Alta Capital Management LLC Lowers Stake in STERIS plc (NYSE:STE)

Alta Capital Management LLC cut its stake in STERIS plc (NYSE:STE) by 7.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,134 shares of the medical equipment provider’s stock after selling 91 shares during the period. Alta Capital Management LLC’s holdings in STERIS were worth $257,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Avalon Trust Co bought a new stake in STERIS in the 4th quarter worth approximately $30,000. Grove Bank & Trust boosted its stake in shares of STERIS by 4,733.3% in the 1st quarter. Grove Bank & Trust now owns 145 shares of the medical equipment provider’s stock valued at $33,000 after purchasing an additional 142 shares in the last quarter. Anfield Capital Management LLC grew its holdings in shares of STERIS by 100.0% during the 4th quarter. Anfield Capital Management LLC now owns 182 shares of the medical equipment provider’s stock valued at $37,000 after purchasing an additional 91 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in STERIS in the 1st quarter worth $43,000. Finally, Brown Brothers Harriman & Co. lifted its stake in STERIS by 66.7% in the fourth quarter. Brown Brothers Harriman & Co. now owns 220 shares of the medical equipment provider’s stock worth $45,000 after purchasing an additional 88 shares during the last quarter. 94.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Daniel A. Carestio sold 17,626 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $242.56, for a total transaction of $4,275,362.56. Following the sale, the chief executive officer now owns 51,385 shares of the company’s stock, valued at $12,463,945.60. The trade was a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Cary L. Majors sold 12,828 shares of the company’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $250.08, for a total transaction of $3,208,026.24. Following the completion of the sale, the senior vice president now owns 11,372 shares in the company, valued at approximately $2,843,909.76. This trade represents a 53.01% decrease in their position. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on STE. Citigroup reiterated an “outperform” rating on shares of STERIS in a report on Friday, May 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of STERIS in a research note on Monday, April 7th. Morgan Stanley increased their price objective on STERIS from $240.00 to $260.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Stephens reaffirmed an “overweight” rating and issued a $250.00 target price on shares of STERIS in a research note on Thursday, May 15th. Finally, Jefferies Financial Group started coverage on shares of STERIS in a research report on Thursday, May 29th. They set a “hold” rating and a $263.00 price target for the company. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $263.83.

STERIS Price Performance

Shares of STERIS stock opened at $236.15 on Friday. The business has a 50 day moving average of $233.97 and a 200 day moving average of $223.10. STERIS plc has a 52 week low of $200.98 and a 52 week high of $252.79. The company has a market cap of $23.23 billion, a PE ratio of 38.09 and a beta of 0.94. The company has a quick ratio of 1.39, a current ratio of 1.96 and a debt-to-equity ratio of 0.29.

STERIS (NYSE:STE) last issued its quarterly earnings data on Wednesday, May 14th. The medical equipment provider reported $2.74 EPS for the quarter, topping the consensus estimate of $2.59 by $0.15. The business 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 company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.58 EPS. As a group, equities research analysts forecast that STERIS plc will post 9.08 earnings per share for the current year.

STERIS Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Tuesday, June 10th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend 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.