Embecta (NASDAQ:EMBC) Upgraded by Morgan Stanley to Equal Weight Rating

Morgan Stanley upgraded shares of Embecta (NASDAQ:EMBC) from an underweight rating to an equal weight rating in a report released on Monday morning, MarketBeat reports. Morgan Stanley currently has $20.00 price target on the stock, up from their previous price target of $13.00.

Separately, BTIG Research upgraded Embecta from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Wednesday, November 27th.

Embecta Stock Performance

Shares of EMBC stock opened at $20.62 on Monday. Embecta has a 52-week low of $9.93 and a 52-week high of $21.48. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 15.27 and a beta of 0.97. The firm’s 50-day moving average is $14.79 and its 200-day moving average is $14.25.

Embecta Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, December 6th. Embecta’s payout ratio is 44.44%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Rubric Capital Management LP acquired a new position in shares of Embecta in the third quarter valued at approximately $15,306,000. AQR Capital Management LLC grew its holdings in Embecta by 136.2% in the 2nd 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. Meros Investment Management LP bought a new position in Embecta during the 3rd quarter worth $2,679,000. Vanguard Group Inc. increased its position in Embecta by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock worth $95,730,000 after buying an additional 187,916 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Embecta during the second quarter worth $1,663,000. 93.83% of the stock is owned by institutional investors.

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.