Embecta (NASDAQ:EMBC) Updates FY24 Earnings Guidance

Embecta (NASDAQ:EMBC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.90-2.10 for the period, compared to the consensus earnings per share estimate of $1.94. The company issued revenue guidance of $1.085-1.105 billion, compared to the consensus revenue estimate of $1.11 billion.

Embecta Stock Performance

NASDAQ EMBC opened at $16.33 on Tuesday. The business has a fifty day moving average price of $15.37 and a 200 day moving average price of $20.13. Embecta has a one year low of $12.72 and a one year high of $36.64. The company has a market cap of $935.77 million, a P/E ratio of 20.16 and a beta of 0.59.

Embecta (NASDAQ:EMBC) last issued its earnings results on Tuesday, November 21st. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.19. Embecta had a negative return on equity of 21.04% and a net margin of 4.24%. The business had revenue of $281.90 million during the quarter, compared to the consensus estimate of $271.55 million. During the same period last year, the company earned $0.73 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Embecta will post 2.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EMBC has been the subject of a number of recent research reports. Wolfe Research initiated coverage on Embecta in a research note on Friday, October 20th. They issued a peer perform rating for the company. Morgan Stanley cut their target price on Embecta from $16.00 to $15.00 and set an underweight rating for the company in a research note on Wednesday, October 18th.

Insider Buying and Selling

In other Embecta news, Director David F. Melcher acquired 6,233 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was purchased at an average cost of $15.77 per share, with a total value of $98,294.41. Following the transaction, the director now owns 27,698 shares of the company’s stock, valued at $436,797.46. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Embecta

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its stake in shares of Embecta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 23,105 shares of the company’s stock valued at $584,000 after buying an additional 403 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Embecta by 62.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,374 shares of the company’s stock valued at $30,000 after buying an additional 528 shares during the period. Deutsche Bank AG boosted its stake in shares of 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 during the period. Credit Suisse AG boosted its stake in shares of Embecta by 1.6% in the 1st 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. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Embecta by 5.8% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 18,382 shares of the company’s stock valued at $397,000 after buying an additional 1,015 shares during the period. Hedge funds and other institutional investors own 93.83% of the company’s stock.

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