Embecta (NASDAQ:EMBC) Hits New 52-Week High – Here’s What Happened

Embecta Corp. (NASDAQ:EMBC) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $21.47 and last traded at $21.47, with a volume of 2625 shares changing hands. The stock had previously closed at $20.83.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. BTIG Research upgraded 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. Morgan Stanley upgraded Embecta from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $13.00 to $20.00 in a research note on Monday.

Embecta Stock Up 1.1 %

The business’s 50 day simple moving average is $14.68 and its 200-day simple moving average is $14.21. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 15.43 and a beta of 0.97.

Embecta Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.85%. Embecta’s dividend payout ratio is currently 44.44%.

Institutional Investors Weigh In On Embecta

Large investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new stake in shares of Embecta during the 3rd quarter worth $217,000. Barclays PLC raised its stake in Embecta by 41.1% during the third quarter. Barclays PLC now owns 97,930 shares of the company’s stock worth $1,381,000 after acquiring an additional 28,523 shares in the last quarter. Meros Investment Management LP bought a new position in shares of Embecta in the third quarter worth about $2,679,000. Geode Capital Management LLC boosted its stake in shares of Embecta by 3.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock valued at $19,564,000 after purchasing an additional 45,228 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Embecta by 156.1% during the 3rd quarter. Jane Street Group LLC now owns 176,487 shares of the company’s stock valued at $2,488,000 after purchasing an additional 107,567 shares during the last quarter. Institutional investors and hedge funds 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.