Cinctive Capital Management LP Takes $2.37 Million Position in STERIS plc $STE

Key Points

• Cinctive Capital Management LP has acquired a new stake in STERIS plc, purchasing 10,438 shares valued at approximately $2.37 million.
• STERIS recently raised its quarterly dividend to $0.63 per share, representing a yield of 1.0% and an annualized payout of $2.52.
• In its latest earnings report, STERIS reported earnings of $2.34 per share, surpassing analysts' expectations and showing an 8.8% increase in revenue year-over-year.

Cinctive Capital Management LP purchased a new stake in STERIS plc (NYSE:STE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,438 shares of the medical equipment provider's stock, valued at approximately $2,366,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its position in shares of STERIS by 70.2% during the 4th quarter. AQR Capital Management LLC now owns 30,329 shares of the medical equipment provider's stock worth $6,234,000 after purchasing an additional 12,511 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in STERIS by 4.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 3,756 shares of the medical equipment provider's stock worth $772,000 after acquiring an additional 157 shares in the last quarter. AXA S.A. raised its stake in STERIS by 526.1% during the 4th quarter. AXA S.A. now owns 19,628 shares of the medical equipment provider's stock worth $4,035,000 after acquiring an additional 16,493 shares in the last quarter. BNP Paribas Financial Markets raised its stake in STERIS by 44.8% during the 4th quarter. BNP Paribas Financial Markets now owns 163,280 shares of the medical equipment provider's stock worth $33,564,000 after acquiring an additional 50,514 shares in the last quarter. Finally, Cary Street Partners Financial LLC acquired a new position in STERIS in the fourth quarter valued at $80,000. Hedge funds and other institutional investors own 94.69% of the company's stock.

STERIS Trading Down 0.8%

Shares of NYSE:STE traded down $1.89 during trading on Wednesday, reaching $246.50. The stock had a trading volume of 104,918 shares, compared to its average volume of 587,356. The business has a fifty day moving average price of $236.74 and a 200-day moving average price of $232.63. The company has a quick ratio of 1.53, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. The stock has a market cap of $24.28 billion, a P/E ratio of 37.75 and a beta of 0.95. 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 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 net margin of 11.61% and a return on equity of 14.17%. The company's revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.03 earnings per share. As a group, analysts anticipate that STERIS plc will post 9.08 earnings per share for the current fiscal year.

STERIS Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on STE shares. KeyCorp boosted their price objective on shares of STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Stephens reissued an "overweight" rating and set a $250.00 price objective on shares of STERIS in a report on Thursday, May 15th. Morgan Stanley boosted their price objective on shares of STERIS from $276.00 to $295.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Wall Street Zen downgraded shares of STERIS from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Jefferies Financial Group initiated coverage on shares of STERIS in a report on Thursday, May 29th. They issued a "hold" rating and a $263.00 price target on the stock. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, STERIS has a consensus rating of "Moderate Buy" and a consensus price target of $273.50.

Insider Activity

In related news, CAO Karen L. Burton sold 7,900 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $241.73, for a total value of $1,909,667.00. Following the sale, the chief accounting officer owned 5,994 shares of the company's stock, valued at $1,448,929.62. This trade represents a 56.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mohsen Sohi sold 4,110 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $241.96, for a total transaction of $994,455.60. Following the transaction, the director directly owned 22,361 shares in the company, valued at approximately $5,410,467.56. The trade was a 15.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,709 shares of company stock worth $4,546,940 in the last 90 days. 1.07% of the stock is currently owned by insiders.

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.