Adage Capital Partners GP L.L.C. Boosts Stock Holdings in STERIS plc $STE

Key Points

• Adage Capital Partners significantly increased its stake in STERIS plc by 112.6% during Q1, now owning approximately $20.33 million worth of shares.
• Institutional investors own 94.69% of STERIS stock, indicating strong interest and confidence in the company.
• STERIS recently announced a quarterly dividend of $0.63, an increase from the previous dividend of $0.57, reflecting positive financial performance.

Adage Capital Partners GP L.L.C. lifted its holdings in STERIS plc (NYSE:STE - Free Report) by 112.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,686 shares of the medical equipment provider's stock after purchasing an additional 47,500 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.09% of STERIS worth $20,327,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in STE. Select Equity Group L.P. boosted its position in shares of STERIS by 165.3% in the 4th quarter. Select Equity Group L.P. now owns 2,599,730 shares of the medical equipment provider's stock worth $534,400,000 after purchasing an additional 1,619,796 shares in the last quarter. Orbis Allan Gray Ltd acquired a new stake in shares of STERIS in the 1st quarter worth $349,950,000. Massachusetts Financial Services Co. MA boosted its position in shares of STERIS by 9.1% in the 1st 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 purchasing an additional 452,146 shares in the last quarter. GAMMA Investing LLC raised its stake in STERIS by 35,759.9% in the 1st quarter. GAMMA Investing LLC now owns 410,237 shares of the medical equipment provider's stock worth $92,980,000 after acquiring an additional 409,093 shares during the last quarter. Finally, Nuveen LLC purchased a new position in STERIS in the 1st quarter worth $65,435,000. Institutional investors and hedge funds own 94.69% of the company's stock.

Insider Buying and Selling

In other STERIS news, CAO Karen L. Burton sold 7,900 shares of STERIS stock in a transaction dated 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 completion of the transaction, the chief accounting officer owned 5,994 shares in the company, valued at approximately $1,448,929.62. This trade represents a 56.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cynthia L. Feldmann sold 3,495 shares of STERIS stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $241.56, for a total value of $844,252.20. Following the transaction, the director owned 705 shares of the company's stock, valued at $170,299.80. The trade was a 83.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,709 shares of company stock worth $4,546,940. Corporate insiders own 1.07% of the company's stock.

STERIS Stock Performance

Shares of NYSE STE traded up $1.65 during trading on Friday, reaching $245.04. 331,177 shares of the company traded hands, compared to its average volume of 418,598. The firm's fifty day simple moving average is $236.45 and its 200 day simple moving average is $232.32. The stock has a market cap of $24.13 billion, a P/E ratio of 37.53 and a beta of 0.95. STERIS plc has a 12-month low of $200.98 and a 12-month high of $252.79. The company has a current ratio of 2.22, a quick ratio of 1.53 and a debt-to-equity ratio of 0.27.

STERIS (NYSE:STE - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share for the quarter, beating analysts' consensus estimates of $2.32 by $0.02. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.36 billion. STERIS had a return on equity of 14.17% and a net margin of 11.61%.The company's revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the business posted $2.03 EPS. As a group, research analysts anticipate 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 will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Thursday, September 4th. This is an increase from STERIS's previous quarterly dividend of $0.57. STERIS's dividend payout ratio (DPR) is 38.59%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on STE shares. Stephens restated an "overweight" rating and issued a $250.00 target price on shares of STERIS in a research note on Thursday, May 15th. Wall Street Zen lowered STERIS from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Jefferies Financial Group started coverage on STERIS in a research note on Thursday, May 29th. They issued a "hold" rating and a $263.00 target price for the company. JMP Securities raised their target price on STERIS from $265.00 to $280.00 and gave the stock a "market outperform" rating in a research note on Friday, May 16th. Finally, KeyCorp raised their target price on STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $273.50.

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.