Embecta (NASDAQ:EMBC) Stock Price Up 4.7%

Embecta Corp. (NASDAQ:EMBC – Get Rating) shares rose 4.7% during trading on Wednesday . The company traded as high as $24.82 and last traded at $24.81. Approximately 457,222 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 647,933 shares. The stock had previously closed at $23.70.

Analysts Set New Price Targets

Separately, Morgan Stanley lowered shares of Embecta from an “equal weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research note on Friday, January 6th.

Embecta Stock Up 4.7 %

The stock’s fifty day simple moving average is $28.89 and its 200-day simple moving average is $29.54.

Embecta (NASDAQ:EMBC – Get Rating) last posted its quarterly earnings data on Tuesday, December 20th. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.06. Embecta had a net margin of 19.80% and a negative return on equity of 52.41%. The firm had revenue of $274.60 million during the quarter, compared to the consensus estimate of $263.88 million. On average, equities research analysts expect that Embecta Corp. will post 1.9 earnings per share for the current fiscal year.

Embecta Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 11th. Stockholders of record on Friday, December 30th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, December 29th.

Institutional Trading of Embecta

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Embecta during the 3rd quarter worth approximately $258,676,000. Vanguard Group Inc. bought a new stake in shares of Embecta during the 3rd quarter worth approximately $197,911,000. State Street Corp bought a new stake in shares of Embecta during the 3rd quarter worth approximately $68,114,000. Yacktman Asset Management LP bought a new position in Embecta in the 3rd quarter valued at approximately $66,598,000. Finally, Bank of New York Mellon Corp bought a new position in Embecta in the 3rd quarter valued at approximately $29,545,000. Institutional investors own 93.45% of the company’s stock.

About Embecta

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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 devices, as well as digital applications to assist people with managing their diabetes. The company primarily sells its products to wholesalers and distributors in the United States and internationally.