Summit Investment Advisors Inc. Cuts Stock Position in STERIS plc (NYSE:STE)

Summit Investment Advisors Inc. cut its holdings in shares of STERIS plc (NYSE:STE) by 16.8% in the 4th quarter, HoldingsChannel reports. The firm owned 2,862 shares of the medical equipment provider’s stock after selling 578 shares during the quarter. Summit Investment Advisors Inc.’s holdings in STERIS were worth $588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in shares of STERIS by 9.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,114,224 shares of the medical equipment provider’s stock valued at $270,230,000 after acquiring an additional 96,336 shares during the period. SkyView Investment Advisors LLC increased its position in STERIS by 1.6% in the third quarter. SkyView Investment Advisors LLC now owns 3,153 shares of the medical equipment provider’s stock worth $765,000 after buying an additional 51 shares during the last quarter. World Investment Advisors LLC bought a new stake in shares of STERIS in the third quarter valued at $5,171,000. Wilmington Savings Fund Society FSB bought a new position in shares of STERIS during the 3rd quarter worth $9,949,000. Finally, Tidal Investments LLC increased its holdings in STERIS by 21.0% in the 3rd quarter. Tidal Investments LLC now owns 12,650 shares of the medical equipment provider’s stock worth $3,068,000 after acquiring an additional 2,193 shares during the last quarter. 94.69% of the stock is currently owned by institutional investors.

STERIS Trading Up 1.1 %

STERIS stock opened at $222.53 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.40 and a current ratio of 2.13. STERIS plc has a fifty-two week low of $197.84 and a fifty-two week high of $248.24. The stock has a market cap of $21.86 billion, a P/E ratio of 47.25 and a beta of 0.87. The firm’s fifty day moving average price is $222.48 and its 200-day moving average price is $219.19.

STERIS (NYSE:STE) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $2.32 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.01). STERIS had a return on equity of 13.91% and a net margin of 8.66%. Equities research analysts forecast that STERIS plc will post 9.08 earnings per share for the current fiscal year.

STERIS Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Thursday, February 20th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Thursday, February 20th. STERIS’s dividend payout ratio (DPR) is currently 48.41%.

Analyst Ratings Changes

A number of brokerages have weighed in on STE. Stephens reiterated an “overweight” rating and set a $240.00 target price on shares of STERIS in a research report on Thursday, February 6th. Piper Sandler raised their price objective on shares of STERIS from $260.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. JMP Securities reissued a “market outperform” rating and set a $265.00 target price on shares of STERIS in a report on Thursday, April 10th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of STERIS in a report on Monday, April 7th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $258.75.

About STERIS

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.