Embecta (NASDAQ:EMBC) Raised to Buy at BTIG Research

BTIG Research upgraded shares of Embecta (NASDAQ:EMBC) from a neutral rating to a buy rating in a research note published on Wednesday morning, Marketbeat.com reports. BTIG Research currently has $26.00 price objective on the stock.

Embecta Price Performance

Shares of NASDAQ EMBC opened at $20.83 on Wednesday. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 15.43 and a beta of 0.97. The stock’s 50-day moving average is $14.68 and its two-hundred day moving average is $14.20. Embecta has a 1-year low of $9.93 and a 1-year high of $20.86.

Embecta Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, December 6th. Embecta’s dividend payout ratio (DPR) is presently 44.44%.

Institutional Investors Weigh In On Embecta

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP purchased a new position in Embecta in the third quarter valued at $30,000. Copeland Capital Management LLC purchased a new position in shares of Embecta in the 3rd quarter valued at about $43,000. Iat Reinsurance Co. LTD. acquired a new stake in shares of Embecta during the 2nd quarter worth about $50,000. CWM LLC lifted its stake in Embecta by 773.8% during the second quarter. CWM LLC now owns 9,079 shares of the company’s stock worth $113,000 after purchasing an additional 8,040 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Embecta in the second quarter valued at approximately $140,000. 93.83% of the stock is currently owned by institutional investors and hedge funds.

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.