Public Employees Retirement System of Ohio Sells 2,224 Shares of Embecta Corp. (NASDAQ:EMBC)

Public Employees Retirement System of Ohio trimmed its position in Embecta Corp. (NASDAQ:EMBC) by 6.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 32,510 shares of the company’s stock after selling 2,224 shares during the period. Public Employees Retirement System of Ohio owned 0.06% of Embecta worth $458,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC bought a new position in Embecta in the third quarter valued at about $594,000. Rubric Capital Management LP bought a new position in Embecta in the 3rd quarter valued at approximately $15,306,000. Algert Global LLC raised its holdings in Embecta by 281.8% in the 2nd quarter. Algert Global LLC now owns 153,953 shares of the company’s stock valued at $1,924,000 after buying an additional 113,633 shares during the last quarter. AXA S.A. acquired a new stake in Embecta during the 2nd quarter worth approximately $1,595,000. Finally, AQR Capital Management LLC grew its holdings in Embecta by 136.2% during the 2nd quarter. AQR Capital Management LLC now owns 614,645 shares of the company’s stock worth $7,683,000 after acquiring an additional 354,454 shares during the last quarter. Institutional investors own 93.83% of the company’s stock.

Embecta Stock Performance

Embecta stock opened at $20.23 on Friday. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.08 and a beta of 1.25. Embecta Corp. has a 52-week low of $9.93 and a 52-week high of $21.48. The firm has a 50 day moving average price of $16.52 and a two-hundred day moving average price of $14.89.

Embecta (NASDAQ:EMBC) last announced its earnings results on Tuesday, November 26th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.40 by $0.05. The company had revenue of $286.10 million for the quarter, compared to analyst estimates of $276.97 million. Embecta had a negative return on equity of 18.54% and a net margin of 6.97%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.59 EPS. As a group, equities research analysts predict that Embecta Corp. will post 2.84 EPS for the current fiscal year.

Embecta Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 6th. Embecta’s dividend payout ratio (DPR) is 44.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on EMBC. BTIG Research upgraded shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Wednesday, November 27th. Morgan Stanley raised Embecta from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $13.00 to $20.00 in a research report on Monday, December 2nd.

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.