Algert Global LLC increased its stake in shares of Embecta Corp. (NASDAQ:EMBC – Free Report) by 281.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 153,953 shares of the company’s stock after purchasing an additional 113,633 shares during the period. Algert Global LLC’s holdings in Embecta were worth $1,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Iat Reinsurance Co. LTD. acquired a new stake in shares of Embecta in the 2nd quarter worth $50,000. YHB Investment Advisors Inc. purchased a new position in Embecta during the first quarter worth about $56,000. CWM LLC lifted its position in Embecta by 773.8% in the second quarter. CWM LLC now owns 9,079 shares of the company’s stock valued at $113,000 after purchasing an additional 8,040 shares during the period. Cardinal Capital Management purchased a new stake in Embecta in the 1st quarter valued at approximately $134,000. Finally, Canada Pension Plan Investment Board acquired a new position in Embecta during the 2nd quarter worth approximately $140,000. 93.83% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Separately, Morgan Stanley reduced 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 1.2 %
Shares of NASDAQ EMBC opened at $13.94 on Thursday. The firm has a 50-day moving average price of $15.10 and a 200 day moving average price of $13.33. Embecta Corp. has a 52 week low of $9.93 and a 52 week high of $19.79. The stock has a market capitalization of $803.92 million, a price-to-earnings ratio of 11.52 and a beta of 1.00.
Embecta (NASDAQ:EMBC – Get Free Report) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.46 by $0.28. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. The business had revenue of $272.50 million for the quarter, compared to analyst estimates of $267.44 million. During the same quarter in the previous year, the company earned $0.69 EPS. The company’s quarterly revenue was down 4.8% on a year-over-year basis. Equities research analysts expect that Embecta Corp. will post 2.43 EPS for the current fiscal year.
Embecta Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.30%. The ex-dividend date was Tuesday, August 27th. Embecta’s dividend payout ratio (DPR) is presently 49.59%.
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.
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