Prudential PLC Has $9.78 Million Position in STERIS plc (NYSE:STE)

Key Points

• Prudential PLC reduced its stake in STERIS plc by 4.2%, owning 43,142 shares valued at approximately $9.78 million after selling 1,913 shares in the first quarter.
• Research analysts have upgraded STERIS, with ratings ranging from "hold" to "strong-buy," and Morgan Stanley increasing the target price from $276.00 to $295.00.
• Steris announced a quarterly dividend increase from $0.57 to $0.63, with a payout ratio of 34.92%, to be distributed on September 26th.

Prudential PLC decreased its position in shares of STERIS plc (NYSE:STE - Free Report) by 4.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,142 shares of the medical equipment provider's stock after selling 1,913 shares during the period. Prudential PLC's holdings in STERIS were worth $9,778,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in STERIS by 0.4% during the first quarter. Vanguard Group Inc. now owns 11,957,852 shares of the medical equipment provider's stock valued at $2,710,247,000 after purchasing an additional 46,628 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in STERIS by 9.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,439,349 shares of the medical equipment provider's stock valued at $1,232,828,000 after purchasing an additional 452,146 shares during the last quarter. Select Equity Group L.P. boosted its position in STERIS by 165.3% during the fourth quarter. Select Equity Group L.P. now owns 2,599,730 shares of the medical equipment provider's stock valued at $534,400,000 after purchasing an additional 1,619,796 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in STERIS by 2.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,295,275 shares of the medical equipment provider's stock valued at $293,574,000 after purchasing an additional 33,348 shares during the last quarter. Finally, Northern Trust Corp boosted its position in STERIS by 7.4% during the fourth quarter. Northern Trust Corp now owns 1,213,037 shares of the medical equipment provider's stock valued at $249,352,000 after purchasing an additional 83,601 shares during the last quarter. Institutional investors and hedge funds own 94.69% of the company's stock.

Insider Transactions at STERIS

In related news, CEO Daniel A. Carestio sold 17,626 shares of STERIS stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $242.56, for a total value 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 legal filing with the SEC, which is available through this link. Also, Director Cynthia L. Feldmann sold 3,495 shares of STERIS stock in a transaction 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 transaction, the director owned 705 shares in the company, valued at $170,299.80. This trade represents a 83.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,959 shares of company stock worth $11,231,764. Corporate insiders own 1.07% of the company's stock.

STERIS Stock Performance

STE traded down $0.92 during trading on Thursday, hitting $246.16. The stock had a trading volume of 447,191 shares, compared to its average volume of 693,051. The firm has a market cap of $24.24 billion, a PE ratio of 37.70 and a beta of 0.92. STERIS plc has a 12 month low of $200.98 and a 12 month 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. The company has a 50 day simple moving average of $234.30 and a 200-day simple moving average of $229.39.

STERIS (NYSE:STE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 EPS for the quarter, topping the consensus estimate of $2.32 by $0.02. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.36 billion. STERIS had a net margin of 11.61% and a return on equity of 14.17%. The business's quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.03 EPS. Analysts expect that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

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

Analyst Upgrades and Downgrades

STE has been the subject of a number of research reports. Morgan Stanley lifted their price objective on STERIS from $276.00 to $295.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. KeyCorp lifted their price objective on shares of STERIS from $277.00 to $288.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Wall Street Zen raised shares of STERIS from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Stephens reaffirmed an "overweight" rating and issued a $250.00 price objective on shares of STERIS in a research note on Thursday, May 15th. Finally, Citigroup reaffirmed an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $273.50.

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.