STERIS (NYSE:STE) Price Target Raised to $260.00 at Morgan Stanley

STERIS (NYSE:STE) had its price target increased by investment analysts at Morgan Stanley from $240.00 to $260.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the medical equipment provider’s stock. Morgan Stanley’s price target indicates a potential upside of 2.98% from the company’s current price.

STE has been the subject of several other research reports. JMP Securities boosted their price objective on STERIS from $265.00 to $280.00 and gave the stock a “market outperform” rating in a report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of STERIS in a research report on Monday, April 7th. Citigroup reiterated an “outperform” rating on shares of STERIS in a research report on Friday. Stephens reaffirmed an “overweight” rating and issued a $250.00 target price on shares of STERIS in a research note on Thursday. Finally, Piper Sandler upped their price objective on shares of STERIS from $260.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $264.00.

STERIS Stock Up 0.3%

Shares of STE traded up $0.88 during trading hours on Monday, reaching $252.47. 161,111 shares of the stock traded hands, compared to its average volume of 542,401. The company has a current ratio of 2.13, a quick ratio of 1.40 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $224.13 and a 200 day simple moving average of $219.31. STERIS has a 52 week low of $200.98 and a 52 week high of $252.67. The company has a market cap of $24.80 billion, a price-to-earnings ratio of 53.60 and a beta of 0.96.

STERIS (NYSE:STE) last issued its quarterly earnings results on Wednesday, May 14th. The medical equipment provider reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.15. STERIS had a return on equity of 13.91% and a net margin of 8.66%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period last year, the company posted $2.58 earnings per share. STERIS’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that STERIS will post 9.08 EPS for the current year.

Hedge Funds Weigh In On STERIS

Several institutional investors have recently added to or reduced their stakes in the company. Park Avenue Securities LLC grew its position in STERIS by 5.6% in the fourth quarter. Park Avenue Securities LLC now owns 2,369 shares of the medical equipment provider’s stock worth $487,000 after acquiring an additional 126 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of STERIS during the 4th quarter worth about $260,000. Diversify Wealth Management LLC boosted its position in shares of STERIS by 42.0% during the fourth quarter. Diversify Wealth Management LLC now owns 5,994 shares of the medical equipment provider’s stock valued at $1,233,000 after buying an additional 1,772 shares during the period. Strong Tower Advisory Services boosted its position in shares of STERIS by 13.6% during the fourth quarter. Strong Tower Advisory Services now owns 9,771 shares of the medical equipment provider’s stock valued at $2,009,000 after buying an additional 1,166 shares during the period. Finally, Perpetual Ltd boosted its position in shares of STERIS by 8.2% during the fourth quarter. Perpetual Ltd now owns 45,254 shares of the medical equipment provider’s stock valued at $9,302,000 after buying an additional 3,414 shares during the period. Hedge funds and other institutional investors own 94.69% of the company’s stock.

About STERIS

STERIS plc provides infection prevention products and services worldwide. It operates through four segments: Healthcare, Applied Sterilization Technologies, Life Sciences, and Dental. The Healthcare segment offers cleaning chemistries and sterility assurance products; automated endoscope reprocessing system and tracking products; endoscopy accessories, washers, sterilizers, and other pieces of capital equipment for the operation of a sterile processing department; and equipment used directly in the operating room, including surgical tables, lights, and connectivity solutions, as well as equipment management services.