STERIS (NYSE:STE) Sees Strong Trading Volume – Here’s Why

STERIS plc (NYSE:STE) shares saw unusually-strong trading volume on Friday . Approximately 351,770 shares traded hands during mid-day trading, a decline of 28% from the previous session’s volume of 486,465 shares.The stock last traded at $216.99 and had previously closed at $215.50.

Analyst Upgrades and Downgrades

STE has been the subject of a number of analyst reports. Needham & Company LLC reissued a “hold” rating on shares of STERIS in a research report on Friday. KeyCorp lifted their target price on shares of STERIS from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd. StockNews.com lowered STERIS from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 29th. Piper Sandler raised STERIS from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $230.00 to $260.00 in a research report on Thursday, October 24th. Finally, Stephens reiterated an “overweight” rating and set a $260.00 target price on shares of STERIS in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.00.

STERIS Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 2.33 and a quick ratio of 1.49. The stock has a 50-day moving average price of $232.73 and a 200-day moving average price of $227.52. The firm has a market capitalization of $21.71 billion, a PE ratio of 49.20 and a beta of 0.85.

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

STERIS Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.04%. The ex-dividend date is Tuesday, November 19th. STERIS’s dividend payout ratio is currently 52.05%.

Insider Activity

In other news, CFO Michael J. Tokich sold 23,332 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 42,930 shares of the company’s stock, 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 document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.14% of the company’s stock.

Hedge Funds Weigh In On STERIS

Several large investors have recently added to or reduced their stakes in STE. Ashton Thomas Securities LLC bought a new stake in STERIS during the third quarter valued at $25,000. Central Pacific Bank Trust Division bought a new stake in shares of STERIS during the 3rd quarter valued at about $28,000. J.Safra Asset Management Corp grew its position in shares of STERIS by 77.9% during the 1st quarter. J.Safra Asset Management Corp now owns 121 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 53 shares during the last quarter. Quent Capital LLC raised its stake in STERIS by 112.7% during the first quarter. Quent Capital LLC now owns 134 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 71 shares during the period. Finally, Headlands Technologies LLC bought a new position in STERIS in the first quarter worth about $36,000. 94.69% of the stock is currently owned by institutional investors.

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.