Orbis Allan Gray Ltd Invests $349.95 Million in STERIS plc $STE

Key Points

• Orbis Allan Gray Ltd invested approximately $349.95 million in STERIS plc, acquiring 1,544,011 shares, which now makes STERIS 2.0% of their portfolio.
• STERIS recently increased its quarterly dividend to $0.63 per share, representing a 10.53% raise from the previous dividend of $0.57.
• Analysts have set a consensus price target of $273.50 for STERIS, with ratings varying from "hold" to "strong-buy" from different investment firms.

Orbis Allan Gray Ltd purchased a new stake in shares of STERIS plc (NYSE:STE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,544,011 shares of the medical equipment provider's stock, valued at approximately $349,950,000. STERIS makes up 2.0% of Orbis Allan Gray Ltd's investment portfolio, making the stock its 16th largest position. Orbis Allan Gray Ltd owned approximately 1.57% of STERIS at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vident Advisory LLC raised its position in STERIS by 45.5% during the first quarter. Vident Advisory LLC now owns 3,350 shares of the medical equipment provider's stock valued at $759,000 after purchasing an additional 1,048 shares in the last quarter. State of Wyoming grew its stake in shares of STERIS by 21.9% during the first quarter. State of Wyoming now owns 2,377 shares of the medical equipment provider's stock valued at $539,000 after buying an additional 427 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of STERIS by 11.4% during the first quarter. BNP Paribas Financial Markets now owns 181,920 shares of the medical equipment provider's stock valued at $41,232,000 after buying an additional 18,640 shares during the last quarter. Ieq Capital LLC grew its stake in shares of STERIS by 165.0% during the first quarter. Ieq Capital LLC now owns 4,627 shares of the medical equipment provider's stock valued at $1,049,000 after buying an additional 2,881 shares during the last quarter. Finally, Teton Advisors Inc. bought a new position in shares of STERIS during the first quarter valued at about $204,000. Hedge funds and other institutional investors own 94.69% of the company's stock.

STERIS Stock Up 0.5%

STERIS stock traded up $1.29 during trading hours on Thursday, hitting $243.12. 111,054 shares of the stock traded hands, compared to its average volume of 588,510. The firm's 50-day moving average price is $236.22 and its two-hundred day moving average price is $231.83. 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 company has a market cap of $23.94 billion, a PE ratio of 37.23 and a beta of 0.95. STERIS plc has a one year low of $200.98 and a one year high of $252.79.

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 for the quarter, beating 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 business had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the previous year, the firm posted $2.03 EPS. The business's revenue was up 8.8% on a year-over-year basis. On average, research analysts forecast that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Thursday, September 4th will be issued a dividend of $0.63 per share. The ex-dividend date is Thursday, September 4th. This is a positive change from STERIS's previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a dividend yield of 1.0%. STERIS's dividend payout ratio (DPR) is 34.92%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen raised STERIS from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. JMP Securities raised their price objective on STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Morgan Stanley raised their price objective on STERIS from $276.00 to $295.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Citigroup reaffirmed an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Finally, KeyCorp raised their price objective on STERIS from $277.00 to $288.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $273.50.

Insider Buying and Selling at STERIS

In related news, VP Renato Tamaro sold 3,204 shares of the business'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 in the company, valued at $1,799,762.04. The trade was a 30.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cynthia L. Feldmann sold 3,495 shares of STERIS stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $241.56, for a total transaction of $844,252.20. Following the completion of the sale, the director directly owned 705 shares of the company's stock, valued at approximately $170,299.80. This trade represents a 83.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,709 shares of company stock valued at $4,546,940 over the last ninety days. Company 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.