STERIS (NYSE:STE) Given Overweight Rating at Piper Sandler

Key Points

• Piper Sandler reiterated its Overweight rating on STERIS and raised its price target to $275 from $270, implying approximately 16.2% upside from the prior close.
• STERIS reported quarterly EPS of $2.59, exceeding estimates of $2.49, while revenue reached $1.49 billion and grew 7.3% year over year.
• Analyst sentiment remains favorable, with four Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $278.50.

STERIS (NYSE:STE - Get Free Report)'s stock had its "overweight" rating reiterated by research analysts at Piper Sandler in a note issued to investors on Friday,Benzinga reports. They currently have a $275.00 price target on the medical equipment provider's stock, up from their previous price target of $270.00. Piper Sandler's price target indicates a potential upside of 16.18% from the company's previous close.

Several other equities research analysts have also recently weighed in on the stock. UBS Group assumed coverage on shares of STERIS in a research report on Tuesday, July 28th. They set a "buy" rating and a $275.00 price objective for the company. KeyCorp dropped their target price on shares of STERIS from $291.00 to $269.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of STERIS from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Weiss Ratings cut STERIS from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $278.50.

STERIS Price Performance

NYSE:STE traded up $4.92 during trading hours on Friday, reaching $236.70. 255,963 shares of the company were exchanged, compared to its average volume of 800,072. The company has a market capitalization of $23.07 billion, a P/E ratio of 28.93 and a beta of 0.91. STERIS has a 1-year low of $195.14 and a 1-year high of $269.44. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.09 and a quick ratio of 1.54. The business has a 50 day moving average of $214.35 and a 200 day moving average of $225.40.

STERIS (NYSE:STE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The medical equipment provider reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.10. The firm had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $1.49 billion. STERIS had a return on equity of 14.39% and a net margin of 13.34%.The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.34 EPS. STERIS has set its FY 2027 guidance at 11.000-11.300 EPS. Research analysts forecast that STERIS will post 11.17 EPS for the current year.

Insider Activity

In other news, Director Richard C. Breeden sold 1,481 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $209.51, for a total transaction of $310,284.31. Following the sale, the director directly owned 38,964 shares in the company, valued at approximately $8,163,347.64. The trade was a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Adam Zangerle sold 1,419 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $209.28, for a total value of $296,968.32. Following the completion of the transaction, the vice president directly owned 35,259 shares of the company's stock, valued at $7,379,003.52. This represents a 3.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 7,328 shares of company stock valued at $1,554,051. 1.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On STERIS

A number of hedge funds have recently modified their holdings of the business. Activest Wealth Management raised its position in STERIS by 423.8% during the 4th quarter. Activest Wealth Management now owns 110 shares of the medical equipment provider's stock worth $28,000 after purchasing an additional 89 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in shares of STERIS in the 4th quarter valued at about $28,000. Western Wealth Management LLC bought a new stake in shares of STERIS in the 1st quarter valued at about $25,000. Cornerstone Planning Group LLC increased its stake in shares of STERIS by 342.3% in the fourth quarter. Cornerstone Planning Group LLC now owns 115 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 89 shares during the period. Finally, Elevation Wealth Partners LLC increased its stake in shares of STERIS by 1,130.0% in the second quarter. Elevation Wealth Partners LLC now owns 123 shares of the medical equipment provider's stock valued at $26,000 after buying an additional 113 shares during the period. Institutional investors and hedge funds own 94.69% of the company's stock.

About STERIS

STERIS Corporation NYSE: STE is a global provider of infection prevention, contamination control and procedural products and services for the healthcare, life sciences, pharmaceutical and medical device industries. The company develops, manufactures and supports a broad portfolio of equipment and consumables designed to reduce risk of infection, maintain sterile environments and support critical clinical and manufacturing procedures.

Its offerings include sterilization and decontamination systems, instrument washers and washers-disinfectors, endoscope reprocessing solutions, surgical equipment and procedural disposables, and contamination-control products for cleanrooms and laboratories.

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