Coho Partners Ltd. Takes $29.54 Million Position in STERIS plc $STE

Key Points

• Coho Partners Ltd. has acquired a new stake in STERIS plc, purchasing 122,985 shares worth approximately $29.54 million, making it the 26th largest holding in their portfolio.
• STERIS recently increased its quarterly dividend from $0.57 to $0.63 per share, representing an annualized dividend of $2.52 and a yield of 1.0%.
• In its latest earnings report, STERIS exceeded revenue expectations with $1.40 billion and earnings per share of $2.34, showing an 8.8% increase in revenue year-over-year.

Coho Partners Ltd. acquired a new stake in shares of STERIS plc (NYSE:STE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 122,985 shares of the medical equipment provider's stock, valued at approximately $29,543,000. STERIS comprises 2.2% of Coho Partners Ltd.'s portfolio, making the stock its 26th largest holding. Coho Partners Ltd. owned approximately 0.13% of STERIS as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its stake in shares of STERIS by 122.5% during the first quarter. QRG Capital Management Inc. now owns 2,832 shares of the medical equipment provider's stock worth $642,000 after purchasing an additional 1,559 shares during the last quarter. Foresight Group Ltd Liability Partnership purchased a new stake in shares of STERIS during the first quarter worth approximately $25,958,000. Ascent Group LLC purchased a new stake in shares of STERIS during the first quarter worth approximately $261,000. Allianz Asset Management GmbH raised its position in STERIS by 31.9% during the 1st quarter. Allianz Asset Management GmbH now owns 102,488 shares of the medical equipment provider's stock worth $23,229,000 after buying an additional 24,809 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its position in STERIS by 23.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 1,203 shares of the medical equipment provider's stock worth $273,000 after buying an additional 230 shares during the last quarter. 94.69% of the stock is owned by hedge funds and other institutional investors.

STERIS Trading Up 1.5%

Shares of STERIS stock opened at $240.42 on Friday. STERIS plc has a 12-month low of $200.98 and a 12-month high of $253.00. The stock has a market cap of $23.68 billion, a PE ratio of 36.82 and a beta of 1.01. The company has a 50-day moving average of $245.14 and a two-hundred day moving average of $236.17. The company has a current ratio of 2.22, a quick ratio of 1.53 and a debt-to-equity ratio of 0.27.

STERIS (NYSE:STE - Get Free Report) last posted its 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 net margin of 11.61% and a return on equity of 14.17%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the firm posted $2.03 EPS. The firm's revenue for the quarter was up 8.8% on a year-over-year basis. On average, research analysts anticipate that STERIS plc will post 9.08 EPS for the current fiscal year.

STERIS Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Thursday, September 4th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from STERIS's previous quarterly dividend of $0.57. The ex-dividend date was Thursday, September 4th. STERIS's payout ratio is presently 38.59%.

Insider Transactions at STERIS

In related news, Director Mohsen Sohi sold 4,110 shares of the business's 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cynthia L. Feldmann sold 3,495 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $241.56, for a total transaction of $844,252.20. Following the sale, the director directly owned 705 shares of the company's stock, valued at $170,299.80. This represents a 83.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,868 shares of company stock worth $4,585,389 in the last three months. 1.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on STE shares. Weiss Ratings restated a "buy (b)" rating on shares of STERIS in a research report on Tuesday. KeyCorp increased their price target on shares of STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Wall Street Zen raised STERIS from a "buy" rating to a "strong-buy" rating in a research note on Sunday, September 14th. Finally, Morgan Stanley increased their target price on STERIS from $276.00 to $295.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $273.50.

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.

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