Embecta (NASDAQ:EMBC) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Embecta (NASDAQ:EMBC) from an underweight rating to an equal weight rating in a report issued on Monday, MarketBeat Ratings reports. Morgan Stanley currently has $20.00 price target on the stock, up from their prior price target of $13.00.

Separately, 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.

Embecta Trading Up 0.3 %

Shares of EMBC opened at $20.50 on Monday. The stock has a 50 day moving average of $15.02 and a 200 day moving average of $14.34. Embecta has a 12 month low of $9.93 and a 12 month high of $21.48. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.14 and a beta of 1.25.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings data on Tuesday, November 26th. The company reported $0.45 earnings per share for the quarter, beating 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 business had revenue of $286.10 million during the quarter, compared to analyst estimates of $276.97 million. During the same period in the prior year, the company earned $0.59 earnings per share. Embecta’s revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts predict that Embecta will post 2.78 earnings per share for the current year.

Embecta Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Friday, December 6th. Embecta’s payout ratio is currently 44.44%.

Hedge Funds Weigh In On Embecta

A number of large investors have recently made changes to their positions in EMBC. Vanguard Group Inc. boosted its holdings in shares of Embecta by 2.7% in the first quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock worth $95,730,000 after acquiring an additional 187,916 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Embecta by 1,135.6% in the first quarter. Public Employees Retirement System of Ohio now owns 40,268 shares of the company’s stock worth $534,000 after buying an additional 37,009 shares in the last quarter. CWM LLC raised its position in shares of Embecta by 773.8% in the second quarter. CWM LLC now owns 9,079 shares of the company’s stock worth $113,000 after buying an additional 8,040 shares in the last quarter. Cardinal Capital Management raised its position in shares of Embecta by 16.8% in the second quarter. Cardinal Capital Management now owns 11,753 shares of the company’s stock worth $147,000 after buying an additional 1,691 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Embecta by 19.4% in the second quarter. Nisa Investment Advisors LLC now owns 26,395 shares of the company’s stock worth $330,000 after buying an additional 4,287 shares in the last quarter. 93.83% of the stock is owned by institutional investors.

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.