Embecta (NASDAQ:EMBC) Posts Quarterly Earnings Results, Beats Estimates By $0.23 EPS

Posted by Defense World Staff on Aug 10th, 2023

Embecta (NASDAQ:EMBC – Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.46 by $0.23, Briefing.com reports. Embecta had a net margin of 8.44% and a negative return on equity of 23.46%. The business had revenue of $286.10 million during the quarter, compared to analyst estimates of $275.07 million. During the same quarter in the previous year, the business posted $1.07 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Embecta updated its FY 2023 guidance to $2.75-$2.80 EPS.

Embecta Stock Down 3.0 %

Shares of NASDAQ:EMBC opened at $21.50 on Thursday. The company has a 50-day moving average price of $22.70 and a 200 day moving average price of $26.78. Embecta has a 52 week low of $19.51 and a 52 week high of $36.64. The company has a market cap of $1.23 billion, a P/E ratio of 13.27 and a beta of 0.43.

Embecta Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 13th. Investors of record on Friday, August 25th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.79%. The ex-dividend date is Thursday, August 24th. Embecta’s payout ratio is 37.04%.

Institutional Investors Weigh In On Embecta

Several institutional investors and hedge funds have recently made changes to their positions in EMBC. The Manufacturers Life Insurance Company boosted its stake in shares of Embecta by 1.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 23,105 shares of the company’s stock valued at $584,000 after purchasing an additional 403 shares during the period. Deutsche Bank AG grew its position in Embecta by 1.6% in the 4th quarter. Deutsche Bank AG now owns 37,918 shares of the company’s stock valued at $959,000 after buying an additional 604 shares in the last quarter. Credit Suisse AG lifted its holdings in shares of Embecta by 1.6% in the first quarter. Credit Suisse AG now owns 52,393 shares of the company’s stock valued at $1,473,000 after buying an additional 813 shares during the period. Creative Planning grew its position in Embecta by 19.5% in the fourth quarter. Creative Planning now owns 8,579 shares of the company’s stock worth $217,000 after buying an additional 1,401 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Embecta by 493.8% during the first quarter. Tower Research Capital LLC TRC now owns 2,280 shares of the company’s stock worth $64,000 after purchasing an additional 1,896 shares during the period. 96.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley dropped their target price on Embecta from $29.00 to $19.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 18th.

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Embecta Company Profile

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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 devices, as well as digital applications to assist people with managing patient's diabetes.