Embecta (NASDAQ:EMBC) Shares Gap Up Following Dividend Announcement

Shares of Embecta Corp. (NASDAQ:EMBC) gapped up before the market opened on Wednesday following a dividend announcement from the company. The stock had previously closed at $18.70, but opened at $19.57. Embecta shares last traded at $19.25, with a volume of 87,420 shares traded.

The newly announced dividend which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be issued a $0.15 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.91%. Embecta’s dividend payout ratio (DPR) is 50.00%.

Analyst Ratings Changes

Separately, BTIG Research upgraded shares of Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Wednesday.

Embecta Stock Performance

The company has a market capitalization of $1.19 billion, a PE ratio of 17.16 and a beta of 0.97. The company’s 50-day moving average is $14.38 and its 200 day moving average is $14.07.

Institutional Investors Weigh In On Embecta

Several institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in Embecta by 3.2% in the 1st quarter. Russell Investments Group Ltd. now owns 59,215 shares of the company’s stock worth $786,000 after buying an additional 1,827 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Embecta by 14.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 18,863 shares of the company’s stock valued at $250,000 after purchasing an additional 2,370 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Embecta by 2.7% in the first quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock worth $95,730,000 after purchasing an additional 187,916 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Embecta by 1,135.6% in the 1st quarter. Public Employees Retirement System of Ohio now owns 40,268 shares of the company’s stock worth $534,000 after purchasing an additional 37,009 shares during the period. Finally, Bayesian Capital Management LP raised its stake in Embecta by 13.3% during the 1st quarter. Bayesian Capital Management LP now owns 12,751 shares of the company’s stock valued at $169,000 after buying an additional 1,500 shares during the last quarter. Institutional investors own 93.83% 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.