Sumitomo Mitsui Trust Group Inc. Decreases Stake in STERIS plc (NYSE:STE)

Sumitomo Mitsui Trust Group Inc. decreased its position in STERIS plc (NYSE:STE - Free Report) by 1.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 219,892 shares of the medical equipment provider's stock after selling 2,368 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of STERIS worth $49,839,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Select Equity Group L.P. grew its holdings in STERIS by 165.3% in the 4th quarter. Select Equity Group L.P. now owns 2,599,730 shares of the medical equipment provider's stock worth $534,400,000 after acquiring an additional 1,619,796 shares during the last quarter. Norges Bank purchased a new stake in shares of STERIS during the fourth quarter worth about $238,836,000. Raymond James Financial Inc. purchased a new stake in shares of STERIS during the fourth quarter worth about $223,987,000. GAMMA Investing LLC grew its stake in shares of STERIS by 35,759.9% in the first quarter. GAMMA Investing LLC now owns 410,237 shares of the medical equipment provider's stock worth $92,980,000 after purchasing an additional 409,093 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of STERIS by 45.1% in the 4th quarter. Franklin Resources Inc. now owns 1,216,821 shares of the medical equipment provider's stock worth $250,130,000 after buying an additional 378,252 shares during the last quarter. 94.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Daniel A. Carestio sold 17,626 shares of the company's stock in a transaction that occurred 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 approximately $12,463,945.60. This represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Cary L. Majors sold 12,828 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $250.08, for a total transaction of $3,208,026.24. Following the sale, the senior vice president owned 11,372 shares in the company, valued at approximately $2,843,909.76. The trade was a 53.01% decrease in their position. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on STE shares. Wall Street Zen upgraded shares of STERIS from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. JMP Securities boosted their price target on shares of STERIS from $265.00 to $280.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Jefferies Financial Group initiated coverage on shares of STERIS in a report on Thursday, May 29th. They issued a "hold" rating and a $263.00 price objective for the company. Citigroup reaffirmed an "outperform" rating on shares of STERIS in a research report on Friday, May 16th. Finally, Stephens reiterated an "overweight" rating and set a $250.00 target price on shares of STERIS in a report on Thursday, May 15th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $263.83.

STERIS Stock Down 1.9%

NYSE:STE traded down $4.69 during mid-day trading on Wednesday, hitting $237.97. 548,174 shares of the company's stock were exchanged, compared to its average volume of 548,285. The company has a market cap of $23.41 billion, a PE ratio of 38.38 and a beta of 0.92. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.96 and a quick ratio of 1.39. STERIS plc has a one year low of $200.98 and a one year high of $252.79. The business has a fifty day moving average price of $237.12 and a 200 day moving average price of $224.59.

STERIS (NYSE:STE - Get Free Report) last released its earnings results on Wednesday, May 14th. The medical equipment provider reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.15. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.47 billion. STERIS had a net margin of 11.26% and a return on equity of 14.21%. The business's revenue was up 5.7% on a year-over-year basis. During the same period last year, the business earned $2.58 earnings per share. Equities analysts predict that STERIS plc will post 9.08 EPS for the current year.

STERIS Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Tuesday, June 10th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend was Tuesday, June 10th. STERIS's dividend payout ratio is presently 36.77%.

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.