Comerica Bank Takes Position in Embecta Corp. (NASDAQ:EMBC)

Comerica Bank acquired a new stake in Embecta Corp. (NASDAQ:EMBC – Get Rating) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 44,541 shares of the company’s stock, valued at approximately $1,330,000. Comerica Bank owned about 0.08% of Embecta as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in EMBC. State of Alaska Department of Revenue purchased a new position in shares of Embecta in the 3rd quarter valued at about $8,081,000. Mackenzie Financial Corp purchased a new position in shares of Embecta in the 3rd quarter valued at about $2,095,000. Red Cedar Capital LLC purchased a new position in shares of Embecta in the 3rd quarter valued at about $1,555,000. Texas Permanent School Fund acquired a new stake in shares of Embecta in the 3rd quarter valued at about $1,197,000. Finally, Garrison Asset Management LLC acquired a new stake in shares of Embecta in the 3rd quarter valued at about $1,039,000. Hedge funds and other institutional investors own 93.45% of the company’s stock.

Embecta Price Performance

Shares of NASDAQ EMBC opened at $23.72 on Monday. Embecta Corp. has a 52-week low of $22.30 and a 52-week high of $49.00. The business has a 50-day moving average price of $29.27 and a 200 day moving average price of $29.56.

Embecta (NASDAQ:EMBC – Get Rating) last posted its quarterly earnings data on Tuesday, December 20th. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.06. Embecta had a negative return on equity of 52.41% and a net margin of 19.80%. The company had revenue of $274.60 million during the quarter, compared to analysts’ expectations of $263.88 million. As a group, sell-side analysts expect that Embecta Corp. will post 1.9 EPS for the current fiscal year.

Embecta Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 11th. Shareholders of record on Friday, December 30th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $0.60 dividend on an annualized basis and a yield of 2.53%.

Analysts Set New Price Targets

Separately, Morgan Stanley cut Embecta from an “equal weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research report on Friday, January 6th.

Embecta Profile

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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 devices, as well as digital applications to assist people with managing their diabetes. The company primarily sells its products to wholesalers and distributors in the United States and internationally.