Bank of Nova Scotia Has $14 Million Stock Position in STERIS plc (NYSE:STE)

Key Points

• Bank of Nova Scotia increased its stake in STERIS plc by 3.8%, acquiring an additional 2,254 shares, which now brings their total holdings to 61,762 shares valued at approximately $14 million.
• Institutional investors hold 94.69% of STERIS stock, indicating strong interest from large investment firms.
• Analysts have a consensus rating of "Moderate Buy" for STERIS, with an average target price of $270.33 following various upgrades and downgrades from major firms.

Bank of Nova Scotia grew its position in STERIS plc (NYSE:STE - Free Report) by 3.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,762 shares of the medical equipment provider's stock after acquiring an additional 2,254 shares during the quarter. Bank of Nova Scotia owned about 0.06% of STERIS worth $13,998,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Select Equity Group L.P. raised its position in 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 acquiring an additional 1,619,796 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in 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 valued at $1,232,828,000 after purchasing an additional 452,146 shares during the last quarter. GAMMA Investing LLC grew its holdings in STERIS by 35,759.9% in the first quarter. GAMMA Investing LLC now owns 410,237 shares of the medical equipment provider's stock valued at $92,980,000 after purchasing an additional 409,093 shares during the last quarter. Wellington Management Group LLP grew its holdings in STERIS by 4,534.6% in the fourth quarter. Wellington Management Group LLP now owns 219,032 shares of the medical equipment provider's stock valued at $45,024,000 after purchasing an additional 214,306 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in STERIS in the fourth quarter valued at $37,243,000. Hedge funds and other institutional investors own 94.69% of the company's stock.

Insider Transactions at STERIS

In other STERIS news, SVP Cary L. Majors sold 12,828 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $250.08, for a total value of $3,208,026.24. Following the transaction, the senior vice president owned 11,372 shares in the company, valued at $2,843,909.76. The trade was a 53.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Daniel A. Carestio sold 17,626 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $242.56, for a total value of $4,275,362.56. Following the completion of the transaction, the chief executive officer owned 51,385 shares in the company, valued at $12,463,945.60. This trade represents a 25.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.07% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on STE shares. Stephens reaffirmed an "overweight" rating and set a $250.00 price objective on shares of STERIS in a research note on Thursday, May 15th. Jefferies Financial Group started coverage on STERIS in a research note on Thursday, May 29th. They set a "hold" rating and a $263.00 price objective on the stock. KeyCorp increased their price objective on STERIS from $277.00 to $288.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Citigroup reaffirmed an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Finally, Wall Street Zen lowered STERIS from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, STERIS currently has an average rating of "Moderate Buy" and an average target price of $270.33.

STERIS Trading Down 1.0%

Shares of STERIS stock traded down $2.28 on Wednesday, reaching $221.59. 725,974 shares of the company were exchanged, compared to its average volume of 602,460. The stock has a fifty day moving average price of $234.81 and a 200-day moving average price of $228.35. The firm has a market capitalization of $21.80 billion, a price-to-earnings ratio of 35.74 and a beta of 0.92. The company has a current ratio of 1.96, a quick ratio of 1.39 and a debt-to-equity ratio of 0.29. STERIS plc has a fifty-two week low of $200.98 and a fifty-two week high of $252.79.

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, beating the consensus estimate of $2.32 by $0.02. STERIS had a return on equity of 14.21% and a net margin of 11.26%. On average, analysts expect that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.1%. This is an increase from STERIS's previous quarterly dividend of $0.57. The ex-dividend date is Thursday, September 4th. STERIS's dividend payout ratio is presently 36.77%.

STERIS Company 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.