Bank of New York Mellon Corp Trims Stock Position in STERIS plc $STE

Key Points

• Bank of New York Mellon trimmed its STERIS stake by 2.7% in the fourth quarter, but still held 542,859 shares worth about $137.6 million at the end of the period.
• STERIS reported mixed quarterly results, posting $2.83 EPS versus the $2.86 consensus estimate while revenue came in at $1.59 billion, in line with expectations and up 6.7% year over year.
• The company declared a quarterly dividend of $0.63 per share, and analysts currently view the stock as a Moderate Buy with a consensus target price of $278.00.

Bank of New York Mellon Corp cut its stake in shares of STERIS plc (NYSE:STE - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 542,859 shares of the medical equipment provider's stock after selling 15,179 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.55% of STERIS worth $137,626,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of STE. Norges Bank bought a new position in shares of STERIS during the fourth quarter valued at approximately $320,298,000. AQR Capital Management LLC boosted its stake in shares of STERIS by 178.6% during the third quarter. AQR Capital Management LLC now owns 1,183,070 shares of the medical equipment provider's stock valued at $291,704,000 after purchasing an additional 758,423 shares in the last quarter. Boston Partners bought a new position in shares of STERIS during the third quarter valued at approximately $158,982,000. Orbis Allan Gray Ltd boosted its stake in shares of STERIS by 36.0% during the second quarter. Orbis Allan Gray Ltd now owns 2,100,099 shares of the medical equipment provider's stock valued at $504,486,000 after purchasing an additional 556,088 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of STERIS by 16.4% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,567,238 shares of the medical equipment provider's stock valued at $387,797,000 after purchasing an additional 221,199 shares in the last quarter. 94.69% of the stock is owned by hedge funds and other institutional investors.

STERIS Trading Down 0.1%

NYSE:STE opened at $212.13 on Friday. STERIS plc has a 12 month low of $195.14 and a 12 month high of $269.44. The firm has a fifty day simple moving average of $217.24 and a 200-day simple moving average of $239.09. The company has a current ratio of 2.09, a quick ratio of 1.54 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $20.70 billion, a P/E ratio of 26.75 and a beta of 0.93.

STERIS (NYSE:STE - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The medical equipment provider reported $2.83 EPS for the quarter, missing the consensus estimate of $2.86 by ($0.03). STERIS had a return on equity of 14.15% and a net margin of 13.18%.The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the firm posted $2.74 earnings per share. The company's quarterly revenue was up 6.7% on a year-over-year basis. STERIS has set its FY 2027 guidance at 11.100-11.300 EPS. On average, equities research analysts anticipate that STERIS plc will post 11.18 earnings per share for the current year.

STERIS Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 8th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, June 8th. STERIS's dividend payout ratio (DPR) is 31.78%.

Insider Activity

In related news, Director Richard C. Breeden sold 1,481 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $209.51, for a total transaction of $310,284.31. Following the completion of the transaction, the director owned 38,964 shares of the company's stock, valued at $8,163,347.64. This trade represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on STE. KeyCorp lowered their target price on shares of STERIS from $291.00 to $269.00 and set an "overweight" rating for the company in a research note on Wednesday, May 13th. Piper Sandler restated an "overweight" rating and issued a $270.00 target price on shares of STERIS in a research note on Thursday, May 21st. Wall Street Zen downgraded shares of STERIS from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Weiss Ratings downgraded shares of STERIS from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 27th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, STERIS currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.00.

STERIS Profile

STERIS Corporation NYSE: STE is a global provider of infection prevention, contamination control and procedural products and services for the healthcare, life sciences, pharmaceutical and medical device industries. The company develops, manufactures and supports a broad portfolio of equipment and consumables designed to reduce risk of infection, maintain sterile environments and support critical clinical and manufacturing procedures.

Its offerings include sterilization and decontamination systems, instrument washers and washers-disinfectors, endoscope reprocessing solutions, surgical equipment and procedural disposables, and contamination-control products for cleanrooms and laboratories.

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