Morgan Stanley Cuts Embecta (NASDAQ:EMBC) Price Target to $13.00

Embecta (NASDAQ:EMBCFree Report) had its price target cut by Morgan Stanley from $16.00 to $13.00 in a research report report published on Friday, Benzinga reports. They currently have an underweight rating on the stock.

Embecta Stock Up 0.6 %

Shares of EMBC traded up $0.09 during trading hours on Friday, reaching $14.33. 272,044 shares of the company traded hands, compared to its average volume of 434,209. The stock has a market capitalization of $826.41 million, a PE ratio of 11.80 and a beta of 0.86. The stock has a fifty day simple moving average of $12.05 and a 200 day simple moving average of $15.12. Embecta has a fifty-two week low of $9.93 and a fifty-two week high of $30.80.

Embecta (NASDAQ:EMBCGet Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.24. Embecta had a net margin of 6.20% and a negative return on equity of 18.42%. The business had revenue of $287.20 million during the quarter, compared to the consensus estimate of $264.70 million. During the same period in the previous year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Research analysts predict that Embecta will post 2.35 EPS for the current fiscal year.

Embecta Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Friday, May 24th. Embecta’s payout ratio is 49.59%.

Hedge Funds Weigh In On Embecta

Hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its stake in Embecta by 66.2% during the third quarter. Public Employees Retirement System of Ohio now owns 2,284 shares of the company’s stock worth $34,000 after acquiring an additional 910 shares during the last quarter. Signaturefd LLC raised its holdings in Embecta by 1,254.4% in the third quarter. Signaturefd LLC now owns 2,316 shares of the company’s stock valued at $35,000 after buying an additional 2,145 shares during the period. Bfsg LLC purchased a new position in Embecta in the fourth quarter valued at approximately $53,000. NBC Securities Inc. purchased a new position in Embecta in the third quarter valued at approximately $44,000. Finally, Allworth Financial LP raised its holdings in Embecta by 200.1% in the third quarter. Allworth Financial LP now owns 3,280 shares of the company’s stock valued at $49,000 after buying an additional 2,187 shares during the period. Institutional investors and hedge funds own 93.83% of the company’s stock.

About Embecta

(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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