Embecta Corp. (NASDAQ:EMBC) Short Interest Down 8.0% in August

Embecta Corp. (NASDAQ:EMBC) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 1,840,000 shares, a drop of 8.0% from the August 15th total of 2,000,000 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average trading volume of 410,900 shares, the short-interest ratio is presently 4.5 days.

Embecta Price Performance

NASDAQ EMBC traded down $0.99 during trading hours on Wednesday, reaching $15.51. 339,897 shares of the stock traded hands, compared to its average volume of 417,096. The stock has a 50 day simple moving average of $14.84 and a two-hundred day simple moving average of $13.25. Embecta has a 1 year low of $9.93 and a 1 year high of $19.79. The company has a market cap of $894.46 million, a price-to-earnings ratio of 13.64 and a beta of 1.00.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.28. The company had revenue of $272.50 million for the quarter, compared to analysts’ expectations of $267.44 million. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. Embecta’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period last year, the firm posted $0.69 EPS. On average, sell-side analysts forecast that Embecta will post 2.43 EPS for the current fiscal year.

Embecta Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Tuesday, August 27th. Embecta’s dividend payout ratio (DPR) is presently 49.59%.

Hedge Funds Weigh In On Embecta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Iat Reinsurance Co. LTD. purchased a new stake in shares of Embecta during the second quarter valued at approximately $50,000. YHB Investment Advisors Inc. bought a new position in shares of Embecta in the 1st quarter worth approximately $56,000. CWM LLC lifted its stake in shares of Embecta by 773.8% in the 2nd quarter. CWM LLC now owns 9,079 shares of the company’s stock valued at $113,000 after purchasing an additional 8,040 shares during the period. Cardinal Capital Management bought a new stake in shares of Embecta during the first quarter valued at approximately $134,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Embecta in the second quarter worth $140,000. 93.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley dropped their target price on shares of Embecta from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Monday, July 15th.

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.