Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Position in STERIS plc (NYSE:STE)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in STERIS plc by 2.6%, owning 1.32% of the company, worth approximately $293.57 million as of the latest SEC filing.
• STERIS recently announced a quarterly dividend increase to $0.63, resulting in an annual yield of 1.1%, payable on September 26th.
• Analysts have mixed ratings on STERIS, with two analysts rating it as a hold and seven giving it a buy rating, while the stock has a consensus price target of $270.33.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in STERIS plc (NYSE:STE - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,295,275 shares of the medical equipment provider's stock after purchasing an additional 33,348 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 1.32% of STERIS worth $293,574,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of STE. Park Edge Advisors LLC grew its position in shares of STERIS by 1.0% in the 1st quarter. Park Edge Advisors LLC now owns 4,709 shares of the medical equipment provider's stock worth $1,067,000 after buying an additional 47 shares during the last quarter. Blue Trust Inc. lifted its stake in STERIS by 16.5% during the 1st quarter. Blue Trust Inc. now owns 395 shares of the medical equipment provider's stock valued at $90,000 after acquiring an additional 56 shares during the period. Taylor Frigon Capital Management LLC lifted its stake in STERIS by 1.0% during the 1st quarter. Taylor Frigon Capital Management LLC now owns 6,280 shares of the medical equipment provider's stock valued at $1,423,000 after acquiring an additional 62 shares during the period. Gallagher Fiduciary Advisors LLC lifted its stake in STERIS by 3.3% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 1,970 shares of the medical equipment provider's stock valued at $405,000 after acquiring an additional 63 shares during the period. Finally, West Coast Financial LLC lifted its stake in shares of STERIS by 3.9% in the 1st quarter. West Coast Financial LLC now owns 1,658 shares of the medical equipment provider's stock valued at $376,000 after purchasing an additional 63 shares during the period. Institutional investors own 94.69% of the company's stock.

STERIS Stock Up 2.9%

NYSE:STE traded up $6.83 during mid-day trading on Friday, hitting $243.07. The stock had a trading volume of 863,791 shares, compared to its average volume of 722,235. The stock has a 50-day simple moving average of $234.13 and a two-hundred day simple moving average of $228.66. The company has a market capitalization of $23.91 billion, a PE ratio of 37.22 and a beta of 0.92. STERIS plc has a twelve month low of $200.98 and a twelve month high of $252.79. The company has a current ratio of 2.22, a quick ratio of 1.39 and a debt-to-equity ratio of 0.27.

STERIS (NYSE:STE - Get Free Report) last issued its 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. The firm had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.36 billion. STERIS had a net margin of 11.61% and a return on equity of 14.17%. The firm's revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.03 earnings per share. On average, equities research analysts anticipate that STERIS plc will post 9.08 EPS for the current 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 issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, September 4th. 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%. STERIS's dividend payout ratio is 34.92%.

Insider Buying and Selling

In other STERIS news, SVP Cary L. Majors sold 12,828 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president owned 11,372 shares of the company's stock, valued at approximately $2,843,909.76. This trade represents a 53.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel A. Carestio sold 17,626 shares of the firm's 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 sale, the chief executive officer directly owned 51,385 shares in the company, valued at approximately $12,463,945.60. The trade was a 25.54% decrease in their position. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on STE shares. Morgan Stanley upgraded shares of STERIS from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $260.00 to $276.00 in a research note on Tuesday, July 15th. Jefferies Financial Group assumed coverage on shares of STERIS in a report on Thursday, May 29th. They set a "hold" rating and a $263.00 target price for the company. Citigroup reissued an "outperform" rating on shares of STERIS in a report on Friday, May 16th. KeyCorp increased their target price on shares of STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Stephens reaffirmed an "overweight" rating and set a $250.00 target price on shares of STERIS in a research note on Thursday, May 15th. Two investment 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $270.33.

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.