Embecta (NASDAQ:EMBC) Shares Gap Down – Should You Sell?

Embecta Corp. (NASDAQ:EMBC)’s stock price gapped down before the market opened 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.

Analysts Set New Price Targets

Separately, BTIG Research upgraded shares of 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 Trading Down 1.6 %

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

Embecta Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.96%. The ex-dividend date is Friday, December 6th. Embecta’s dividend payout ratio (DPR) is 44.44%.

Institutional Investors Weigh In On Embecta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Embecta in the 3rd quarter worth about $217,000. Barclays PLC boosted its holdings in shares of Embecta by 41.1% in the 3rd quarter. Barclays PLC now owns 97,930 shares of the company’s stock valued at $1,381,000 after buying an additional 28,523 shares during the period. Meros Investment Management LP acquired a new position in shares of Embecta in the 3rd quarter valued at about $2,679,000. Geode Capital Management LLC boosted its holdings in shares of Embecta by 3.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,387,273 shares of the company’s stock valued at $19,564,000 after buying an additional 45,228 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of Embecta by 156.1% in the 3rd quarter. Jane Street Group LLC now owns 176,487 shares of the company’s stock valued at $2,488,000 after buying an additional 107,567 shares during the period. Hedge funds and other institutional investors 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.