Embecta (NASDAQ:EMBC) Shares Gap Down – What’s Next?

Embecta Corp. (NASDAQ:EMBC)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $20.59, but opened at $20.16. Embecta shares last traded at $20.08, with a volume of 36,323 shares trading hands.

Analyst Upgrades and Downgrades

Separately, BTIG Research raised Embecta from a “neutral” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Wednesday.

Embecta Price Performance

The company has a market cap of $1.17 billion, a price-to-earnings ratio of 15.25 and a beta of 0.97. The firm’s 50 day simple moving average is $14.58 and its 200-day simple moving average is $14.16.

Embecta Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.96%. Embecta’s dividend payout ratio (DPR) is presently 44.44%.

Institutional Inflows and Outflows

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

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.