Connable Office Inc. Has $446,000 Stock Position in STERIS plc $STE

Connable Office Inc. decreased its position in shares of STERIS plc (NYSE:STE) by 57.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,856 shares of the medical equipment provider’s stock after selling 2,543 shares during the period. Connable Office Inc.’s holdings in STERIS were worth $446,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Foresight Group Ltd Liability Partnership acquired a new stake in shares of STERIS in the first quarter worth about $25,958,000. Ascent Group LLC acquired a new stake in shares of STERIS in the first quarter worth about $261,000. Allianz Asset Management GmbH lifted its position in shares of STERIS by 31.9% in the first quarter. Allianz Asset Management GmbH now owns 102,488 shares of the medical equipment provider’s stock worth $23,229,000 after buying an additional 24,809 shares during the last quarter. KLP Kapitalforvaltning AS lifted its position in shares of STERIS by 5.3% in the second quarter. KLP Kapitalforvaltning AS now owns 33,800 shares of the medical equipment provider’s stock worth $8,119,000 after buying an additional 1,700 shares during the last quarter. Finally, Truist Financial Corp lifted its position in shares of STERIS by 116.2% in the second quarter. Truist Financial Corp now owns 31,064 shares of the medical equipment provider’s stock worth $7,462,000 after buying an additional 16,694 shares during the last quarter. Institutional investors and hedge funds own 94.69% of the company’s stock.

Insider Activity

In related news, Director Mohsen Sohi sold 4,110 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $241.96, for a total transaction of $994,455.60. Following the transaction, the director directly owned 22,361 shares in the company, valued at $5,410,467.56. The trade was a 15.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Karen L. Burton sold 7,900 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $241.73, for a total value of $1,909,667.00. Following the transaction, the chief accounting officer owned 5,994 shares in the company, valued at $1,448,929.62. This represents a 56.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 18,868 shares of company stock valued at $4,585,389. Corporate insiders own 1.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley boosted their price target on STERIS from $276.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. KeyCorp boosted their price objective on STERIS from $277.00 to $288.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of STERIS in a research report on Tuesday, October 14th. Finally, Wall Street Zen raised STERIS from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 14th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, STERIS currently has a consensus rating of “Moderate Buy” and an average price target of $273.50.

STERIS Trading Up 0.6%

Shares of STE opened at $237.21 on Tuesday. STERIS plc has a 12-month low of $200.98 and a 12-month high of $253.00. The company has a quick ratio of 1.53, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $23.36 billion, a price-to-earnings ratio of 36.33 and a beta of 1.01. The stock’s 50-day moving average price is $243.56 and its 200 day moving average price is $238.26.

STERIS (NYSE:STE) last issued its quarterly earnings results on Wednesday, August 6th. The medical equipment provider reported $2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.02. STERIS had a return on equity of 14.17% and a net margin of 11.61%.The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period in the previous year, the company posted $2.03 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, research analysts predict that STERIS plc will post 9.08 earnings per share for the current year.

STERIS Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Tuesday, November 18th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, November 18th. STERIS’s payout ratio is currently 38.59%.

STERIS 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.