Embecta Corp. (NASDAQ:EMBC) Sees Large Growth in Short Interest

Embecta Corp. (NASDAQ:EMBCGet Free Report) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,830,000 shares, an increase of 13.7% from the September 30th total of 1,610,000 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily volume of 380,800 shares, the short-interest ratio is presently 4.8 days.

Embecta Stock Performance

Shares of EMBC traded down $0.21 during mid-day trading on Thursday, hitting $14.12. 81,669 shares of the company traded hands, compared to its average volume of 406,538. Embecta has a 1 year low of $9.93 and a 1 year high of $19.79. The stock has a 50-day moving average price of $14.60 and a two-hundred day moving average price of $13.50. The stock has a market cap of $814.75 million, a price-to-earnings ratio of 11.73 and a beta of 0.98.

Embecta (NASDAQ:EMBCGet Free Report) last announced its earnings results on Friday, August 9th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.28. The business had revenue of $272.50 million during the quarter, compared to analyst estimates of $267.44 million. Embecta had a net margin of 6.23% and a negative return on equity of 19.09%. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 EPS. On average, analysts forecast that Embecta will post 2.43 EPS for the current year.

Embecta Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend was Tuesday, August 27th. Embecta’s payout ratio is currently 50.00%.

Analysts Set New Price Targets

Separately, Morgan Stanley reduced their price objective on Embecta from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Monday, July 15th.

Get Our Latest Stock Analysis on EMBC

Hedge Funds Weigh In On Embecta

Institutional investors and hedge funds have recently made changes to their positions in the business. Copeland Capital Management LLC bought a new position in Embecta in the third quarter worth approximately $43,000. Iat Reinsurance Co. LTD. purchased a new position in Embecta during the second quarter valued at $50,000. CWM LLC grew its holdings in Embecta by 773.8% during 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. Canada Pension Plan Investment Board purchased a new stake in Embecta in the second quarter worth about $140,000. Finally, Cardinal Capital Management raised its stake in shares of Embecta by 16.8% in the second quarter. Cardinal Capital Management now owns 11,753 shares of the company’s stock worth $147,000 after buying an additional 1,691 shares during the period. Hedge funds and other institutional investors own 93.83% of the company’s stock.

Embecta Company Profile

(Get Free Report)

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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