Embecta (NASDAQ:EMBC) Issues Earnings Results, Beats Expectations By $0.24 EPS

Embecta (NASDAQ:EMBC) posted its quarterly earnings results on Thursday. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.24, Briefing.com reports. Embecta had a negative return on equity of 18.42% and a net margin of 6.20%. The business had revenue of $287.20 million for the quarter, compared to analysts’ expectations of $264.70 million. During the same quarter in the prior year, the business earned $0.75 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Embecta updated its FY 2024 guidance to 2.200-2.300 EPS.

Embecta Price Performance

EMBC stock opened at $14.24 on Friday. The stock has a market capitalization of $819.94 million, a price-to-earnings ratio of 11.77 and a beta of 0.86. The business’s fifty day moving average price is $12.05 and its two-hundred day moving average price is $15.12. Embecta has a fifty-two week low of $9.93 and a fifty-two week high of $32.00.

Embecta Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Tuesday, May 28th. Embecta’s payout ratio is 49.59%.

Insiders Place Their Bets

In other news, Director David F. Melcher acquired 2,000 shares of the stock in a transaction on Monday, February 12th. The shares were purchased at an average price of $16.25 per share, for a total transaction of $32,500.00. Following the transaction, the director now directly owns 45,080 shares of the company’s stock, valued at $732,550. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley dropped their price target on Embecta from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Friday.

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.