National Bank of Canada FI Boosts Position in STERIS plc (NYSE:STE)

Key Points

• National Bank of Canada FI has increased its stake in STERIS plc by 34.9%, now holding approximately 62,346 shares valued at $14.13 million.
• Several analysts have raised their price targets for STERIS, with Morgan Stanley setting a new target at $295.00, contributing to an overall consensus target price of $273.50.
• STERIS announced a quarterly dividend increase from $0.57 to $0.63 per share, with a yield of 1.0%, demonstrating its ongoing commitment to shareholder returns.

National Bank of Canada FI boosted its position in shares of STERIS plc (NYSE:STE - Free Report) by 34.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 62,346 shares of the medical equipment provider's stock after purchasing an additional 16,125 shares during the quarter. National Bank of Canada FI owned approximately 0.06% of STERIS worth $14,131,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Grove Bank & Trust boosted its position in STERIS by 4,733.3% during the first quarter. Grove Bank & Trust now owns 145 shares of the medical equipment provider's stock worth $33,000 after purchasing an additional 142 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in STERIS during the first quarter worth $43,000. Golden State Wealth Management LLC boosted 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 worth $45,000 after purchasing an additional 166 shares in the last quarter. Costello Asset Management INC purchased a new stake in shares of STERIS in the first quarter valued at $45,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of STERIS in the first quarter valued at $46,000. 94.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. KeyCorp upped their price objective on STERIS from $277.00 to $288.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Stephens restated an "overweight" rating and issued a $250.00 price objective on shares of STERIS in a research report on Thursday, May 15th. JMP Securities upped their price objective on STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Citigroup restated an "outperform" rating on shares of STERIS in a research report on Friday, May 16th. Finally, Morgan Stanley upped their price objective on STERIS from $276.00 to $295.00 and gave the company an "overweight" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $273.50.

STERIS Stock Performance

STERIS stock opened at $241.66 on Tuesday. The firm has a market capitalization of $23.77 billion, a P/E ratio of 37.01 and a beta of 0.92. The stock has a fifty day moving average price of $234.13 and a 200 day moving average price of $228.99. 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 2.22, a quick ratio of 1.53 and a debt-to-equity ratio of 0.27.

STERIS (NYSE:STE - Get Free Report) last released its earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 EPS for the quarter, beating the consensus estimate of $2.32 by $0.02. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.36 billion. STERIS had a return on equity of 14.17% and a net margin of 11.61%. The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.03 earnings per share. Equities research analysts anticipate that STERIS plc will post 9.08 earnings per share for the current year.

STERIS Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.63 per share. This is a boost from STERIS's previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a yield of 1.0%. The ex-dividend date is Thursday, September 4th. STERIS's payout ratio is currently 34.92%.

Insider Activity

In other STERIS news, CEO Daniel A. Carestio sold 17,626 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 51,385 shares in the company, valued at $12,463,945.60. This represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Cary L. Majors sold 12,828 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $250.08, for a total value of $3,208,026.24. Following the sale, 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.

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.

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