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

Embecta Corp. (NASDAQ:EMBC)’s stock price 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 trading hands.

The newly announced dividend which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.91%. Embecta’s payout ratio is 50.00%.

Analysts Set New Price Targets

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 report on Wednesday.

Embecta Price Performance

The stock has a market cap of $1.19 billion, a PE ratio of 17.16 and a beta of 0.97. The business has a 50 day moving average price of $14.38 and a two-hundred day moving average price of $14.07.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new position in Embecta during the 3rd quarter valued at $217,000. Barclays PLC boosted its stake in shares of Embecta by 41.1% during the 3rd quarter. Barclays PLC now owns 97,930 shares of the company’s stock valued at $1,381,000 after purchasing an additional 28,523 shares in the last quarter. Meros Investment Management LP purchased a new position in shares of Embecta during the third quarter valued at about $2,679,000. Geode Capital Management LLC raised its stake in 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 buying an additional 45,228 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in 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. 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.