Mackenzie Financial Corp Boosts Stake in STERIS plc (NYSE:STE)

Key Points

• Mackenzie Financial Corp increased its stake in STERIS plc by 97.4% during the first quarter, acquiring an additional 9,153 shares to total 18,552 shares valued at approximately $4.2 million.
• CEO Daniel A. Carestio sold 17,626 shares at an average price of $242.56, representing a 25.54% decrease in his holdings, while the company reported a net margin of 11.26% for the last quarter.
• STERIS plc has received positive ratings from analysts, with several upgrades to an "overweight" rating and an average price target rise to $270.33.

Mackenzie Financial Corp increased its holdings in STERIS plc (NYSE:STE - Free Report) by 97.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,552 shares of the medical equipment provider's stock after acquiring an additional 9,153 shares during the quarter. Mackenzie Financial Corp's holdings in STERIS were worth $4,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. LPL Financial LLC lifted its position in STERIS by 7.6% in the 1st quarter. LPL Financial LLC now owns 38,400 shares of the medical equipment provider's stock valued at $8,703,000 after acquiring an additional 2,696 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in STERIS by 0.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,488 shares of the medical equipment provider's stock worth $8,950,000 after purchasing an additional 371 shares during the period. HB Wealth Management LLC purchased a new position in shares of STERIS during the 1st quarter valued at about $556,000. Caliber Wealth Management LLC KS purchased a new position in STERIS during the first quarter valued at approximately $1,685,000. Finally, Cetera Investment Advisers boosted its holdings in STERIS by 0.9% in the 1st quarter. Cetera Investment Advisers now owns 6,999 shares of the medical equipment provider's stock worth $1,586,000 after buying an additional 63 shares during the period. 94.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at STERIS

In other 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 transaction of $4,275,362.56. Following the transaction, the chief executive officer owned 51,385 shares in the company, valued at $12,463,945.60. This trade represents a 25.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Cary L. Majors sold 12,828 shares of the company's stock in a transaction 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 owned 11,372 shares of the company's stock, valued at $2,843,909.76. This represents a 53.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley upgraded shares of STERIS from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $260.00 to $276.00 in a research note on Tuesday, July 15th. Stephens reiterated an "overweight" rating and set a $250.00 price objective on shares of STERIS in a research report on Thursday, May 15th. KeyCorp increased 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. Needham & Company LLC reiterated a "hold" rating on shares of STERIS in a report on Monday, April 7th. Finally, JMP Securities raised their price target on STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, STERIS currently has an average rating of "Moderate Buy" and an average price target of $270.33.

STERIS Price Performance

NYSE STE opened at $226.69 on Friday. The firm's fifty day simple moving average is $235.55 and its two-hundred day simple moving average is $227.97. STERIS plc has a 12-month low of $200.98 and a 12-month high of $252.79. The firm has a market capitalization of $22.30 billion, a P/E ratio of 36.56 and a beta of 0.92. The company has a current ratio of 1.96, a quick ratio of 1.39 and a debt-to-equity ratio of 0.29.

STERIS (NYSE:STE - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The medical equipment provider reported $2.74 EPS for the quarter, topping the consensus estimate of $2.59 by $0.15. STERIS had a net margin of 11.26% and a return on equity of 14.21%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the firm posted $2.58 earnings per share. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts forecast that STERIS plc will post 9.08 EPS for the current fiscal year.

STERIS Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be given a $0.63 dividend. The ex-dividend date is Thursday, September 4th. This represents a $2.52 annualized dividend and a yield of 1.1%. This is a boost from STERIS's previous quarterly dividend of $0.57. STERIS's payout ratio is currently 40.65%.

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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