Korea Investment CORP Raises Stake in STERIS plc $STE

Key Points

• Korea Investment CORP increased its stake in STERIS plc by 8.9%, holding 76,030 shares valued at approximately $17.2 million as of the recent quarter.
• Analysts have set a new price target for STERIS, with Morgan Stanley raising it from $276.00 to $295.00 and a consensus target price of $273.50 indicating a positive outlook for the stock.
• STERIS recently announced a quarterly dividend increase from $0.57 to $0.63 per share, representing an annualized yield of 1.0%, signaling confidence in its financial performance.

Korea Investment CORP increased its position in shares of STERIS plc (NYSE:STE - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,030 shares of the medical equipment provider's stock after purchasing an additional 6,200 shares during the period. Korea Investment CORP owned 0.08% of STERIS worth $17,232,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake 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 worth $2,710,247,000 after buying an additional 46,628 shares during the period. Massachusetts Financial Services Co. MA boosted its stake 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 worth $1,232,828,000 after buying an additional 452,146 shares during the period. Select Equity Group L.P. boosted its stake 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 worth $534,400,000 after buying an additional 1,619,796 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake 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 worth $293,574,000 after buying an additional 33,348 shares during the period. Finally, Northern Trust Corp boosted its stake in STERIS by 5.8% during the first quarter. Northern Trust Corp now owns 1,283,560 shares of the medical equipment provider's stock worth $290,919,000 after buying an additional 70,523 shares during the period. Hedge funds and other institutional investors own 94.69% of the company's stock.

Insiders Place Their Bets

In other 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 directly owned 51,385 shares of the company's stock, valued at $12,463,945.60. The trade was 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 Mohsen Sohi sold 4,110 shares of STERIS stock in a transaction on Monday, August 11th. The shares were sold at an average price of $241.96, for a total transaction of $994,455.60. Following the completion of the transaction, the director directly owned 22,361 shares in the company, valued at $5,410,467.56. The trade was a 15.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,335 shares of company stock worth $8,822,302. Corporate insiders own 1.07% of the company's stock.

STERIS Stock Up 0.1%

STE stock traded up $0.22 during midday trading on Tuesday, reaching $248.70. 548,216 shares of the company were exchanged, compared to its average volume of 536,863. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.53 and a current ratio of 2.22. STERIS plc has a 1-year low of $200.98 and a 1-year high of $252.79. The stock's 50-day simple moving average is $235.35 and its 200 day simple moving average is $230.92. The company has a market cap of $24.49 billion, a price-to-earnings ratio of 38.09 and a beta of 0.92.

STERIS (NYSE:STE - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.02. The company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.36 billion. STERIS had a net margin of 11.61% and a return on equity of 14.17%. The firm's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $2.03 earnings per share. On average, equities analysts forecast that STERIS plc will post 9.08 earnings per share 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 $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, September 4th. This is a positive change from STERIS's previous quarterly dividend of $0.57. STERIS's dividend payout ratio is presently 38.59%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wall Street Zen raised shares of STERIS from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Morgan Stanley raised their price objective on shares of STERIS from $276.00 to $295.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Citigroup reissued an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Stephens reissued an "overweight" rating and issued a $250.00 price objective on shares of STERIS in a research note on Thursday, May 15th. Finally, JMP Securities raised their price objective on shares of STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $273.50.

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.