Fjarde AP Fonden Fourth Swedish National Pension Fund Reduces Position in STERIS plc (NYSE:STE)

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in STERIS plc by 21.5%, resulting in ownership of 13,866 shares worth approximately $3.14 million.
• Insider trading activity saw CEO Daniel A. Carestio selling 17,626 shares, representing a 25.54% decrease in his holdings.
• Analysts maintain a consensus rating of “Moderate Buy” for STERIS, with an average price target of $273.50 following recent upward revisions in ratings.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its holdings in shares of STERIS plc (NYSE:STE - Free Report) by 21.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,866 shares of the medical equipment provider's stock after selling 3,800 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in STERIS were worth $3,143,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of STE. QRG Capital Management Inc. increased its holdings in STERIS by 122.5% in the first quarter. QRG Capital Management Inc. now owns 2,832 shares of the medical equipment provider's stock valued at $642,000 after buying an additional 1,559 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in STERIS by 31.9% in the first quarter. Allianz Asset Management GmbH now owns 102,488 shares of the medical equipment provider's stock valued at $23,229,000 after buying an additional 24,809 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in STERIS by 23.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 1,203 shares of the medical equipment provider's stock valued at $273,000 after buying an additional 230 shares during the last quarter. Golden State Wealth Management LLC increased 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 valued at $45,000 after buying an additional 166 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its holdings in STERIS by 17.1% in the first quarter. Vontobel Holding Ltd. now owns 2,071 shares of the medical equipment provider's stock valued at $469,000 after buying an additional 302 shares during the last quarter. 94.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Daniel A. Carestio sold 17,626 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was 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 directly owned 51,385 shares of the company's stock, valued at $12,463,945.60. This represents a 25.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mohsen Sohi sold 4,110 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $241.96, for a total value of $994,455.60. Following the completion of the transaction, the director directly owned 22,361 shares of the company's stock, valued at $5,410,467.56. This trade represents a 15.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,959 shares of company stock worth $11,231,764. 1.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on STE shares. Stephens reissued an "overweight" rating and issued a $250.00 price objective on shares of STERIS in a report on Thursday, May 15th. Jefferies Financial Group started coverage on STERIS in a report on Thursday, May 29th. They issued a "hold" rating and a $263.00 price objective for the company. Wall Street Zen raised STERIS from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Citigroup reissued an "outperform" rating on shares of STERIS in a report on Friday, May 16th. Finally, KeyCorp upped their target price on STERIS from $277.00 to $288.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $273.50.

STERIS Stock Down 0.3%

NYSE:STE opened at $245.51 on Friday. The firm has a market capitalization of $24.18 billion, a PE ratio of 37.60 and a beta of 0.92. The stock has a 50 day moving average of $234.34 and a 200-day moving average of $229.61. STERIS plc has a 52 week low of $200.98 and a 52 week high of $252.79. 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 EPS for the quarter, beating the consensus estimate of $2.32 by $0.02. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.36 billion. STERIS had a return on equity of 14.17% and a net margin of 11.61%. The business's revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.03 earnings per share. Analysts predict that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The firm 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 positive change 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 yield of 1.0%. STERIS's dividend payout ratio is currently 34.92%.

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.

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