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

Shares of Embecta Corp. (NASDAQ:EMBC) gapped up prior to trading on Wednesday after the company announced a dividend. 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 trading hands.

The newly announced dividend which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.91%. Embecta’s dividend payout ratio (DPR) is presently 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 on the stock 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 stock’s 50-day simple moving average is $14.48 and its 200 day simple moving average is $14.11.

Hedge Funds Weigh In On Embecta

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC boosted its position in shares of Embecta by 11.3% in the 3rd quarter. CWM LLC now owns 10,102 shares of the company’s stock valued at $142,000 after purchasing an additional 1,023 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Embecta by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 22,212 shares of the company’s stock worth $278,000 after purchasing an additional 1,025 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Embecta by 3.4% in the 2nd quarter. SummerHaven Investment Management LLC now owns 36,198 shares of the company’s stock worth $452,000 after buying an additional 1,179 shares in the last quarter. Bayesian Capital Management LP grew its position in shares of Embecta by 13.3% in the first quarter. Bayesian Capital Management LP now owns 12,751 shares of the company’s stock valued at $169,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Ceera Investments LLC increased its position in Embecta by 0.9% during the second quarter. Ceera Investments LLC now owns 178,353 shares of the company’s stock worth $2,229,000 after buying an additional 1,514 shares in the last quarter. 93.83% of the stock is currently owned by hedge funds and other institutional investors.

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.