Thoroughbred Financial Services LLC has reduced its stake in STERIS plc, cutting its holdings by 44.7% during the second quarter of 2023. The financial firm sold 4,311 shares of the medical equipment provider, leaving it with 5,343 shares at the end of the reporting period. This divestment brought the value of Thoroughbred’s holdings in STERIS to approximately $1.283 million.
Investor interest in STERIS has seen notable changes recently, with several institutional investors adjusting their stakes in the company. For instance, Foresight Group Ltd Liability Partnership acquired a new position in STERIS valued at around $25.958 million in the first quarter. Similarly, Ascent Group LLC purchased shares worth approximately $261,000 during the same period.
KLP Kapitalforvaltning AS increased its holdings in STERIS by 5.3% during the second quarter, now owning 33,800 shares worth about $8.119 million after acquiring an additional 1,700 shares. Meanwhile, Allianz Asset Management GmbH grew its stake by 31.9% in the first quarter, now holding 102,488 shares valued at $23.229 million after buying an extra 24,809 shares.
Truist Financial Corp significantly increased its position in STERIS by 116.2% in the second quarter, bringing its total to 31,064 shares, valued at $7.462 million following the purchase of 16,694 shares.
Insider Transactions and Company Performance
In related news, insider trading activity has also been notable. Vice President Renato Tamaro sold 3,204 shares on August 20, 2023, at an average price of $249.24, resulting in a total transaction value of approximately $798,564.96. Following this sale, Tamaro holds 7,221 shares valued at about $1.800 million, indicating a 30.73% decrease in his position.
Chief Executive Officer Daniel A. Carestio sold 159 shares on October 6, 2023, for a total of $38,449.38 at an average price of $241.82. Carestio now owns 51,096 shares, valued at $12.356 million, marking a 0.31% decrease in his holdings.
Over the past three months, insiders have sold 18,363 shares valued at approximately $4.814 million. Currently, insiders hold 1.07% of STERIS’s stock.
Financial Results and Future Outlook
STERIS recently announced its quarterly earnings on November 5, 2023, reporting earnings per share of $2.47, which surpassed analysts’ consensus estimate of $2.38 by $0.09. The company generated revenues of $1.46 billion, exceeding expectations of $1.43 billion. The firm reported a return on equity of 14.17% and a net margin of 11.61%. In the same quarter last year, STERIS reported earnings of $2.14 per share.
Looking ahead, STERIS has set its fiscal year 2026 guidance to between $10.150 and $10.300 earnings per share. Analysts forecast that STERIS plc will achieve earnings of $9.08 per share for the current year.
Additionally, the company declared a quarterly dividend of $0.63, which will be paid on December 18, 2023, to shareholders of record as of November 18, 2023. This dividend represents an annualized rate of $2.52 and a yield of 1.0%, with a payout ratio of 36.21%.
Analyst ratings reflect a positive outlook for STERIS, with several brokerages recently adjusting their ratings. Weiss Ratings reaffirmed a “buy (b)” rating, while Wall Street Zen upgraded the stock from “buy” to “strong-buy.” Morgan Stanley raised its target price from $276.00 to $295.00, maintaining an “overweight” rating. KeyCorp also increased its target price from $277.00 to $288.00.
Currently, seven investment analysts rate STERIS shares as a Buy, while two have assigned a Hold rating. According to MarketBeat, the stock holds a consensus rating of “Moderate Buy” with an average price target of $273.50.
As STERIS continues to navigate its financial landscape, investor interest and insider activities highlight the evolving dynamics within the company.
