Embecta (NASDAQ:EMBC) PT Lowered to $13.00 at Morgan Stanley

Embecta (NASDAQ:EMBC) had its price objective decreased by Morgan Stanley from $16.00 to $13.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 7.01% from the company’s previous close.

Embecta Price Performance

NASDAQ:EMBC traded down $0.18 during trading hours on Friday, reaching $13.98. The company’s stock had a trading volume of 373,552 shares, compared to its average volume of 431,039. The company has a market cap of $804.95 million, a price-to-earnings ratio of 14.96 and a beta of 0.86. Embecta has a one year low of $9.93 and a one year high of $32.00. The business’s 50-day moving average is $12.05 and its 200-day moving average is $15.13.

Embecta (NASDAQ:EMBC) last released its earnings results on Thursday, May 9th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.24. Embecta had a net margin of 4.93% and a negative return on equity of 18.66%. The business had revenue of $287.20 million during the quarter, compared to analysts’ expectations of $264.70 million. During the same quarter last year, the company earned $0.75 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. On average, sell-side analysts predict that Embecta will post 2.14 EPS for the current fiscal year.

Insider Transactions at Embecta

In other news, Director David F. Melcher acquired 2,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was bought at an average price of $16.25 per share, with a total value of $32,500.00. Following the completion of the acquisition, the director now owns 45,080 shares in the company, valued at approximately $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.

Institutional Trading of Embecta

A number of hedge funds and other institutional investors have recently modified their holdings of EMBC. Public Employees Retirement System of Ohio increased its holdings in shares of Embecta by 66.2% in the third quarter. Public Employees Retirement System of Ohio now owns 2,284 shares of the company’s stock valued at $34,000 after purchasing an additional 910 shares in the last quarter. Signaturefd LLC increased its holdings in Embecta by 1,254.4% in the third quarter. Signaturefd LLC now owns 2,316 shares of the company’s stock valued at $35,000 after purchasing an additional 2,145 shares during the last quarter. NBC Securities Inc. acquired a new position in Embecta in the third quarter valued at about $44,000. Allworth Financial LP grew its position in shares of Embecta by 200.1% during the 3rd quarter. Allworth Financial LP now owns 3,280 shares of the company’s stock worth $49,000 after buying an additional 2,187 shares during the period. Finally, Bfsg LLC acquired a new stake in shares of Embecta in the 4th quarter valued at approximately $53,000. 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.