Harvey Investment Co. LLC Invests $11.59 Million in STERIS plc (NYSE:STE)

Harvey Investment Co. LLC bought a new stake in shares of STERIS plc (NYSE:STE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 56,360 shares of the medical equipment provider's stock, valued at approximately $11,585,000. STERIS comprises about 1.3% of Harvey Investment Co. LLC's investment portfolio, making the stock its 26th largest holding. Harvey Investment Co. LLC owned about 0.06% of STERIS as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of STERIS by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,303,625 shares of the medical equipment provider's stock worth $556,786,000 after buying an additional 17,007 shares during the last quarter. Principal Financial Group Inc. boosted its stake 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 purchasing an additional 96,336 shares in the last quarter. Franklin Resources Inc. increased its position in shares of STERIS by 171.2% during the third quarter. Franklin Resources Inc. now owns 838,569 shares of the medical equipment provider's stock valued at $191,370,000 after buying an additional 529,308 shares during the period. Raymond James & Associates raised its stake in STERIS by 1.5% in the third quarter. Raymond James & Associates now owns 801,144 shares of the medical equipment provider's stock worth $194,309,000 after buying an additional 12,005 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of STERIS by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 551,453 shares of the medical equipment provider's stock worth $133,749,000 after acquiring an additional 6,334 shares in the last quarter. 94.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. StockNews.com downgraded STERIS from a "strong-buy" rating to a "buy" rating in a report on Tuesday, October 29th. Needham & Company LLC restated a "hold" rating on shares of STERIS in a research note on Friday, November 8th. Piper Sandler lifted their price objective on STERIS from $260.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Stephens reissued an "overweight" rating and issued a $240.00 target price on shares of STERIS in a research note on Thursday, February 6th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $265.00 price target on shares of STERIS in a research report on Thursday, February 6th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, STERIS currently has a consensus rating of "Moderate Buy" and a consensus price target of $258.75.

Insider Buying and Selling

In other news, SVP Cary L. Majors sold 1,682 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $217.32, for a total value of $365,532.24. Following the transaction, the senior vice president now owns 11,372 shares of the company's stock, valued at $2,471,363.04. This trade represents a 12.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.14% of the stock is currently owned by insiders.

STERIS Stock Down 0.7 %

Shares of STE stock traded down $1.66 during mid-day trading on Tuesday, hitting $222.66. The company's stock had a trading volume of 113,784 shares, compared to its average volume of 500,851. The stock has a market cap of $21.98 billion, a price-to-earnings ratio of 47.28 and a beta of 0.84. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.55 and a current ratio of 2.13. STERIS plc has a 52-week low of $197.82 and a 52-week high of $248.24. The business has a 50-day moving average price of $212.57 and a 200 day moving average price of $224.46.

STERIS (NYSE:STE - Get Free Report) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $2.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.33 by ($0.01). STERIS had a net margin of 8.66% and a return on equity of 13.91%. Research analysts predict that STERIS plc will post 9.08 EPS for the current fiscal year.

STERIS Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Thursday, February 20th will be 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 is Thursday, February 20th. STERIS's payout ratio is currently 48.41%.

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.