Geode Capital Management LLC Purchases 45,228 Shares of Embecta Corp. (NASDAQ:EMBC)

Geode Capital Management LLC grew its holdings in Embecta Corp. (NASDAQ:EMBC) by 3.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,387,273 shares of the company’s stock after purchasing an additional 45,228 shares during the period. Geode Capital Management LLC’s holdings in Embecta were worth $19,564,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of EMBC. American Century Companies Inc. raised its holdings in Embecta by 0.6% during the second quarter. American Century Companies Inc. now owns 3,163,073 shares of the company’s stock worth $39,538,000 after acquiring an additional 18,933 shares in the last quarter. Rubric Capital Management LP acquired a new stake in Embecta in the third quarter valued at $15,306,000. Bank of New York Mellon Corp lifted its position in shares of Embecta by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 793,585 shares of the company’s stock valued at $9,920,000 after buying an additional 12,424 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of 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 period. Finally, Marshall Wace LLP increased its holdings in shares of Embecta by 15.2% during the 2nd quarter. Marshall Wace LLP now owns 479,515 shares of the company’s stock worth $5,994,000 after acquiring an additional 63,169 shares during the last quarter. Institutional investors own 93.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Morgan Stanley upgraded Embecta from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $13.00 to $20.00 in a research report on Monday, December 2nd. BTIG Research raised shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Wednesday, November 27th.

Embecta Stock Performance

Shares of NASDAQ EMBC opened at $20.70 on Friday. The firm has a 50 day moving average price of $17.22 and a two-hundred day moving average price of $15.16. Embecta Corp. has a 52-week low of $9.93 and a 52-week high of $21.48. The stock has a market cap of $1.20 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 1.08 and a beta of 1.25.

Embecta (NASDAQ:EMBC) last posted its quarterly earnings data on Tuesday, November 26th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.05. Embecta had a net margin of 6.97% and a negative return on equity of 18.54%. The company had revenue of $286.10 million for the quarter, compared to analyst estimates of $276.97 million. During the same period in the prior year, the firm posted $0.59 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Analysts predict that Embecta Corp. will post 2.84 earnings per share for the current fiscal year.

Embecta Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Friday, December 6th. Embecta’s dividend payout ratio (DPR) is currently 44.44%.

Embecta 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.