Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Embecta Corp. (NASDAQ:EMBC)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Embecta Corp. (NASDAQ:EMBC) by 20.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 161,044 shares of the company’s stock after selling 42,006 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Embecta were worth $3,326,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMBC. Garden State Investment Advisory Services LLC purchased a new position in shares of Embecta during the 3rd quarter worth about $438,000. Barclays PLC boosted 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 valued at $1,381,000 after buying an additional 28,523 shares during the period. Jennison Associates LLC bought a new position in shares of Embecta during the third quarter valued at approximately $594,000. Jane Street Group LLC raised 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 buying an additional 107,567 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Embecta by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock worth $19,564,000 after acquiring an additional 45,228 shares during the last quarter. 93.83% of the stock is currently owned by hedge funds and other institutional investors.

Embecta Stock Performance

Shares of NASDAQ EMBC opened at $13.63 on Tuesday. Embecta Corp. has a 52-week low of $9.93 and a 52-week high of $21.48. The firm has a market capitalization of $792.37 million, a price-to-earnings ratio of 13.63, a PEG ratio of 0.78 and a beta of 1.27. The stock has a 50 day moving average price of $16.47 and a 200 day moving average price of $16.46.

Embecta (NASDAQ:EMBC) last issued its earnings results on Thursday, February 6th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.20. Embecta had a negative return on equity of 19.22% and a net margin of 5.25%. Analysts forecast that Embecta Corp. will post 2.85 earnings per share for the current year.

Embecta Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date was Friday, February 28th. Embecta’s dividend payout ratio (DPR) is 60.00%.

Analyst Ratings Changes

Several brokerages have commented on EMBC. Morgan Stanley raised Embecta from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $13.00 to $20.00 in a research report on Monday, December 2nd. BTIG Research raised shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Wednesday, November 27th.

Insider Buying and Selling at Embecta

In related news, Director Milton Mayo Morris sold 3,100 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $16.38, for a total transaction of $50,778.00. Following the completion of the sale, the director now directly owns 36,133 shares in the company, valued at $591,858.54. This represents a 7.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.42% of the company’s stock.

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.