Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, November 29, 2024

Article Excerpt

EMBECTA CORP., $20.83, Nasdaq symbol EMBC, remains a buy. On April 1, 2022, Becton Dickinson & Co. (New York symbol BDX) spun off its Diabetes Care business as a separate, publicly traded firm called embecta. Investors received one share of embecta for every five common shares of Becton they held. The new company makes insulin syringes, insulin pens and related products. Roughly 30 million people in over 100 countries use its products on a daily basis. The U.S. accounts for about 60% of its revenue. The stock jumped over 45% this week after the company announced that it will discontinue its disposable insulin patch pump system, which the U.S. Food and Drug Administration recently approved. Despite that approval, this new product would require significant investments to make it commercially viable. embecta also announced a new restructuring plan, including job cuts. It expects the plan will cut its annual costs by between $60 million and $65 million. In its fiscal 2024 fourth quarter, ended September 30, 2024,…