Embecta Corp. (NASDAQ:EMBC) Shares Sold by State Street Corp

State Street Corp lowered its holdings in Embecta Corp. (NASDAQ:EMBC) by 0.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,310,439 shares of the company’s stock after selling 13,918 shares during the quarter. State Street Corp owned 4.00% of Embecta worth $32,577,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Rubric Capital Management LP purchased a new position in shares of Embecta in the 3rd quarter valued at about $15,306,000. AQR Capital Management LLC increased its holdings in Embecta by 136.2% in the second quarter. AQR Capital Management LLC now owns 614,645 shares of the company’s stock valued at $7,683,000 after buying an additional 354,454 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Embecta during the 2nd quarter valued at approximately $1,663,000. AXA S.A. purchased a new stake in shares of Embecta during the 2nd quarter worth approximately $1,595,000. Finally, Algert Global LLC boosted its stake in shares of Embecta by 281.8% during the 2nd quarter. Algert Global LLC now owns 153,953 shares of the company’s stock worth $1,924,000 after acquiring an additional 113,633 shares in the last quarter. 93.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EMBC has been the subject of several research analyst reports. BTIG Research raised Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Wednesday, November 27th. Morgan Stanley upgraded Embecta from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $13.00 to $20.00 in a research report on Monday, December 2nd.

Embecta Price Performance

Shares of NASDAQ EMBC opened at $20.23 on Friday. The firm’s 50-day moving average is $16.52 and its two-hundred day moving average is $14.90. The company has a market capitalization of $1.18 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.08 and a beta of 1.25. Embecta Corp. has a 12-month low of $9.93 and a 12-month high of $21.48.

Embecta (NASDAQ:EMBC) last issued its quarterly earnings data on Tuesday, November 26th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.05. The firm had revenue of $286.10 million during the quarter, compared to the consensus estimate of $276.97 million. Embecta had a negative return on equity of 18.54% and a net margin of 6.97%. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 EPS. On average, analysts forecast that Embecta Corp. will post 2.84 EPS for the current fiscal year.

Embecta Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Friday, December 6th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Friday, December 6th. Embecta’s payout ratio is currently 44.44%.

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.