Nuveen LLC Makes New $65.44 Million Investment in STERIS plc (NYSE:STE)

Key Points

• Nuveen LLC made a significant investment of approximately $65.44 million in STERIS plc, acquiring over 288,000 shares of the medical equipment provider in the first quarter, representing a 0.29% ownership.
• STERIS recently declared an increase in its quarterly dividend from $0.57 to $0.63 per share, demonstrating a commitment to returning value to shareholders.
• Wall Street analysts are optimistic about STERIS's stock, with an average price target of $273.50 and several analysts issuing buy or strong buy ratings, indicating positive growth expectations.

Nuveen LLC purchased a new position in shares of STERIS plc (NYSE:STE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 288,706 shares of the medical equipment provider's stock, valued at approximately $65,435,000. Nuveen LLC owned 0.29% of STERIS as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STE. Grove Bank & Trust lifted its stake 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 during the period. Zions Bancorporation National Association UT bought a new position in STERIS during the first quarter worth about $37,000. ORG Wealth Partners LLC bought a new position in STERIS during the first quarter worth about $43,000. Golden State Wealth Management LLC lifted its stake 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 during the period. Finally, Costello Asset Management INC bought a new position in STERIS during the first quarter worth about $45,000. Institutional investors own 94.69% of the company's stock.

STERIS Stock Up 1.5%

NYSE:STE opened at $247.44 on Thursday. The stock's fifty day moving average price is $234.24 and its two-hundred day moving average price is $229.22. STERIS plc has a 52-week low of $200.98 and a 52-week high of $252.79. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.53 and a current ratio of 2.22. The company has a market cap of $24.37 billion, a price-to-earnings ratio of 37.89 and a beta of 0.92.

STERIS (NYSE:STE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $1.36 billion. During the same quarter in the prior year, the business earned $2.03 EPS. The business's revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts anticipate 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. Stockholders of record on Thursday, September 4th will be paid a $0.63 dividend. This is an increase from STERIS's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.0%. STERIS's dividend payout ratio (DPR) is currently 34.92%.

Wall Street Analysts Forecast Growth

STE has been the subject of a number of analyst reports. Citigroup restated an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Jefferies Financial Group assumed coverage on STERIS in a report on Thursday, May 29th. They issued a "hold" rating and a $263.00 target price on the stock. Morgan Stanley boosted their target price on STERIS from $276.00 to $295.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Stephens reissued an "overweight" rating and issued a $250.00 target price on shares of STERIS in a report on Thursday, May 15th. Finally, Wall Street Zen raised STERIS from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. 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 stock. Based on data from MarketBeat, STERIS currently has a consensus rating of "Moderate Buy" and an average price target of $273.50.

Insider Buying and Selling

In other news, Director Mohsen Sohi sold 4,110 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $241.96, for a total value of $994,455.60. Following the transaction, the director owned 22,361 shares of the company's stock, valued at $5,410,467.56. This represents a 15.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Karen L. Burton sold 7,900 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $241.73, for a total value of $1,909,667.00. Following the completion of the transaction, the chief accounting officer directly owned 5,994 shares in the company, valued at approximately $1,448,929.62. This trade represents a 56.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,959 shares of company stock worth $11,231,764 over the last 90 days. 1.07% of the stock is currently 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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