STERIS plc (NYSE:STE) Position Reduced by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. cut its position in shares of STERIS plc (NYSE:STE) by 20.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,305 shares of the medical equipment provider’s stock after selling 1,352 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in STERIS were worth $1,202,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. QRG Capital Management Inc. lifted its stake in STERIS by 122.5% during the first quarter. QRG Capital Management Inc. now owns 2,832 shares of the medical equipment provider’s stock valued at $642,000 after buying an additional 1,559 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its stake in STERIS by 23.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 1,203 shares of the medical equipment provider’s stock valued at $273,000 after buying an additional 230 shares in the last quarter. Fifth Third Bancorp lifted its stake in STERIS by 16.8% during the first quarter. Fifth Third Bancorp now owns 2,893 shares of the medical equipment provider’s stock valued at $656,000 after buying an additional 416 shares in the last quarter. Ipswich Investment Management Co. Inc. purchased a new stake in STERIS during the first quarter valued at about $412,000. Finally, State of Alaska Department of Revenue lifted its stake in STERIS by 2.3% during the first quarter. State of Alaska Department of Revenue now owns 11,510 shares of the medical equipment provider’s stock valued at $2,608,000 after buying an additional 255 shares in the last quarter. 94.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at STERIS

In other STERIS news, SVP Cary L. Majors sold 12,828 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $250.08, for a total transaction of $3,208,026.24. Following the transaction, the senior vice president now owns 11,372 shares in the company, valued at $2,843,909.76. This trade represents a 53.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Daniel A. Carestio sold 17,626 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $242.56, for a total value of $4,275,362.56. Following the transaction, the chief executive officer now owns 51,385 shares in the company, valued at approximately $12,463,945.60. This trade represents a 25.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

STERIS Price Performance

Shares of STE opened at $238.57 on Friday. The firm has a market cap of $23.47 billion, a PE ratio of 38.48 and a beta of 0.94. The firm’s 50 day moving average price is $235.67 and its 200 day moving average price is $223.81. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.39 and a current ratio of 1.96. STERIS plc has a twelve month low of $200.98 and a twelve month high of $252.79.

STERIS (NYSE:STE) last issued its quarterly earnings data on Wednesday, May 14th. The medical equipment provider reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.15. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.47 billion. STERIS had a net margin of 11.26% and a return on equity of 14.21%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 earnings per share. As a group, research analysts expect that STERIS plc will post 9.08 EPS for the current fiscal year.

STERIS Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Tuesday, June 10th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 0.96%. The ex-dividend date was Tuesday, June 10th. STERIS’s payout ratio is presently 36.77%.

Wall Street Analyst Weigh In

STE has been the subject of a number of analyst reports. Stephens reaffirmed an “overweight” rating and set a $250.00 price objective on shares of STERIS in a research note on Thursday, May 15th. JMP Securities increased their price target on shares of STERIS from $265.00 to $280.00 and gave the stock a “market outperform” rating in a research report on Friday, May 16th. Morgan Stanley increased their price target on shares of STERIS from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Citigroup reissued an “outperform” rating on shares of STERIS in a research report on Friday, May 16th. Finally, Jefferies Financial Group assumed coverage on shares of STERIS in a research report on Thursday, May 29th. They issued a “hold” rating and a $263.00 price target for the company. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, STERIS presently has a consensus rating of “Moderate Buy” and a consensus price target of $263.83.

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.