Forsta AP Fonden Grows Stock Holdings in STERIS plc (NYSE:STE)

Key Points

• Forsta AP Fonden increased its ownership in STERIS plc by 6.9%, acquiring an additional 3,000 shares, resulting in a total of 46,400 shares valued at approximately $10.5 million.
• Multiple institutional investors, including Select Equity Group and GAMMA Investing, significantly increased their stakes in STERIS, highlighting strong interest in the medical equipment provider.
• Analysts have recently upgraded STERIS with several firms raising their price targets, indicating a positive outlook for the stock, with an average price target of $270.33.

Forsta AP Fonden increased its holdings in STERIS plc (NYSE:STE - Free Report) by 6.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,400 shares of the medical equipment provider's stock after buying an additional 3,000 shares during the period. Forsta AP Fonden's holdings in STERIS were worth $10,517,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of STE. National Bank of Canada FI increased its position in shares of STERIS by 34.9% during the first quarter. National Bank of Canada FI now owns 62,346 shares of the medical equipment provider's stock worth $14,131,000 after purchasing an additional 16,125 shares in the last quarter. Citigroup Inc. increased its position in shares of STERIS by 132.0% during the first quarter. Citigroup Inc. now owns 100,932 shares of the medical equipment provider's stock worth $22,876,000 after purchasing an additional 57,432 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of STERIS by 2.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,295,275 shares of the medical equipment provider's stock worth $293,574,000 after purchasing an additional 33,348 shares in the last quarter. Deutsche Bank AG increased its position in shares of STERIS by 8.5% during the first quarter. Deutsche Bank AG now owns 414,956 shares of the medical equipment provider's stock worth $94,050,000 after purchasing an additional 32,549 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of STERIS by 1.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 580,782 shares of the medical equipment provider's stock worth $131,634,000 after purchasing an additional 10,945 shares in the last quarter. Institutional investors own 94.69% of the company's stock.

STERIS Price Performance

Shares of STE stock traded up $2.10 during mid-day trading on Tuesday, hitting $243.72. 341,082 shares of the stock were exchanged, compared to its average volume of 723,378. The firm has a fifty day moving average of $234.13 and a 200 day moving average of $229.09. The company has a quick ratio of 1.53, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. STERIS plc has a 52-week low of $200.98 and a 52-week high of $252.79. The company has a market cap of $24.00 billion, a PE ratio of 37.32 and a beta of 0.92.

STERIS (NYSE:STE - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $1.40 billion for 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%. STERIS's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $2.03 EPS. Research analysts anticipate that STERIS plc will post 9.08 earnings per share for the current year.

STERIS Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Thursday, September 4th. This is a positive change from STERIS's previous quarterly dividend of $0.57. STERIS's payout ratio is currently 34.92%.

Insider Buying and Selling

In related news, CEO Daniel A. Carestio sold 17,626 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $242.56, for a total transaction of $4,275,362.56. Following the completion of the transaction, the chief executive officer owned 51,385 shares of the company's stock, valued at approximately $12,463,945.60. This trade represents a 25.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Cary L. Majors sold 12,828 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $250.08, for a total transaction of $3,208,026.24. Following the transaction, the senior vice president directly owned 11,372 shares of the company's stock, valued at $2,843,909.76. The trade was a 53.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,959 shares of company stock worth $11,231,764 in the last 90 days. Corporate insiders own 1.07% of the company's stock.

Analyst Upgrades and Downgrades

STE has been the topic of several research reports. Morgan Stanley upped their target price on STERIS from $276.00 to $295.00 and gave the company an "overweight" rating in a research report on Friday. Jefferies Financial Group initiated coverage on STERIS in a research report on Thursday, May 29th. They issued a "hold" rating and a $263.00 target price on the stock. Wall Street Zen raised STERIS from a "buy" rating to a "strong-buy" rating in a research report on Saturday. JMP Securities upped their target price on STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research 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 research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $273.50.

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.