Carnegie Investment Counsel Boosts Stake in STERIS plc $STE

Carnegie Investment Counsel increased its holdings in shares of STERIS plc (NYSE:STE) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,697 shares of the medical equipment provider’s stock after acquiring an additional 373 shares during the period. Carnegie Investment Counsel owned approximately 0.06% of STERIS worth $13,620,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STE. Orbis Allan Gray Ltd purchased a new stake in shares of STERIS during the 1st quarter worth $349,950,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of STERIS by 55.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,520,479 shares of the medical equipment provider’s stock valued at $344,617,000 after purchasing an additional 540,999 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in STERIS by 9.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,439,349 shares of the medical equipment provider’s stock worth $1,232,828,000 after buying an additional 452,146 shares in the last quarter. Nuveen LLC acquired a new position in STERIS during the first quarter worth about $65,435,000. Finally, Generation Investment Management LLP grew its position in STERIS by 5.4% during the first quarter. Generation Investment Management LLP now owns 3,354,545 shares of the medical equipment provider’s stock worth $760,308,000 after buying an additional 170,392 shares during the period. Institutional investors and hedge funds own 94.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director Cynthia L. Feldmann sold 3,495 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $241.56, for a total value of $844,252.20. Following the completion of the sale, the director directly owned 705 shares in the company, valued at approximately $170,299.80. The trade was a 83.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Karen L. Burton sold 7,900 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $241.73, for a total transaction of $1,909,667.00. Following the transaction, the chief accounting officer directly owned 5,994 shares of the company’s stock, valued at $1,448,929.62. This trade represents a 56.86% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,868 shares of company stock valued at $4,585,389. 1.07% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

STE has been the subject of a number of research reports. KeyCorp lifted their price target on shares of STERIS from $277.00 to $288.00 and gave the company an “overweight” rating in a research report on Tuesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of STERIS in a report on Tuesday, October 14th. Wall Street Zen upgraded STERIS from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 14th. Finally, Morgan Stanley raised their price target on STERIS from $276.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $273.50.

STERIS Price Performance

STE stock opened at $241.87 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.53 and a current ratio of 2.22. The firm has a market cap of $23.82 billion, a P/E ratio of 37.04 and a beta of 1.01. The stock’s 50 day moving average price is $244.87 and its 200 day moving average price is $236.91. STERIS plc has a 1 year low of $200.98 and a 1 year high of $253.00.

STERIS (NYSE:STE) last announced its quarterly earnings data on Wednesday, August 6th. The medical equipment provider reported $2.34 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.02. STERIS had a return on equity of 14.17% and a net margin of 11.61%.The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the business earned $2.03 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that STERIS plc will post 9.08 earnings per share for the current fiscal year.

STERIS Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Thursday, September 4th were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Thursday, September 4th. This is an increase from STERIS’s previous quarterly dividend of $0.57. STERIS’s payout ratio is currently 38.59%.

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.