Rakuten Investment Management Inc. Acquires 17,498 Shares of STERIS plc $STE

Rakuten Investment Management Inc. purchased a new position in STERIS plc (NYSE:STE) during the third quarter, HoldingsChannel reports. The institutional investor purchased 17,498 shares of the medical equipment provider’s stock, valued at approximately $3,686,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Western Wealth Management LLC purchased a new position in shares of STERIS during the 1st quarter worth about $25,000. Elevation Wealth Partners LLC increased its position in STERIS by 1,130.0% during the second quarter. Elevation Wealth Partners LLC now owns 123 shares of the medical equipment provider’s stock worth $26,000 after purchasing an additional 113 shares during the last quarter. Trust Co. of Vermont acquired a new position in STERIS during the second quarter worth approximately $41,000. Community Financial Services Group LLC raised its stake in STERIS by 50.0% during the third quarter. Community Financial Services Group LLC now owns 216 shares of the medical equipment provider’s stock worth $45,000 after purchasing an additional 72 shares during the period. Finally, Provenance Wealth Advisors LLC purchased a new position in STERIS during the third quarter worth approximately $56,000. Hedge funds and other institutional investors own 94.69% of the company’s stock.

Insider Transactions at STERIS

In related news, Director Mohsen Sohi sold 4,058 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $235.78, for a total value of $956,795.24. Following the completion of the sale, the director directly owned 24,305 shares in the company, valued at approximately $5,730,632.90. This represents a 14.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.12% of the company’s stock.

STERIS Trading Down 0.7%

NYSE STE traded down $1.78 during mid-day trading on Friday, hitting $252.34. The company’s stock had a trading volume of 1,389,562 shares, compared to its average volume of 706,132. The firm has a market capitalization of $24.60 billion, a P/E ratio of 29.93 and a beta of 0.86. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.91 and a quick ratio of 1.35. STERIS plc has a 52-week low of $195.14 and a 52-week high of $269.44. The stock’s fifty day simple moving average is $220.58 and its two-hundred day simple moving average is $224.71.

STERIS (NYSE:STE) last released its quarterly earnings data on Wednesday, November 4th. The medical equipment provider reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.26. STERIS had a net margin of 13.34% and a return on equity of 14.34%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the previous year, the firm earned $2.47 earnings per share. STERIS’s revenue for the quarter was up 8.8% on a year-over-year basis. Research analysts expect that STERIS plc will post 11.17 EPS for the current year.

STERIS Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Tuesday, November 17th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, November 17th. STERIS’s dividend payout ratio is 32.74%.

Analyst Ratings Changes

A number of equities analysts have weighed in on STE shares. Piper Sandler reiterated an “overweight” rating and issued a $275.00 price target (up from $270.00) on shares of STERIS in a report on Friday, August 7th. KeyCorp upped their price objective on STERIS from $269.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday. Wall Street Zen lowered STERIS from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 11th. UBS Group reduced their target price on STERIS from $275.00 to $270.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of STERIS in a research report on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $276.33.

About STERIS

STERIS plc (NYSE: STE) provides products and services designed to support infection prevention, procedural care and the safe manufacture of healthcare and life sciences products. Its offerings include surgical equipment and operating-room solutions, sterilization and decontamination systems, endoscopy products, cleaning and disinfection technologies, and related consumable products.

The company also provides outsourced sterilization and laboratory services through its Applied Sterilization Technologies business.