Embecta (NASDAQ:EMBC) Shares Up 6.3% - Here's What Happened

Embecta Corp. (NASDAQ:EMBC - Get Free Report)'s share price rose 6.3% during trading on Tuesday . The stock traded as high as $11.39 and last traded at $11.40. Approximately 60,597 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 461,125 shares. The stock had previously closed at $10.72.

Analysts Set New Price Targets

EMBC has been the subject of several recent research reports. Mizuho cut their price target on Embecta from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Wall Street Zen raised Embecta from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, BTIG Research set a $25.00 price target on Embecta and gave the company a "buy" rating in a report on Friday, May 23rd.

Embecta Stock Performance

The company has a market capitalization of $620.66 million, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 0.78 and a beta of 1.24. The firm has a 50 day moving average price of $11.90 and a two-hundred day moving average price of $15.39.

Embecta (NASDAQ:EMBC - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. The company had revenue of $259.00 million for the quarter, compared to analyst estimates of $261.77 million. Embecta had a negative return on equity of 19.22% and a net margin of 5.25%. The company's revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.67 EPS. On average, equities analysts expect that Embecta Corp. will post 2.85 earnings per share for the current year.

Embecta Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Wednesday, May 28th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, May 28th. This represents a $0.60 dividend on an annualized basis and a yield of 5.65%. Embecta's dividend payout ratio (DPR) is presently 66.67%.

Insider Buying and Selling

In other news, Director David F. Melcher acquired 10,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $10.60 per share, for a total transaction of $106,000.00. Following the transaction, the director now owns 86,681 shares of the company's stock, valued at approximately $918,818.60. This represents a 13.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EMBC. William Blair Investment Management LLC bought a new position in Embecta in the 4th quarter valued at $15,270,000. American Century Companies Inc. boosted its position in Embecta by 16.9% in the 1st quarter. American Century Companies Inc. now owns 3,813,411 shares of the company's stock valued at $48,621,000 after buying an additional 551,477 shares during the last quarter. Deerfield Management Company L.P. Series C boosted its position in Embecta by 19.8% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 3,270,535 shares of the company's stock valued at $67,537,000 after buying an additional 540,192 shares during the last quarter. Raymond James Financial Inc. bought a new position in Embecta in the 4th quarter valued at $6,598,000. Finally, Jefferies Financial Group Inc. lifted its stake in shares of Embecta by 60.1% in the 1st quarter. Jefferies Financial Group Inc. now owns 573,000 shares of the company's stock valued at $7,306,000 after purchasing an additional 215,000 shares during the period. 93.83% of the stock is currently owned by institutional investors.

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.