STERIS (NYSE:STE) Stock Price Up 4.1% – Here’s Why

STERIS plc (NYSE:STE)’s stock price traded up 4.1% on Friday. The company traded as high as $263.14 and last traded at $263.7260. Approximately 109,130 shares changed hands during trading, a decline of 86% from the average daily volume of 769,788 shares. The stock had previously closed at $253.44.

Analysts Set New Price Targets

Several analysts recently weighed in on STE shares. Morgan Stanley upgraded shares of STERIS from an “overweight” rating to a “buy” rating in a report on Friday. Jefferies Financial Group raised STERIS from a “hold” rating to a “buy” rating and boosted their target price for the company from $232.00 to $305.00 in a research report on Friday. Piper Sandler restated an “overweight” rating and set a $275.00 price target (up from $270.00) on shares of STERIS in a research note on Friday, August 7th. Wall Street Zen lowered STERIS from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 11th. Finally, KeyCorp lifted their price objective on STERIS from $269.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $283.50.

STERIS Stock Up 3.8%

The firm has a 50 day moving average price of $222.55 and a 200-day moving average price of $224.61. The company has a current ratio of 2.05, a quick ratio of 1.44 and a debt-to-equity ratio of 0.23. The firm has a market cap of $25.55 billion, a PE ratio of 31.21 and a beta of 0.86.

STERIS (NYSE:STE) last released its earnings results on Wednesday, November 4th. The medical equipment provider reported $2.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.68 by $0.26. STERIS had a net margin of 13.41% and a return on equity of 14.80%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period in the prior year, the firm earned $2.47 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts forecast that STERIS plc will post 11.46 EPS for the current fiscal year.

STERIS Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Tuesday, November 17th will be paid a $0.69 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $2.76 dividend on an annualized basis and a yield of 1.0%. STERIS’s payout ratio is currently 32.74%.

Insider Activity at STERIS

In other STERIS news, Director Mohsen Sohi sold 4,893 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $253.22, for a total value of $1,239,005.46. Following the sale, the director directly owned 24,305 shares of the company’s stock, valued at approximately $6,154,512.10. This represents a 16.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Karen Burton sold 5,880 shares of the firm’s stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $255.62, for a total transaction of $1,503,045.60. Following the completion of the sale, the chief financial officer owned 12,956 shares in the company, valued at $3,311,812.72. The trade was a 31.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.12% of the company’s stock.

Hedge Funds Weigh In On STERIS

Several large investors have recently bought and sold shares of STE. NewEdge Advisors LLC raised its stake in STERIS by 0.7% in the second quarter. NewEdge Advisors LLC now owns 8,118 shares of the medical equipment provider’s stock valued at $1,710,000 after buying an additional 56 shares in the last quarter. Taylor Frigon Capital Management LLC boosted its position in shares of STERIS by 0.9% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 6,505 shares of the medical equipment provider’s stock worth $1,366,000 after acquiring an additional 58 shares in the last quarter. Strengthening Families & Communities LLC boosted its position in shares of STERIS by 0.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 10,884 shares of the medical equipment provider’s stock worth $2,286,000 after acquiring an additional 61 shares in the last quarter. Mather Group LLC. boosted its position in shares of STERIS by 14.4% during the 3rd quarter. Mather Group LLC. now owns 565 shares of the medical equipment provider’s stock worth $119,000 after acquiring an additional 71 shares in the last quarter. Finally, Community Financial Services Group LLC increased its holdings in shares of STERIS by 50.0% in the 3rd quarter. Community Financial Services Group LLC now owns 216 shares of the medical equipment provider’s stock valued at $45,000 after acquiring an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 94.69% of the company’s stock.

STERIS Company Profile

STERIS plc (NYSE: STE) provides infection prevention and procedural products and services for healthcare, pharmaceutical, research, and other industries. Its offerings include sterilizers, washers and other equipment used to clean and sterilize medical devices and surgical instruments, as well as products for operating rooms and endoscopy procedures. The company also provides equipment installation, maintenance, repair, and training, along with contract sterilization and laboratory testing services.