STERIS plc $STE Shares Sold by Synovus Financial Corp

Key Points

• Synovus Financial Corp reduced its stake in STERIS plc by 77.9%, owning 4,125 shares after selling 14,573 shares in the first quarter, with their holdings valued at $935,000.
• STERIS recently reported $2.34 EPS for the last quarter, exceeding analyst estimates, and had a quarterly revenue of $1.40 billion, marking an 8.8% year-over-year increase.
• The company announced an increase in its quarterly dividend to $0.63 per share, up from $0.57, with a planned payment date of September 26th.

Synovus Financial Corp decreased its position in STERIS plc (NYSE:STE - Free Report) by 77.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 4,125 shares of the medical equipment provider's stock after selling 14,573 shares during the period. Synovus Financial Corp's holdings in STERIS were worth $935,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Grove Bank & Trust boosted its stake in shares of STERIS by 4,733.3% during the first 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 last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of STERIS during the first quarter valued at $37,000. ORG Wealth Partners LLC acquired a new stake in shares of STERIS during the first quarter valued at $43,000. Golden State Wealth Management LLC boosted its stake in shares of STERIS by 503.0% during the first 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 last quarter. Finally, Costello Asset Management INC acquired a new stake in shares of STERIS during the first quarter valued at $45,000. Institutional investors and hedge funds own 94.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group assumed coverage on STERIS in a research note on Thursday, May 29th. They set a "hold" rating and a $263.00 price objective on the stock. Stephens reaffirmed an "overweight" rating and set a $250.00 price objective on shares of STERIS in a research note on Thursday, May 15th. Citigroup reaffirmed an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Morgan Stanley increased 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. Finally, Wall Street Zen raised STERIS from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $273.50.

STERIS Stock Up 0.3%

Shares of NYSE:STE opened at $249.24 on Thursday. The stock's 50-day moving average price is $235.61 and its two-hundred day moving average price is $231.05. The company has a current ratio of 2.22, a quick ratio of 1.53 and a debt-to-equity ratio of 0.27. STERIS plc has a 12-month low of $200.98 and a 12-month high of $252.79. The firm has a market cap of $24.55 billion, a price-to-earnings ratio of 38.17 and a beta of 0.92.

STERIS (NYSE:STE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.32 by $0.02. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.36 billion. STERIS had a return on equity of 14.17% and a net margin of 11.61%.The firm's quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the company earned $2.03 EPS. On average, research analysts forecast that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The company also recently disclosed 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 is a positive change from STERIS's previous quarterly dividend of $0.57. The ex-dividend date is Thursday, September 4th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.0%. STERIS's dividend payout ratio (DPR) is 34.92%.

Insider Buying and Selling

In other news, VP Renato Tamaro sold 3,204 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $249.24, for a total value of $798,564.96. Following the transaction, the vice president directly owned 7,221 shares in the company, valued at $1,799,762.04. This trade represents a 30.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Cynthia L. Feldmann sold 3,495 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $241.56, for a total value of $844,252.20. Following the completion of the transaction, the director owned 705 shares in the company, valued at approximately $170,299.80. This trade represents a 83.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,335 shares of company stock worth $8,822,302. Corporate insiders own 1.07% of the company's stock.

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.

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