Alliancebernstein L.P. Raises Position in STERIS plc $STE

Key Points

• Alliancebernstein L.P. has increased its stake in STERIS plc by 5.7%, acquiring an additional 9,789 shares, bringing its total holdings to 180,620 shares valued at approximately $40.9 million.
• STERIS recently declared a quarterly dividend of $0.63 per share, which marks an increase from the previous dividend of $0.57, reflecting a positive outlook for the company.
• Several analysts have raised their price targets for STERIS shares, with Morgan Stanley setting a new target at $295, while the stock currently has a consensus rating of "Moderate Buy".

Alliancebernstein L.P. grew its position in STERIS plc (NYSE:STE - Free Report) by 5.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 180,620 shares of the medical equipment provider's stock after acquiring an additional 9,789 shares during the period. Alliancebernstein L.P. owned 0.18% of STERIS worth $40,938,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of STERIS by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 11,957,852 shares of the medical equipment provider's stock valued at $2,710,247,000 after acquiring an additional 46,628 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of STERIS by 9.1% in 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 purchasing an additional 452,146 shares during the last quarter. Generation Investment Management LLP grew its stake in shares of STERIS by 5.4% in 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 purchasing an additional 170,392 shares during the last quarter. Select Equity Group L.P. grew its stake in shares of STERIS by 165.3% in the fourth 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 during the last quarter. Finally, Orbis Allan Gray Ltd bought a new stake in shares of STERIS in the first quarter worth $349,950,000. 94.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on STE shares. Wall Street Zen cut shares of STERIS from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 6th. KeyCorp boosted their price objective on shares of STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. JMP Securities boosted their price objective on shares of STERIS from $265.00 to $280.00 and gave the stock a "market outperform" rating in a research note on Friday, May 16th. Jefferies Financial Group started coverage on shares of STERIS in a research note on Thursday, May 29th. They issued a "hold" rating and a $263.00 price objective on the stock. Finally, Morgan Stanley upped their price target on shares of STERIS from $276.00 to $295.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, STERIS presently has a consensus rating of "Moderate Buy" and an average target price of $273.50.

STERIS Trading Down 0.9%

NYSE STE traded down $2.35 during trading hours on Friday, hitting $250.08. 774,374 shares of the company's stock were exchanged, compared to its average volume of 461,316. The company has a current ratio of 2.22, a quick ratio of 1.53 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $237.41 and a 200 day simple moving average of $233.16. The firm has a market cap of $24.63 billion, a price-to-earnings ratio of 38.30 and a beta of 0.95. STERIS plc has a 1-year low of $200.98 and a 1-year high of $253.00.

STERIS (NYSE:STE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.02. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.36 billion. STERIS had a return on equity of 14.17% and a net margin of 11.61%.The firm's revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.03 EPS. On average, equities analysts forecast that STERIS plc will post 9.08 EPS for the current fiscal year.

STERIS Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Thursday, September 4th. This is an increase from STERIS's previous quarterly dividend of $0.57. STERIS's payout ratio is 38.59%.

Insider Buying and Selling at STERIS

In other STERIS news, Director Cynthia L. Feldmann sold 3,495 shares of the firm's stock in a transaction 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 transaction, the director directly owned 705 shares of the company's stock, valued at approximately $170,299.80. This trade represents a 83.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mohsen Sohi sold 4,110 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $241.96, for a total transaction of $994,455.60. Following the sale, the director directly owned 22,361 shares of the company's stock, valued at approximately $5,410,467.56. The trade was a 15.53% decrease in their ownership of the stock. 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. Company insiders own 1.07% 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.