Embecta (NASDAQ:EMBC) Shares Down 5.7% After Insider Selling

Embecta Corp. (NASDAQ:EMBC) shares were down 5.7% on Friday after an insider sold shares in the company. The company traded as low as $15.31 and last traded at $15.23. Approximately 77,219 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 397,187 shares. The stock had previously closed at $16.15.

Specifically, Director Milton Mayo Morris sold 3,100 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $16.38, for a total value of $50,778.00. Following the transaction, the director now owns 36,133 shares in the company, valued at $591,858.54. This trade represents a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several analysts have weighed in on EMBC shares. BTIG Research raised 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. Morgan Stanley raised shares of Embecta from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $20.00 in a research note on Monday, December 2nd.

Embecta Stock Down 8.0 %

The business has a fifty day moving average of $19.22 and a 200 day moving average of $16.57. The firm has a market cap of $863.23 million, a P/E ratio of 14.85, a P/E/G ratio of 0.95 and a beta of 1.20.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.20. Embecta had a negative return on equity of 19.22% and a net margin of 5.25%. On average, sell-side analysts expect that Embecta Corp. will post 2.87 EPS for the current fiscal year.

Embecta Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.15 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.60 annualized dividend and a yield of 4.04%. Embecta’s dividend payout ratio (DPR) is presently 60.00%.

Hedge Funds Weigh In On Embecta

Institutional investors and hedge funds have recently made changes to their positions in the company. Garden State Investment Advisory Services LLC bought a new position in Embecta during the third quarter worth about $438,000. Barclays PLC raised its position in shares of Embecta by 41.1% during the third quarter. Barclays PLC now owns 97,930 shares of the company’s stock worth $1,381,000 after purchasing an additional 28,523 shares during the period. Jennison Associates LLC bought a new position in shares of Embecta during the 3rd quarter valued at about $594,000. Jane Street Group LLC grew its position in shares of Embecta by 156.1% in the 3rd quarter. Jane Street Group LLC now owns 176,487 shares of the company’s stock valued at $2,488,000 after purchasing an additional 107,567 shares during the period. Finally, Geode Capital Management LLC increased its stake in Embecta by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock worth $19,564,000 after purchasing an additional 45,228 shares in the last quarter. Institutional investors and hedge funds own 93.83% 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.