Embecta (NASDAQ:EMBC) Rating Increased to Equal Weight at Morgan Stanley

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

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

Embecta Stock Performance

EMBC opened at $20.62 on Monday. Embecta has a 52-week low of $9.93 and a 52-week high of $21.48. The firm has a market cap of $1.19 billion, a P/E ratio of 15.27 and a beta of 0.97. The business’s fifty day moving average is $14.79 and its 200-day moving average is $14.25.

Embecta Announces Dividend

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

Hedge Funds Weigh In On Embecta

A number of institutional investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new position in Embecta in the third quarter valued at about $217,000. Barclays PLC boosted its stake in shares of Embecta by 41.1% in the 3rd quarter. Barclays PLC now owns 97,930 shares of the company’s stock valued at $1,381,000 after purchasing an additional 28,523 shares in the last quarter. Meros Investment Management LP bought a new stake in shares of Embecta during the 3rd quarter valued at approximately $2,679,000. Geode Capital Management LLC increased its position in Embecta by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock worth $19,564,000 after purchasing an additional 45,228 shares in the last quarter. Finally, Jane Street Group LLC lifted its stake in Embecta by 156.1% in the 3rd quarter. Jane Street Group LLC now owns 176,487 shares of the company’s stock valued at $2,488,000 after purchasing an additional 107,567 shares during the last quarter. Institutional investors and hedge funds own 93.83% of the company’s stock.

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.