STERIS plc (NYSE:STE) Position Trimmed by Portside Wealth Group LLC

Portside Wealth Group LLC reduced its holdings in STERIS plc (NYSE:STE) by 52.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,238 shares of the medical equipment provider’s stock after selling 1,353 shares during the period. Portside Wealth Group LLC’s holdings in STERIS were worth $300,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of STE. J.Safra Asset Management Corp raised its stake in STERIS by 77.9% during the first quarter. J.Safra Asset Management Corp now owns 121 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 53 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of STERIS in the 3rd quarter worth approximately $28,000. Quent Capital LLC boosted its position in STERIS by 112.7% during the 1st quarter. Quent Capital LLC now owns 134 shares of the medical equipment provider’s stock valued at $30,000 after purchasing an additional 71 shares during the period. Headlands Technologies LLC bought a new position in STERIS during the 1st quarter worth $36,000. Finally, Versant Capital Management Inc increased its position in STERIS by 2,262.5% in the second quarter. Versant Capital Management Inc now owns 189 shares of the medical equipment provider’s stock worth $41,000 after buying an additional 181 shares during the period. 94.69% of the stock is owned by institutional investors and hedge funds.

STERIS Stock Performance

Shares of NYSE STE opened at $219.19 on Friday. STERIS plc has a 1 year low of $195.47 and a 1 year high of $248.24. The firm has a market cap of $21.62 billion, a P/E ratio of 50.04 and a beta of 0.85. The stock has a fifty day moving average price of $232.29 and a two-hundred day moving average price of $227.79. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.49 and a current ratio of 2.33.

STERIS (NYSE:STE) last announced its earnings results on Wednesday, November 6th. The medical equipment provider reported $2.14 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.03. STERIS had a return on equity of 13.91% and a net margin of 8.02%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business posted $2.03 earnings per share. The company’s quarterly revenue was up 7.3% on a year-over-year basis. Research analysts forecast that STERIS plc will post 9.02 EPS for the current fiscal year.

STERIS Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Tuesday, November 19th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.04%. STERIS’s payout ratio is currently 52.05%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on STE. Needham & Company LLC reissued a “hold” rating on shares of STERIS in a report on Friday. JMP Securities restated a “market outperform” rating and issued a $265.00 target price on shares of STERIS in a research report on Wednesday, August 7th. StockNews.com cut STERIS from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 29th. KeyCorp boosted their price objective on STERIS from $255.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 3rd. Finally, Piper Sandler upgraded STERIS from a “neutral” rating to an “overweight” rating and raised their target price for the company from $230.00 to $260.00 in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, STERIS has an average rating of “Moderate Buy” and a consensus price target of $253.00.

Insider Buying and Selling

In related news, CFO Michael J. Tokich sold 23,332 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $247.00, for a total transaction of $5,763,004.00. Following the completion of the sale, the chief financial officer now directly owns 42,930 shares in the company, valued at approximately $10,603,710. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.14% of the company’s stock.

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.