Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in Embecta Corp. (NASDAQ:EMBC)

Connor Clark & Lunn Investment Management Ltd. reduced its position in Embecta Corp. (NASDAQ:EMBC) by 20.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 161,044 shares of the company’s stock after selling 42,006 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.28% of Embecta worth $3,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of Embecta by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock valued at $19,564,000 after acquiring an additional 45,228 shares during the period. Rubric Capital Management LP bought a new stake in Embecta during the third quarter valued at about $15,306,000. Bank of New York Mellon Corp increased its position in Embecta by 0.7% in the fourth quarter. Bank of New York Mellon Corp now owns 685,493 shares of the company’s stock worth $14,155,000 after buying an additional 4,769 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Embecta in the fourth quarter worth about $6,598,000. Finally, Principal Financial Group Inc. lifted its position in shares of Embecta by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 280,004 shares of the company’s stock valued at $5,782,000 after buying an additional 7,887 shares in the last quarter. Institutional investors own 93.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on EMBC shares. Morgan Stanley raised shares of Embecta from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $13.00 to $20.00 in a report on Monday, December 2nd. BTIG Research upgraded shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Wednesday, November 27th.

Embecta Trading Up 3.7 %

NASDAQ:EMBC opened at $13.63 on Tuesday. The stock has a 50-day moving average price of $16.47 and a 200 day moving average price of $16.46. The stock has a market capitalization of $792.37 million, a P/E ratio of 13.63, a P/E/G ratio of 0.78 and a beta of 1.27. Embecta Corp. has a 12-month low of $9.93 and a 12-month high of $21.48.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.20. Embecta had a net margin of 5.25% and a negative return on equity of 19.22%. On average, research analysts predict that Embecta Corp. will post 2.85 earnings per share for the current fiscal year.

Embecta Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.40%. The ex-dividend date was Friday, February 28th. Embecta’s payout ratio is currently 60.00%.

Insider Buying and Selling at Embecta

In other news, Director Milton Mayo Morris sold 3,100 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $16.38, for a total transaction of $50,778.00. Following the sale, the director now directly owns 36,133 shares of the company’s stock, valued at $591,858.54. This represents a 7.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.

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.