Verition Fund Management LLC Buys New Position in Embecta Corp. (NASDAQ:EMBC)

Verition Fund Management LLC bought a new stake in shares of Embecta Corp. (NASDAQ:EMBC – Get Rating) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 26,763 shares of the company’s stock, valued at approximately $771,000.

Other hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. acquired a new position in Embecta during the 3rd quarter valued at about $27,000. Copeland Capital Management LLC purchased a new stake in Embecta during the 3rd quarter valued at about $28,000. Lazard Asset Management LLC purchased a new stake in Embecta during the 3rd quarter valued at about $31,000. Russell Investments Group Ltd. purchased a new stake in Embecta during the 3rd quarter valued at about $32,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Embecta during the 3rd quarter valued at about $36,000. 93.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Embecta news, Director David F. Melcher purchased 3,100 shares of the stock in a transaction on Wednesday, February 15th. The shares were bought at an average price of $32.51 per share, for a total transaction of $100,781.00. Following the completion of the transaction, the director now owns 21,465 shares of the company’s stock, valued at approximately $697,827.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.22% of the stock is currently owned by company insiders.

Embecta Stock Performance

Shares of EMBC opened at $31.74 on Friday. Embecta Corp. has a 52 week low of $22.30 and a 52 week high of $49.00. The stock’s 50-day moving average price is $27.52 and its 200-day moving average price is $29.85.

Embecta (NASDAQ:EMBC – Get Rating) last issued its earnings results on Tuesday, February 14th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.44. The firm had revenue of $275.70 million for the quarter, compared to the consensus estimate of $261.77 million. Embecta had a negative return on equity of 26.60% and a net margin of 14.34%. Research analysts predict that Embecta Corp. will post 2.33 EPS for the current fiscal year.

Embecta Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 13th. Shareholders of record on Monday, February 27th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, February 24th. This represents a $0.60 dividend on an annualized basis and a yield of 1.89%.

Wall Street Analyst Weigh In

Separately, Morgan Stanley downgraded Embecta from an “equal weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research note 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.