Geneva Capital Management LLC Lowers Holdings in STERIS plc (NYSE:STE)

Key Points

• Geneva Capital Management LLC reduced its stake in STERIS plc by 2.0%, holding 103,825 shares valued at approximately $23.5 million following the sale of 2,150 shares in the first quarter.
• STERIS recently increased its quarterly dividend to $0.63 per share, reflecting a yield of 1.1%, up from the prior dividend of $0.57.
• The company reported earnings per share (EPS) of $2.74, exceeding analysts’ expectations, with revenue increasing by 5.7% year-over-year to $1.48 billion.

Geneva Capital Management LLC trimmed its stake in STERIS plc (NYSE:STE - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,825 shares of the medical equipment provider's stock after selling 2,150 shares during the period. Geneva Capital Management LLC owned approximately 0.11% of STERIS worth $23,532,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. QRG Capital Management Inc. grew its position in STERIS by 122.5% during the first quarter. QRG Capital Management Inc. now owns 2,832 shares of the medical equipment provider's stock valued at $642,000 after acquiring an additional 1,559 shares during the last quarter. Allianz Asset Management GmbH grew its position in STERIS by 31.9% during 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 acquiring an additional 24,809 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in STERIS by 23.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 1,203 shares of the medical equipment provider's stock valued at $273,000 after acquiring an additional 230 shares during the last quarter. Golden State Wealth Management LLC grew its position in STERIS by 503.0% during the first quarter. Golden State Wealth Management LLC now owns 199 shares of the medical equipment provider's stock valued at $45,000 after acquiring an additional 166 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its position in STERIS by 17.1% during the first quarter. Vontobel Holding Ltd. now owns 2,071 shares of the medical equipment provider's stock valued at $469,000 after acquiring an additional 302 shares during the last quarter. 94.69% of the stock is currently owned by institutional investors.

STERIS Trading Down 1.0%

Shares of NYSE:STE traded down $2.28 during trading on Wednesday, reaching $221.59. 725,974 shares of the company traded hands, compared to its average volume of 602,460. The firm has a market capitalization of $21.80 billion, a price-to-earnings ratio of 35.74 and a beta of 0.92. 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 1.96, a quick ratio of 1.39 and a debt-to-equity ratio of 0.29. The business's fifty day moving average is $234.81 and its 200-day moving average is $228.35.

STERIS (NYSE:STE - Get Free Report) last released 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 net margin of 11.26% and a return on equity of 14.21%. As a group, analysts forecast that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The business also recently declared 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 represents a $2.52 annualized dividend 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 (DPR) is presently 36.77%.

Analyst Ratings Changes

A number of research analysts have commented on STE shares. JMP Securities increased their price target on shares of STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Stephens reiterated an "overweight" rating and set a $250.00 price target on shares of STERIS in a research report on Thursday, May 15th. Wall Street Zen cut shares of STERIS from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Morgan Stanley upgraded shares of STERIS from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $260.00 to $276.00 in a research report on Tuesday, July 15th. Finally, 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. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $270.33.

Insider Buying and Selling at STERIS

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

About STERIS

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.