Mackenzie Financial Corp Acquires 29,696 Shares of Embecta Corp. (NASDAQ:EMBC)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Embecta Corp. by 72.5%, owning 70,652 shares valued at $901,000 after acquiring additional shares in the first quarter.
• Multiple institutional investors, including Vanguard Group and JPMorgan Chase & Co., have also made notable adjustments to their positions in Embecta, contributing to a total of 93.83% of the company's stock owned by institutional investors.
• Analysts have set diverse price targets for Embecta stock, with BTIG Research giving a target of $25.00 and a "buy" rating, while Mizuho has reduced its target from $13.00 to $12.00.

Mackenzie Financial Corp grew its stake in Embecta Corp. (NASDAQ:EMBC - Free Report) by 72.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,652 shares of the company's stock after purchasing an additional 29,696 shares during the period. Mackenzie Financial Corp owned about 0.12% of Embecta worth $901,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in EMBC. KLP Kapitalforvaltning AS acquired a new stake in shares of Embecta during the 4th quarter valued at about $215,000. Vanguard Group Inc. boosted its position in shares of Embecta by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 7,025,483 shares of the company's stock valued at $145,076,000 after acquiring an additional 28,031 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Embecta by 121.1% during the 4th quarter. JPMorgan Chase & Co. now owns 321,126 shares of the company's stock valued at $6,631,000 after acquiring an additional 175,857 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Embecta by 36.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 169,164 shares of the company's stock valued at $3,493,000 after buying an additional 44,997 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Embecta by 20.8% in the fourth quarter. Wells Fargo & Company MN now owns 53,241 shares of the company's stock valued at $1,099,000 after buying an additional 9,164 shares in the last quarter. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Embecta Stock Performance

Shares of NASDAQ EMBC traded up $1.92 during trading on Friday, reaching $12.28. The company had a trading volume of 2,062,491 shares, compared to its average volume of 555,122. Embecta Corp. has a 52 week low of $9.20 and a 52 week high of $21.48. The stock has a market cap of $717.64 million, a PE ratio of 13.64, a PEG ratio of 0.67 and a beta of 1.08. The business's 50 day moving average price is $10.24 and its 200-day moving average price is $12.38.

Embecta (NASDAQ:EMBC - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.35. Embecta had a net margin of 4.89% and a negative return on equity of 19.67%. The company had revenue of $295.50 million during the quarter, compared to the consensus estimate of $278.15 million. During the same period in the previous year, the firm posted $0.74 earnings per share. The company's revenue was up 8.4% on a year-over-year basis. Equities analysts anticipate that Embecta Corp. will post 2.85 earnings per share for the current year.

Embecta Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.9%. Embecta's dividend payout ratio is presently 66.67%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Mizuho reduced their price target on shares of Embecta from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen upgraded shares of Embecta from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, BTIG Research set a $25.00 price target on shares of Embecta and gave the company a "buy" rating in a research report on Friday, May 23rd.

Insider Buying and Selling at Embecta

In related news, Director David F. Melcher bought 10,000 shares of the company's stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $10.60 per share, with a total value of $106,000.00. Following the completion of the purchase, the director owned 86,681 shares in the company, valued at approximately $918,818.60. The trade was a 13.04% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.42% of the company's stock.

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.