Short Interest in Embecta Corp. (NASDAQ:EMBC) Drops By 8.0%

Embecta Corp. (NASDAQ:EMBC) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 1,840,000 shares, a decline of 8.0% from the August 15th total of 2,000,000 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average trading volume of 410,900 shares, the days-to-cover ratio is currently 4.5 days.

Embecta Stock Performance

Shares of Embecta stock remained flat at $15.51 on Thursday. 5,055 shares of the stock traded hands, compared to its average volume of 414,819. Embecta has a fifty-two week low of $9.93 and a fifty-two week high of $19.79. The company has a market cap of $894.46 million, a P/E ratio of 12.82 and a beta of 1.00. The stock’s 50-day moving average is $14.91 and its 200-day moving average is $13.26.

Embecta (NASDAQ:EMBC) last issued its earnings results on Friday, August 9th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.28. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. The firm had revenue of $272.50 million for the quarter, compared to the consensus estimate of $267.44 million. During the same quarter in the previous year, the company posted $0.69 earnings per share. The business’s quarterly revenue was down 4.8% compared to the same quarter last year. Equities analysts expect that Embecta will post 2.43 EPS for the current fiscal year.

Embecta Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.87%. The ex-dividend date was Tuesday, August 27th. Embecta’s payout ratio is presently 49.59%.

Institutional Trading of Embecta

Institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management raised its holdings in shares of Embecta by 205.6% during the 1st quarter. LSV Asset Management now owns 110,700 shares of the company’s stock valued at $1,469,000 after purchasing an additional 74,480 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Embecta by 77.0% during the fourth quarter. Allianz Asset Management GmbH now owns 141,124 shares of the company’s stock valued at $2,671,000 after buying an additional 61,400 shares in the last quarter. Sei Investments Co. raised its holdings in Embecta by 15.9% during the first quarter. Sei Investments Co. now owns 362,111 shares of the company’s stock valued at $4,805,000 after buying an additional 49,551 shares in the last quarter. Public Employees Retirement System of Ohio lifted 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 during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Embecta by 2.7% during the 1st 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 in the last quarter. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Morgan Stanley reduced their price target on shares of Embecta from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Monday, July 15th.

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.