STERIS plc $STE Shares Acquired by Truist Financial Corp

Key Points

• Truist Financial Corp significantly increased its stake in STERIS plc by 116.2%, owning 31,064 shares valued at approximately $7.46 million after purchasing an additional 16,694 shares in Q2.
• STERIS has received positive endorsements from analysts, with Wall Street Zen upgrading the stock to a "strong-buy" rating and Morgan Stanley raising its price target to $295 per share.
• The company declared a dividend of $0.63 per share, reflecting an increase from the previous $0.57, and announced a strong earnings performance with a revenue growth of 8.8% year-over-year.

Truist Financial Corp lifted its position in shares of STERIS plc (NYSE:STE - Free Report) by 116.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,064 shares of the medical equipment provider's stock after purchasing an additional 16,694 shares during the period. Truist Financial Corp's holdings in STERIS were worth $7,462,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in STE. Geneos Wealth Management Inc. increased its position in STERIS by 416.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 129 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 104 shares during the period. Grove Bank & Trust increased its position in STERIS by 4,733.3% in the 1st quarter. Grove Bank & Trust now owns 145 shares of the medical equipment provider's stock valued at $33,000 after acquiring an additional 142 shares during the period. Zions Bancorporation National Association UT acquired a new position in STERIS in the 1st quarter valued at about $37,000. ORG Wealth Partners LLC acquired a new position in STERIS in the 1st quarter valued at about $43,000. Finally, Golden State Wealth Management LLC increased its position in STERIS by 503.0% in the 1st quarter. Golden State Wealth Management LLC now owns 199 shares of the medical equipment provider's stock valued at $45,000 after acquiring an additional 166 shares during the period. Institutional investors and hedge funds own 94.69% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on STE shares. Wall Street Zen upgraded STERIS from a "buy" rating to a "strong-buy" rating in a research report on Sunday, September 14th. Weiss Ratings restated a "buy (b-)" rating on shares of STERIS in a research report on Saturday, September 27th. KeyCorp boosted their price target on STERIS from $277.00 to $288.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their target price on STERIS from $276.00 to $295.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, STERIS presently has an average rating of "Moderate Buy" and a consensus target price of $273.50.

STERIS Stock Performance

NYSE STE opened at $242.54 on Monday. 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 business's 50 day moving average is $243.08 and its two-hundred day moving average is $235.36. STERIS plc has a 12-month low of $200.98 and a 12-month high of $253.00. The stock has a market capitalization of $23.89 billion, a price-to-earnings ratio of 37.14 and a beta of 1.01.

STERIS (NYSE:STE - Get Free Report) last released its earnings results 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 company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same quarter in the previous year, the firm posted $2.03 EPS. The firm's quarterly revenue was up 8.8% on a year-over-year basis. Research analysts expect that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Thursday, September 4th were paid a dividend of $0.63 per share. This is a positive change from STERIS's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $2.52 annualized dividend and a dividend yield of 1.0%. STERIS's dividend payout ratio is presently 38.59%.

Insider Transactions at STERIS

In other news, Director Cynthia L. Feldmann sold 3,495 shares of the business's 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 sale, the director owned 705 shares of the company's stock, valued at $170,299.80. The trade was a 83.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Karen L. Burton sold 7,900 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $241.73, for a total value of $1,909,667.00. Following the sale, the chief accounting officer directly owned 5,994 shares in the company, valued at $1,448,929.62. This trade represents a 56.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,709 shares of company stock worth $4,546,940 over the last quarter. Insiders own 1.07% of the company's stock.

STERIS Company 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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