 shares in the last quarter. Meros Investment Management LP purchased a new stake in shares of Embecta during the third quarter worth $2,679,000. Geode Capital Management LLC increased its holdings in shares of 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 purchasing an additional 45,228 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Embecta by 156.1% in the third quarter. Jane Street Group LLC now owns 176,487 shares of the company’s stock worth $2,488,000 after purchasing an additional 107,567 shares during the period. 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.