Geode Capital Management LLC Has $19.56 Million Position in Embecta Corp. (NASDAQ:EMBC)

Geode Capital Management LLC raised its position in Embecta Corp. (NASDAQ:EMBC) by 3.4% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,387,273 shares of the company’s stock after buying an additional 45,228 shares during the period. Geode Capital Management LLC owned about 2.40% of Embecta worth $19,564,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP bought a new position in Embecta in the third quarter valued at about $30,000. Copeland Capital Management LLC bought a new position in shares of Embecta in the 3rd quarter valued at about $43,000. Iat Reinsurance Co. LTD. bought a new position in shares of Embecta in the 2nd quarter valued at about $50,000. Canada Pension Plan Investment Board acquired a new stake in shares of Embecta during the 2nd quarter worth approximately $140,000. Finally, CWM LLC raised its stake in shares of Embecta by 11.3% during the third quarter. CWM LLC now owns 10,102 shares of the company’s stock worth $142,000 after buying an additional 1,023 shares during the last quarter. 93.83% of the stock is owned by institutional investors and hedge funds.

Embecta Stock Performance

EMBC opened at $20.70 on Friday. The firm’s fifty day moving average is $17.22 and its two-hundred day moving average is $15.16. The firm has a market cap of $1.20 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 1.08 and a beta of 1.25. Embecta Corp. has a twelve month low of $9.93 and a twelve month high of $21.48.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings results on Tuesday, November 26th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.05. Embecta had a negative return on equity of 18.54% and a net margin of 6.97%. The company had revenue of $286.10 million during the quarter, compared to the consensus estimate of $276.97 million. During the same period in the prior year, the company earned $0.59 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. Equities analysts forecast that Embecta Corp. will post 2.84 EPS for the current fiscal year.

Embecta Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Friday, December 6th. Embecta’s payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

EMBC has been the subject of a number of analyst reports. Morgan Stanley raised shares of Embecta from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $13.00 to $20.00 in a report on Monday, December 2nd. BTIG Research upgraded Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Wednesday, November 27th.

Embecta Company Profile

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.