BlackRock Inc. Invests $258.68 Million in Embecta Corp. (NASDAQ:EMBC)

BlackRock Inc. purchased a new stake in Embecta Corp. (NASDAQ:EMBC – Get Rating) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,984,936 shares of the company’s stock, valued at approximately $258,676,000. BlackRock Inc. owned 15.53% of Embecta as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in Embecta during the third quarter valued at about $27,000. Copeland Capital Management LLC acquired a new stake in Embecta during the 3rd quarter valued at $28,000. Lazard Asset Management LLC purchased a new stake in shares of Embecta in the third quarter valued at $31,000. Russell Investments Group Ltd. purchased a new position in shares of Embecta during the third quarter valued at $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in Embecta during the third quarter valued at $36,000. Institutional investors and hedge funds own 93.45% of the company’s stock.

Embecta Stock Down 0.6 %

NASDAQ EMBC opened at $30.27 on Monday. The firm’s fifty day simple moving average is $27.96 and its 200-day simple moving average is $29.74. Embecta Corp. has a 1-year low of $22.30 and a 1-year high of $49.00.

Embecta (NASDAQ:EMBC – Get Rating) last announced its quarterly earnings results on Tuesday, February 14th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.44. Embecta had a negative return on equity of 26.60% and a net margin of 14.34%. The business had revenue of $275.70 million during the quarter, compared to analyst estimates of $261.77 million. As a group, equities analysts anticipate that Embecta Corp. will post 2.33 earnings per share for the current year.

Embecta Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 13th. Stockholders of record on Monday, February 27th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, February 24th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%.

Insider Buying and Selling

In other Embecta news, Director David F. Melcher bought 3,100 shares of the stock in a transaction on Wednesday, February 15th. The shares were purchased at an average cost of $32.51 per share, with a total value of $100,781.00. Following the completion of the transaction, the director now directly owns 21,465 shares of the company’s stock, valued at approximately $697,827.15. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.22% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Embecta Company 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.