Embecta (NASDAQ:EMBC) Trading Down 5.7%

Embecta Corp. (NASDAQ:EMBC) fell 5.7% during mid-day trading on Thursday . The stock traded as low as $15.46 and last traded at $15.50. 208,488 shares changed hands during trading, a decline of 50% from the average session volume of 417,488 shares. The stock had previously closed at $16.44.

Analyst Ratings Changes

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

Embecta Price Performance

The business has a 50-day simple moving average of $14.17 and a two-hundred day simple moving average of $13.18. The stock has a market cap of $872.55 million, a price-to-earnings ratio of 13.59 and a beta of 0.99.

Embecta (NASDAQ:EMBC) last released its quarterly earnings data on Friday, August 9th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.46 by $0.28. The firm had revenue of $272.50 million for the quarter, compared to the consensus estimate of $267.44 million. Embecta had a net margin of 6.23% and a negative return on equity of 19.09%. The company’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.69 earnings per share. As a group, equities analysts anticipate that Embecta Corp. will post 2.43 earnings per share for the current fiscal year.

Embecta Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Tuesday, August 27th. Embecta’s dividend payout ratio is presently 49.59%.

Hedge Funds Weigh In On Embecta

A number of large investors have recently made changes to their positions in EMBC. Creative Planning acquired a new position in Embecta in the 2nd quarter valued at $454,000. Algert Global LLC boosted its position in shares of Embecta by 281.8% in the second quarter. Algert Global LLC now owns 153,953 shares of the company’s stock valued at $1,924,000 after acquiring an additional 113,633 shares during the period. Mackenzie Financial Corp grew its stake in shares of Embecta by 40.4% in the second quarter. Mackenzie Financial Corp now owns 45,996 shares of the company’s stock valued at $575,000 after acquiring an additional 13,225 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Embecta by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 22,212 shares of the company’s stock worth $278,000 after acquiring an additional 1,025 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in Embecta in the 2nd quarter worth about $201,000. 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.