Embecta (NASDAQ:EMBC) Shares Gap Up After 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 traded.

The newly announced dividend which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.12%. Embecta’s dividend payout ratio (DPR) is presently 50.00%.

Analysts Set New Price Targets

Separately, BTIG Research raised Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday.

Embecta Trading Up 2.9 %

The firm has a market capitalization of $1.11 billion, a P/E ratio of 15.58 and a beta of 0.97. The business has a 50-day moving average of $14.38 and a 200 day moving average of $14.07.

Institutional Trading of Embecta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EMBC. Quarry LP bought a new stake in Embecta during the 3rd quarter worth approximately $30,000. Copeland Capital Management LLC purchased a new position in shares of Embecta in the 3rd quarter worth approximately $43,000. Iat Reinsurance Co. LTD. purchased a new position in shares of Embecta in the 2nd quarter worth approximately $50,000. CWM LLC boosted 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 worth $113,000 after buying an additional 8,040 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Embecta in the 2nd quarter worth approximately $140,000. 93.83% of the stock is owned by institutional investors.

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.