Short Interest in Embecta Corp. (NASDAQ:EMBC) Grows By 7.3%

Embecta Corp. (NASDAQ:EMBC) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 2,930,000 shares, an increase of 7.3% from the June 30th total of 2,730,000 shares. Based on an average trading volume of 443,900 shares, the days-to-cover ratio is currently 6.6 days. Currently, 5.4% of the shares of the stock are sold short.

Embecta Stock Performance

Shares of NASDAQ:EMBC traded down $0.65 during midday trading on Thursday, reaching $15.02. 111,274 shares of the company’s stock traded hands, compared to its average volume of 424,016. The company has a market cap of $866.20 million, a price-to-earnings ratio of 12.95 and a beta of 0.99. Embecta has a one year low of $9.93 and a one year high of $23.75. The stock has a 50 day moving average of $13.10 and a 200 day moving average of $13.49.

Embecta (NASDAQ:EMBC) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.24. Embecta had a negative return on equity of 18.42% and a net margin of 6.20%. The firm had revenue of $287.20 million for the quarter, compared to analysts’ expectations of $264.70 million. During the same period in the previous year, the firm earned $0.75 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Sell-side analysts predict that Embecta will post 2.29 EPS for the current fiscal year.

Embecta Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, May 28th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.60 annualized dividend and a dividend yield of 3.99%. Embecta’s dividend payout ratio (DPR) is presently 49.59%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bfsg LLC purchased a new stake in shares of Embecta in the fourth quarter valued at approximately $53,000. YHB Investment Advisors Inc. purchased a new stake in Embecta during the 1st quarter worth approximately $56,000. Public Employees Retirement System of Ohio raised its stake in Embecta by 42.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 3,259 shares of the company’s stock worth $62,000 after acquiring an additional 975 shares during the last quarter. CWM LLC lifted its position in Embecta by 773.8% during the 2nd quarter. CWM LLC now owns 9,079 shares of the company’s stock worth $113,000 after acquiring an additional 8,040 shares during the period. Finally, Cardinal Capital Management purchased a new stake in Embecta during the 1st quarter valued at about $134,000. Institutional investors own 93.83% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Morgan Stanley decreased their price target on Embecta from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note 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.