Baird Financial Group Inc. Boosts Stock Position in STERIS plc $STE

Key Points

• Baird Financial Group Inc. increased its stake in STERIS plc by 16.1%, owning 79,992 shares valued at approximately $18.13 million.
• Insider transactions include CEO Daniel A. Carestio selling 17,626 shares for over $4.27 million, significantly decreasing his ownership by 25.54%.
• STERIS announced an increase in its quarterly dividend from $0.57 to $0.63 per share, marking a yield of 1.0% for shareholders of record.

Baird Financial Group Inc. boosted its position in shares of STERIS plc (NYSE:STE - Free Report) by 16.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,992 shares of the medical equipment provider's stock after acquiring an additional 11,116 shares during the period. Baird Financial Group Inc. owned 0.08% of STERIS worth $18,130,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STE. Grove Bank & Trust boosted its holdings in STERIS by 4,733.3% in the first quarter. Grove Bank & Trust now owns 145 shares of the medical equipment provider's stock worth $33,000 after acquiring an additional 142 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in STERIS in the first quarter worth about $37,000. ORG Wealth Partners LLC acquired a new stake in STERIS in the first quarter worth about $43,000. Golden State Wealth Management LLC boosted its holdings in STERIS by 503.0% in the first quarter. Golden State Wealth Management LLC now owns 199 shares of the medical equipment provider's stock worth $45,000 after acquiring an additional 166 shares in the last quarter. Finally, Costello Asset Management INC acquired a new stake in STERIS in the first quarter worth about $45,000. Hedge funds and other institutional investors own 94.69% of the company's stock.

STERIS Stock Performance

Shares of STERIS stock traded up $1.65 on Friday, reaching $245.04. 331,177 shares of the stock were exchanged, compared to its average volume of 445,220. The company has a quick ratio of 1.53, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. STERIS plc has a twelve month low of $200.98 and a twelve month high of $252.79. The firm has a market capitalization of $24.13 billion, a price-to-earnings ratio of 37.53 and a beta of 0.95. The business has a 50 day moving average price of $236.45 and a two-hundred day moving average price of $232.17.

STERIS (NYSE:STE - Get Free Report) last released its earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 EPS for the quarter, topping analysts' consensus estimates of $2.32 by $0.02. The firm had revenue of $1.40 billion during 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 company's revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.03 earnings per share. Analysts anticipate that STERIS plc will post 9.08 earnings per share for the current fiscal year.

STERIS Increases Dividend

The business 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 dividend of $0.63 per share. This is an increase from STERIS's previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a yield of 1.0%. The ex-dividend date is Thursday, September 4th. STERIS's dividend payout ratio (DPR) is 38.59%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Citigroup reissued an "outperform" rating on shares of STERIS in a report on Friday, May 16th. Morgan Stanley raised their price target on STERIS from $276.00 to $295.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. JMP Securities raised their price target on STERIS from $265.00 to $280.00 and gave the stock a "market outperform" rating in a report on Friday, May 16th. Wall Street Zen downgraded STERIS from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Stephens reaffirmed an "overweight" rating and set a $250.00 target price on shares of STERIS in a report on Thursday, May 15th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $273.50.

Insider Buying and Selling

In related news, Director Cynthia L. Feldmann sold 3,495 shares of STERIS stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $241.56, for a total transaction of $844,252.20. Following the completion of the transaction, the director directly owned 705 shares in the company, valued at approximately $170,299.80. This trade represents a 83.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mohsen Sohi sold 4,110 shares of STERIS stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $241.96, for a total value of $994,455.60. Following the transaction, the director owned 22,361 shares of the company's stock, valued at approximately $5,410,467.56. This represents a 15.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,709 shares of company stock valued at $4,546,940 in the last ninety days. Insiders own 1.07% of the company's stock.

STERIS Profile

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.