Embecta Corp. (NASDAQ:EMBC) Stake Cut by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in Embecta Corp. (NASDAQ:EMBC) by 4.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 990,963 shares of the company’s stock after selling 44,947 shares during the period. Bank of New York Mellon Corp’s holdings in Embecta were worth $21,405,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. acquired a new position in Embecta in the 3rd quarter valued at approximately $197,911,000. State Street Corp purchased a new position in shares of Embecta during the 3rd quarter valued at $68,114,000. Krensavage Asset Management LLC acquired a new position in shares of Embecta in the first quarter worth $29,867,000. Pacer Advisors Inc. purchased a new stake in shares of Embecta during the first quarter worth $25,172,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in Embecta by 23.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,034,985 shares of the company’s stock valued at $102,045,000 after purchasing an additional 762,630 shares during the last quarter. 93.83% of the stock is owned by hedge funds and other institutional investors.

Embecta Trading Up 1.0 %

Shares of NASDAQ:EMBC opened at $14.81 on Monday. The stock has a market capitalization of $848.61 million, a PE ratio of 18.28 and a beta of 0.59. Embecta Corp. has a 1 year low of $12.72 and a 1 year high of $36.64. The firm has a fifty day moving average price of $15.49 and a 200 day moving average price of $20.64.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on EMBC shares. Wolfe Research assumed coverage on Embecta in a research note on Friday, October 20th. They set a “peer perform” rating for the company. Morgan Stanley cut their price objective on shares of Embecta from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 18th.

Insiders Place Their Bets

In related news, Director David F. Melcher acquired 6,233 shares of the stock in a transaction dated Friday, September 8th. The shares were acquired at an average price of $15.77 per share, with a total value of $98,294.41. Following the acquisition, the director now owns 27,698 shares in the company, valued at approximately $436,797.46. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.

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 devices, as well as digital applications to assist people with managing patient's diabetes.