STERIS (NYSE:STE) Price Target Raised to $260.00

STERIS (NYSE:STE) had its target price lifted by Morgan Stanley from $240.00 to $260.00 in a research note released on Monday morning,Benzinga reports. They currently have an equal weight rating on the medical equipment provider’s stock.

STE has been the topic of several other reports. JMP Securities boosted their price objective on shares of STERIS from $265.00 to $280.00 and gave the company a “market outperform” rating in a report on Friday, May 16th. Piper Sandler lifted their price target on shares of STERIS from $260.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Citigroup restated an “outperform” rating on shares of STERIS in a report on Friday, May 16th. Needham & Company LLC reiterated a “hold” rating on shares of STERIS in a report on Monday, April 7th. Finally, Stephens reissued an “overweight” rating and issued a $250.00 target price on shares of STERIS in a research report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $264.00.

STERIS Stock Performance

NYSE:STE opened at $246.29 on Monday. The company’s 50-day moving average is $225.64 and its two-hundred day moving average is $219.88. STERIS has a 1-year low of $200.98 and a 1-year high of $252.79. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.13 and a quick ratio of 1.40. The firm has a market capitalization of $24.20 billion, a price-to-earnings ratio of 52.29 and a beta of 0.96.

STERIS (NYSE:STE) last released its quarterly earnings results on Wednesday, May 14th. The medical equipment provider reported $2.74 EPS for the quarter, beating the consensus estimate of $2.59 by $0.15. STERIS had a net margin of 8.66% and a return on equity of 13.91%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter in the previous year, the company earned $2.58 EPS. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts forecast that STERIS will post 9.08 EPS for the current year.

STERIS Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Tuesday, June 10th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Tuesday, June 10th. STERIS’s dividend payout ratio is currently 36.77%.

Hedge Funds Weigh In On STERIS

Institutional investors and hedge funds have recently made changes to their positions in the stock. Select Equity Group L.P. lifted its stake in STERIS by 165.3% in the fourth quarter. Select Equity Group L.P. now owns 2,599,730 shares of the medical equipment provider’s stock worth $534,400,000 after acquiring an additional 1,619,796 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in shares of STERIS during the first quarter worth $349,950,000. Norges Bank acquired a new position in shares of STERIS during the fourth quarter worth $238,836,000. Raymond James Financial Inc. purchased a new position in STERIS in the fourth quarter valued at $223,987,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in STERIS by 55.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,520,479 shares of the medical equipment provider’s stock valued at $344,617,000 after buying an additional 540,999 shares in the last quarter. 94.69% of the stock is owned by institutional investors and hedge funds.

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.