STERIS plc (NYSE:STE) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE reduced its stake in STERIS plc by 4.6%, selling 1,169 shares, and now owns 23,984 shares valued at approximately $5.44 million.
• Insider trading included the sale of 17,626 shares by CEO Daniel A. Carestio for over $4.27 million, reflecting a significant decrease in his ownership.
• STERIS has a recent average rating of "Moderate Buy" from analysts, with a price target of around $270.33 and plans to increase its quarterly dividend from $0.57 to $0.63.

US Bancorp DE reduced its position in STERIS plc (NYSE:STE - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,984 shares of the medical equipment provider's stock after selling 1,169 shares during the quarter. US Bancorp DE's holdings in STERIS were worth $5,436,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Grove Bank & Trust increased its position in STERIS by 4,733.3% during the 1st quarter. Grove Bank & Trust now owns 145 shares of the medical equipment provider's stock worth $33,000 after purchasing an additional 142 shares during the period. ORG Wealth Partners LLC acquired a new position in STERIS during the first quarter worth $43,000. Golden State Wealth Management LLC raised its position in STERIS by 503.0% in the first quarter. Golden State Wealth Management LLC now owns 199 shares of the medical equipment provider's stock worth $45,000 after acquiring an additional 166 shares in the last quarter. Wayfinding Financial LLC purchased a new position in STERIS in the first quarter worth $46,000. Finally, Slocum Gordon & Co LLP purchased a new stake in shares of STERIS during the 1st quarter worth $57,000. 94.69% of the stock is currently owned by hedge funds and other institutional investors.

STERIS Trading Down 1.0%

Shares of STERIS stock traded down $2.28 during mid-day trading on Wednesday, hitting $221.59. 725,974 shares of the stock were exchanged, compared to its average volume of 602,460. The stock has a market capitalization of $21.80 billion, a price-to-earnings ratio of 35.74 and a beta of 0.92. STERIS plc has a twelve month low of $200.98 and a twelve month high of $252.79. The company has a current ratio of 1.96, a quick ratio of 1.39 and a debt-to-equity ratio of 0.29. The company has a 50-day simple moving average of $234.81 and a 200 day simple moving average of $228.35.

STERIS (NYSE:STE - Get Free Report) last released its earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 EPS for the quarter, topping the consensus estimate of $2.32 by $0.02. STERIS had a net margin of 11.26% and a return on equity of 14.21%. During the same period in the previous year, the company posted $2.03 earnings per share. STERIS's quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts forecast that STERIS plc will post 9.08 EPS for the current year.

STERIS Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.1%. 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 36.77%.

Insider Activity

In other news, SVP Cary L. Majors sold 12,828 shares of the stock in a transaction dated 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 transaction, the senior vice president directly owned 11,372 shares in the company, valued at $2,843,909.76. This represents a 53.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Daniel A. Carestio sold 17,626 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $242.56, for a total transaction of $4,275,362.56. Following the transaction, the chief executive officer directly owned 51,385 shares in the company, valued at approximately $12,463,945.60. This represents a 25.54% decrease in their position. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on STE. Stephens reissued an "overweight" rating and set a $250.00 price objective on shares of STERIS in a report on Thursday, May 15th. KeyCorp upped their price target on STERIS from $277.00 to $288.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Jefferies Financial Group started coverage on STERIS in a report on Thursday, May 29th. They set a "hold" rating and a $263.00 price objective for the company. Morgan Stanley raised STERIS from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $260.00 to $276.00 in a report on Tuesday, July 15th. Finally, Citigroup reaffirmed an "outperform" rating on shares of STERIS in a research note on Friday, May 16th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, STERIS has an average rating of "Moderate Buy" and an average price target of $270.33.

STERIS 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.