Allspring Global Investments Holdings LLC Sells 6,467 Shares of Embecta Corp. (NASDAQ:EMBC)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Embecta Corp. (NASDAQ:EMBC) by 45.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,916 shares of the company’s stock after selling 6,467 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Embecta were worth $112,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of Embecta by 11.3% during the third quarter. CWM LLC now owns 10,102 shares of the company’s stock worth $142,000 after buying an additional 1,023 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Embecta by 4.8% in the second quarter. The Manufacturers Life Insurance Company now owns 22,212 shares of the company’s stock valued at $278,000 after acquiring an additional 1,025 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Embecta by 3.4% during the second quarter. SummerHaven Investment Management LLC now owns 36,198 shares of the company’s stock worth $452,000 after purchasing an additional 1,179 shares in the last quarter. Inspire Advisors LLC boosted its position in shares of Embecta by 12.1% during the first quarter. Inspire Advisors LLC now owns 12,341 shares of the company’s stock worth $164,000 after purchasing an additional 1,334 shares in the last quarter. Finally, Bayesian Capital Management LP lifted its position in Embecta by 13.3% in the 1st quarter. Bayesian Capital Management LP now owns 12,751 shares of the company’s stock valued at $169,000 after acquiring an additional 1,500 shares in the last quarter. Institutional investors own 93.83% of the company’s stock.

Analyst Upgrades and Downgrades

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

Embecta Price Performance

Embecta stock opened at $14.54 on Tuesday. The firm has a market capitalization of $838.99 million, a PE ratio of 12.12 and a beta of 0.97. The company’s 50-day moving average is $14.63 and its 200-day moving average is $13.60. Embecta Corp. has a fifty-two week low of $9.93 and a fifty-two week high of $19.79.

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

Embecta Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Tuesday, August 27th. Embecta’s dividend payout ratio (DPR) is presently 50.00%.

About Embecta

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.