Embecta (NASDAQ:EMBC) Trading Down 4% - Here's What Happened

Shares of Embecta Corp. (NASDAQ:EMBC - Get Free Report) fell 4% during mid-day trading on Wednesday . The stock traded as low as $19.30 and last traded at $19.30. 211,599 shares changed hands during trading, a decline of 50% from the average session volume of 420,100 shares. The stock had previously closed at $20.10.

Analyst Ratings Changes

A number of brokerages have recently commented on EMBC. BTIG Research raised Embecta from a "neutral" rating to a "buy" rating and set a $26.00 price target on the stock in a research report on Wednesday, November 27th. Morgan Stanley upgraded Embecta from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $13.00 to $20.00 in a report on Monday, December 2nd.

Embecta Stock Down 3.5 %

The stock has a market cap of $1.13 billion, a PE ratio of 14.36, a PEG ratio of 1.06 and a beta of 1.23. The stock's fifty day moving average price is $18.73 and its 200 day moving average price is $15.88.

Embecta (NASDAQ:EMBC - Get Free Report) last posted its quarterly earnings results on Tuesday, November 26th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.05. Embecta had a negative return on equity of 18.54% and a net margin of 6.97%. The firm had revenue of $286.10 million during the quarter, compared to analysts' expectations of $276.97 million. During the same quarter in the previous year, the business earned $0.59 earnings per share. The company's revenue was up 1.5% on a year-over-year basis. On average, equities research analysts expect that Embecta Corp. will post 2.84 earnings per share for the current fiscal year.

Embecta Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.09%. Embecta's dividend payout ratio is presently 44.44%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of Embecta during the 3rd quarter valued at $30,000. Copeland Capital Management LLC bought a new position in Embecta in the third quarter valued at about $43,000. Canada Pension Plan Investment Board purchased a new position in Embecta in the second quarter worth about $140,000. CWM LLC boosted its position in Embecta by 11.3% in the third quarter. CWM LLC now owns 10,102 shares of the company's stock worth $142,000 after purchasing an additional 1,023 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Embecta during the 2nd quarter valued at about $201,000. Institutional investors own 93.83% of the company's stock.

About Embecta

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.