Kavar Capital Partners Group LLC Trims Stake in STERIS plc $STE

Key Points

• Kavar Capital Partners Group LLC reduced its stake in STERIS plc by 6.1%, selling 1,300 shares, bringing its total shares held to 19,888, valued at approximately $4.77 million.
• STERIS recently reported quarterly earnings of $2.34 per share, surpassing analyst expectations, and experienced an 8.8% increase in revenue year-over-year, reaching $1.40 billion.
• The company increased its quarterly dividend from $0.57 to $0.63 per share, reflecting a commitment to returning value to shareholders.

Kavar Capital Partners Group LLC lessened its position in shares of STERIS plc (NYSE:STE - Free Report) by 6.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,888 shares of the medical equipment provider's stock after selling 1,300 shares during the quarter. Kavar Capital Partners Group LLC's holdings in STERIS were worth $4,777,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of STERIS by 0.4% in the first quarter. Vanguard Group Inc. now owns 11,957,852 shares of the medical equipment provider's stock valued at $2,710,247,000 after acquiring an additional 46,628 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in STERIS by 9.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,439,349 shares of the medical equipment provider's stock worth $1,232,828,000 after purchasing an additional 452,146 shares during the period. Generation Investment Management LLP grew its position in STERIS by 5.4% during the 1st quarter. Generation Investment Management LLP now owns 3,354,545 shares of the medical equipment provider's stock worth $760,308,000 after purchasing an additional 170,392 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in STERIS in the first quarter valued at $349,950,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of STERIS by 55.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,520,479 shares of the medical equipment provider's stock valued at $344,617,000 after buying an additional 540,999 shares during the last quarter. Hedge funds and other institutional investors own 94.69% of the company's stock.

STERIS Stock Performance

Shares of STE stock opened at $245.37 on Tuesday. The company has a current ratio of 2.22, a quick ratio of 1.53 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $241.76 and a 200-day simple moving average of $234.89. The company has a market cap of $24.17 billion, a price-to-earnings ratio of 37.58 and a beta of 0.95. STERIS plc has a 12-month low of $200.98 and a 12-month high of $253.00.

STERIS (NYSE:STE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.02. STERIS had a return on equity of 14.17% and a net margin of 11.61%.The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the company posted $2.03 earnings per share. STERIS's quarterly revenue was up 8.8% on a year-over-year basis. On average, equities analysts forecast that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

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

Wall Street Analyst Weigh In

STE has been the topic of a number of research reports. KeyCorp raised their price target on STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded STERIS from a "buy" rating to a "strong-buy" rating in a research note on Sunday, September 14th. Finally, Morgan Stanley upped their price target on STERIS from $276.00 to $295.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, STERIS presently has a consensus rating of "Moderate Buy" and an average price target of $273.50.

Insider Activity at STERIS

In other news, Director Mohsen Sohi sold 4,110 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $241.96, for a total transaction of $994,455.60. Following the sale, the director owned 22,361 shares of the company's stock, valued at $5,410,467.56. The trade was a 15.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Renato Tamaro sold 3,204 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $249.24, for a total value of $798,564.96. Following the completion of the transaction, the vice president directly owned 7,221 shares of the company's stock, valued at $1,799,762.04. The trade was a 30.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,709 shares of company stock valued at $4,546,940. 1.07% of the stock is owned by corporate insiders.

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.

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