Rakuten Investment Management Inc. Acquires 17,498 Shares of STERIS plc $STE

Key Points

• Rakuten Investment Management opened a STERIS position in the third quarter, buying 17,498 shares worth about $3.69 million. Institutional investors and hedge funds collectively own 94.69% of the stock.
• STERIS beat quarterly earnings and revenue estimates, reporting EPS of $2.94 versus $2.68 expected and revenue of $1.59 billion, up 8.8% year over year.
• The company announced a quarterly dividend of $0.69 per share, equivalent to an annualized yield of 1.1%. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $276.33.

Rakuten Investment Management Inc. purchased a new position in shares of STERIS plc (NYSE:STE - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 17,498 shares of the medical equipment provider's stock, valued at approximately $3,686,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Provenance Wealth Advisors LLC purchased a new stake in STERIS during the third quarter worth about $56,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in STERIS in the third quarter valued at about $5,559,000. ProShare Advisors LLC lifted its position in shares of STERIS by 0.5% during the 3rd quarter. ProShare Advisors LLC now owns 20,637 shares of the medical equipment provider's stock valued at $4,334,000 after acquiring an additional 102 shares during the period. Vise Technologies Inc. boosted its stake in shares of STERIS by 115.7% during the 3rd quarter. Vise Technologies Inc. now owns 3,520 shares of the medical equipment provider's stock worth $739,000 after acquiring an additional 1,888 shares in the last quarter. Finally, Parcion Private Wealth LLC purchased a new stake in shares of STERIS during the 3rd quarter worth approximately $208,000. 94.69% of the stock is owned by institutional investors and hedge funds.

STERIS Price Performance

Shares of NYSE STE traded down $1.78 during trading on Friday, reaching $252.34. The company had a trading volume of 1,389,562 shares, compared to its average volume of 706,132. STERIS plc has a twelve month low of $195.14 and a twelve month high of $269.44. The stock has a market capitalization of $24.60 billion, a PE ratio of 29.93 and a beta of 0.86. The stock has a 50-day moving average price of $220.58 and a two-hundred day moving average price of $224.71. The company has a current ratio of 1.91, a quick ratio of 1.35 and a debt-to-equity ratio of 0.23.

STERIS (NYSE:STE - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The medical equipment provider reported $2.94 EPS for the quarter, beating analysts' consensus estimates of $2.68 by $0.26. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.56 billion. STERIS had a return on equity of 14.34% and a net margin of 13.34%. The business's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.47 earnings per share. As a group, sell-side analysts predict that STERIS plc will post 11.17 earnings per share for the current year.

STERIS Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Tuesday, November 17th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Tuesday, November 17th. STERIS's dividend payout ratio is 32.74%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Piper Sandler reaffirmed an "overweight" rating and issued a $275.00 price objective (up from $270.00) on shares of STERIS in a research note on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of STERIS in a report on Monday, August 24th. UBS Group dropped their price target on STERIS from $275.00 to $270.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Wall Street Zen downgraded STERIS from a "strong-buy" rating to a "buy" rating in a research note on Sunday, October 11th. Finally, KeyCorp boosted their price objective on shares of STERIS from $269.00 to $284.00 and gave the stock an "overweight" rating in a research report on Friday. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $276.33.

Insider Activity

In other STERIS news, Director Mohsen Sohi sold 4,058 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $235.78, for a total transaction of $956,795.24. Following the sale, the director directly owned 24,305 shares of the company's stock, valued at $5,730,632.90. This trade represents a 14.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.12% of the stock is owned by corporate insiders.

About STERIS

STERIS plc NYSE: STE provides products and services designed to support infection prevention, procedural care and the safe manufacture of healthcare and life sciences products. Its offerings include surgical equipment and operating-room solutions, sterilization and decontamination systems, endoscopy products, cleaning and disinfection technologies, and related consumable products.

The company also provides outsourced sterilization and laboratory services through its Applied Sterilization Technologies business.

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