Embecta (NASDAQ:EMBC) Shares Down 2%

Shares of Embecta Corp. (NASDAQ:EMBC) fell 2% during mid-day trading on Wednesday . The company traded as low as $16.17 and last traded at $16.17. 24,383 shares changed hands during trading, a decline of 94% from the average session volume of 415,311 shares. The stock had previously closed at $16.50.

Analysts Set New Price Targets

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

Embecta Stock Down 2.6 %

The stock has a market capitalization of $926.76 million, a P/E ratio of 13.64 and a beta of 1.00. The company has a 50-day moving average price of $14.84 and a two-hundred day moving average price of $13.25.

Embecta (NASDAQ:EMBC) last released 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 firm had revenue of $272.50 million during 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%. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.69 EPS. On average, sell-side analysts expect that Embecta Corp. will post 2.43 earnings per share for the current year.

Embecta Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.60 annualized dividend and a yield of 3.73%. Embecta’s payout ratio is presently 49.59%.

Institutional Trading of Embecta

Institutional investors and hedge funds have recently made changes to their positions in the stock. Iat Reinsurance Co. LTD. purchased a new stake in Embecta during the second quarter valued at about $50,000. YHB Investment Advisors Inc. bought a new position in Embecta during the first quarter valued at approximately $56,000. CWM LLC grew its position in Embecta by 773.8% during the second quarter. CWM LLC now owns 9,079 shares of the company’s stock valued at $113,000 after acquiring an additional 8,040 shares during the last quarter. Cardinal Capital Management purchased a new position in shares of Embecta during the first quarter worth approximately $134,000. Finally, Capstone Investment Advisors LLC bought a new stake in shares of Embecta in the 4th quarter worth approximately $208,000. Hedge funds and other institutional investors own 93.83% of the company’s stock.

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.