Morgan Stanley Issues Positive Forecast for STERIS (NYSE:STE) Stock Price

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

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

STERIS Trading Up 0.3%

Shares of STERIS stock opened at $252.31 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.40 and a current ratio of 2.13. The company has a market capitalization of $24.79 billion, a P/E ratio of 53.57 and a beta of 0.96. STERIS has a 1 year low of $200.98 and a 1 year high of $252.79. The company’s fifty day moving average is $224.69 and its two-hundred day moving average is $219.48.

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

STERIS Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.57 per share. The ex-dividend date is Tuesday, June 10th. This represents a $2.28 dividend on an annualized basis and a yield of 0.90%. STERIS’s payout ratio is 36.77%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Park Avenue Securities LLC lifted its holdings in shares of STERIS by 5.6% in the fourth quarter. Park Avenue Securities LLC now owns 2,369 shares of the medical equipment provider’s stock valued at $487,000 after purchasing an additional 126 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of STERIS in the fourth quarter worth $260,000. Diversify Wealth Management LLC lifted its position in shares of STERIS by 42.0% in the fourth quarter. Diversify Wealth Management LLC now owns 5,994 shares of the medical equipment provider’s stock valued at $1,233,000 after acquiring an additional 1,772 shares in the last quarter. Strong Tower Advisory Services boosted its stake in shares of STERIS by 13.6% during the fourth quarter. Strong Tower Advisory Services now owns 9,771 shares of the medical equipment provider’s stock valued at $2,009,000 after acquiring an additional 1,166 shares during the last quarter. Finally, Perpetual Ltd boosted its stake in shares of STERIS by 8.2% during the fourth quarter. Perpetual Ltd now owns 45,254 shares of the medical equipment provider’s stock valued at $9,302,000 after acquiring an additional 3,414 shares during the last quarter. Institutional investors and hedge funds own 94.69% of the company’s stock.

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.