Allspring Global Investments Holdings LLC Cuts Holdings in Embecta Corp. (NASDAQ:EMBC)

Allspring Global Investments Holdings LLC cut its stake in Embecta Corp. (NASDAQ:EMBC) by 26.3% during the 4th quarter, HoldingsChannel reports. The firm owned 37,486 shares of the company’s stock after selling 13,351 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Embecta were worth $710,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in EMBC. Victory Capital Management Inc. grew its stake in Embecta by 63.8% in the third quarter. Victory Capital Management Inc. now owns 109,881 shares of the company’s stock worth $1,654,000 after purchasing an additional 42,789 shares in the last quarter. Denali Advisors LLC raised its holdings in Embecta by 192.6% during the third quarter. Denali Advisors LLC now owns 92,249 shares of the company’s stock worth $1,388,000 after purchasing an additional 60,723 shares in the last quarter. Barclays PLC increased its holdings in shares of Embecta by 917.4% in the third quarter. Barclays PLC now owns 533,905 shares of the company’s stock valued at $8,035,000 after buying an additional 481,426 shares in the last quarter. First Eagle Investment Management LLC bought a new position in shares of Embecta in the third quarter valued at $7,308,000. Finally, River Road Asset Management LLC purchased a new position in Embecta during the 3rd quarter worth approximately $39,333,000. 93.83% of the stock is owned by hedge funds and other institutional investors.

Embecta Stock Performance

NASDAQ EMBC opened at $10.89 on Thursday. Embecta Corp. has a twelve month low of $9.93 and a twelve month high of $32.00. The stock has a market cap of $627.05 million, a price-to-earnings ratio of 11.37 and a beta of 0.73. The firm’s 50 day moving average price is $12.97 and its two-hundred day moving average price is $15.52.

Embecta (NASDAQ:EMBC) last posted its quarterly earnings results on Friday, February 9th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.46 by $0.15. Embecta had a net margin of 4.93% and a negative return on equity of 18.66%. The business had revenue of $277.30 million for the quarter, compared to analysts’ expectations of $264.92 million. During the same period in the previous year, the company posted $0.93 EPS. Embecta’s revenue was up .6% on a year-over-year basis. On average, research analysts forecast that Embecta Corp. will post 2.14 EPS for the current fiscal year.

Embecta Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 28th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 5.51%. The ex-dividend date was Tuesday, February 27th. Embecta’s payout ratio is presently 63.16%.

Insiders Place Their Bets

In other news, Director David F. Melcher bought 2,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was purchased at an average price of $16.25 per share, with a total value of $32,500.00. Following the transaction, the director now directly owns 45,080 shares in the company, valued at $732,550. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.28% 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 injection devices, as well as digital applications to assist people with managing patient's diabetes.