STERIS (NYSE:STE) Reaches New 1-Year High on Analyst Upgrade

STERIS plc (NYSE:STE - Get Free Report) reached a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $240.00 to $260.00. Morgan Stanley currently has an equal weight rating on the stock. STERIS traded as high as $248.68 and last traded at $246.04, with a volume of 1153869 shares changing hands. The stock had previously closed at $227.50.

Several other analysts also recently weighed in on STE. Needham & Company LLC reiterated a "hold" rating on shares of STERIS in a report on Monday, April 7th. Piper Sandler upped their price objective on STERIS from $260.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Stephens restated an "overweight" rating and set a $250.00 target price on shares of STERIS in a research note on Thursday, May 15th. Citigroup restated an "outperform" rating on shares of STERIS in a report on Friday, May 16th. Finally, JMP Securities raised their price objective on STERIS from $265.00 to $280.00 and gave the stock a "market outperform" rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, STERIS has a consensus rating of "Moderate Buy" and an average price target of $264.00.

Institutional Investors Weigh In On STERIS

A number of institutional investors and hedge funds have recently made changes to their positions in STE. Select Equity Group L.P. increased its position 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 valued at $534,400,000 after acquiring an additional 1,619,796 shares during the period. Orbis Allan Gray Ltd acquired a new stake in shares of STERIS in the first quarter valued at about $349,950,000. Norges Bank purchased a new stake in STERIS during the fourth quarter worth $238,836,000. Raymond James Financial Inc. acquired a new stake in STERIS in the 4th quarter valued at about $223,987,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of STERIS by 55.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,520,479 shares of the medical equipment provider's stock valued at $344,617,000 after purchasing an additional 540,999 shares during the last quarter. 94.69% of the stock is owned by hedge funds and other institutional investors.

STERIS Stock Down 0.8%

The firm has a 50-day simple moving average of $224.69 and a two-hundred day simple moving average of $219.48. The company has a market cap of $24.42 billion, a PE ratio of 52.79 and a beta of 0.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.13 and a quick ratio of 1.40.

STERIS (NYSE:STE - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The medical equipment provider reported $2.74 earnings per share for the quarter, beating analysts' consensus estimates of $2.59 by $0.15. STERIS had a net margin of 8.66% and a return on equity of 13.91%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same quarter in the previous year, the business posted $2.58 earnings per share. The company's revenue was up 5.7% on a year-over-year basis. Research analysts anticipate that STERIS plc will post 9.08 earnings per share for the current fiscal year.

STERIS Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Tuesday, June 10th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Tuesday, June 10th. STERIS's dividend payout ratio is currently 36.77%.

STERIS Company 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.