Embecta (NASDAQ:EMBC) Issues FY24 Earnings Guidance

Embecta (NASDAQ:EMBC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.90-2.10 for the period, compared to the consensus EPS 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 Trading Down 1.8 %

Embecta stock opened at $16.33 on Tuesday. The firm has a 50 day moving average of $15.37 and a 200 day moving average of $20.13. The firm has a market capitalization of $935.77 million, a price-to-earnings ratio of 20.16 and a beta of 0.59. Embecta has a 12-month low of $12.72 and a 12-month high of $36.64.

Embecta (NASDAQ:EMBC) last announced its quarterly earnings data on Tuesday, November 21st. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.19. Embecta had a net margin of 4.24% and a negative return on equity of 21.04%. The business had revenue of $281.90 million during the quarter, compared to analyst estimates of $271.55 million. During the same period last year, the firm posted $0.73 EPS. The company’s revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Embecta will post 2.83 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EMBC. Morgan Stanley cut their price objective on shares of Embecta from $16.00 to $15.00 and set an underweight rating for the company in a report on Wednesday, October 18th. Wolfe Research began coverage on shares of Embecta in a report on Friday, October 20th. They set a peer perform rating for the company.

Insider Activity at Embecta

In other Embecta news, Director David F. Melcher bought 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 completion of the acquisition, the director now owns 27,698 shares in the company, valued at approximately $436,797.46. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.22% of the stock is currently owned by insiders.

Institutional Trading of Embecta

Institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its position in Embecta by 62.4% in the second quarter. Public Employees Retirement System of Ohio now owns 1,374 shares of the company’s stock worth $30,000 after buying an additional 528 shares during the last quarter. Tower Research Capital LLC TRC lifted 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 last quarter. State of Wyoming lifted its position in shares of Embecta by 56.6% during the second quarter. State of Wyoming now owns 3,982 shares of the company’s stock worth $86,000 after purchasing an additional 1,440 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Embecta by 853.9% during the fourth quarter. Meeder Asset Management Inc. now owns 5,113 shares of the company’s stock worth $129,000 after purchasing an additional 4,577 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Embecta by 728.7% during the first quarter. Russell Investments Group Ltd. now owns 6,820 shares of the company’s stock worth $192,000 after purchasing an additional 5,997 shares during the last quarter. 93.83% of the stock is currently owned by institutional investors.

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