KeyCorp Boosts STERIS (NYSE:STE) Price Target to $265.00

STERIS (NYSE:STE) had its price objective increased by equities research analysts at KeyCorp from $255.00 to $265.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. KeyCorp’s price target would suggest a potential upside of 9.11% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler restated a “neutral” rating and set a $225.00 price objective (up from $220.00) on shares of STERIS in a research report on Friday, May 10th. StockNews.com upgraded shares of STERIS from a “hold” rating to a “buy” rating in a research report on Tuesday, August 13th. JMP Securities restated a “market outperform” rating and set a $265.00 price objective on shares of STERIS in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of STERIS in a research report on Thursday, August 8th. Finally, Stephens restated an “overweight” rating and set a $260.00 price objective on shares of STERIS in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, STERIS presently has an average rating of “Moderate Buy” and a consensus price target of $246.00.

STERIS Price Performance

Shares of NYSE STE traded up $1.77 during mid-day trading on Tuesday, reaching $242.87. The company’s stock had a trading volume of 43,345 shares, compared to its average volume of 473,781. The stock has a 50-day moving average of $229.43 and a two-hundred day moving average of $224.53. The stock has a market capitalization of $23.95 billion, a P/E ratio of 63.58 and a beta of 0.83. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.49 and a current ratio of 2.33. STERIS has a 1-year low of $195.47 and a 1-year high of $243.37.

STERIS (NYSE:STE) last issued its earnings results on Tuesday, August 6th. The medical equipment provider reported $2.14 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.16. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. STERIS had a net margin of 7.36% and a return on equity of 13.85%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.00 earnings per share. On average, equities research analysts anticipate that STERIS will post 9.15 EPS for the current fiscal year.

Insider Buying and Selling at STERIS

In other STERIS news, Director Christopher S. Holland sold 473 shares of STERIS stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $239.68, for a total transaction of $113,368.64. Following the completion of the sale, the director now directly owns 582 shares in the company, valued at $139,493.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in STE. Norges Bank purchased a new position in shares of STERIS in the fourth quarter valued at approximately $220,954,000. Massachusetts Financial Services Co. MA boosted its stake in shares of STERIS by 13.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,442,805 shares of the medical equipment provider’s stock valued at $1,414,453,000 after purchasing an additional 778,613 shares during the period. APG Asset Management US Inc. purchased a new position in shares of STERIS in the fourth quarter valued at approximately $74,963,000. Sustainable Growth Advisers LP boosted its stake in shares of STERIS by 23.5% in the first quarter. Sustainable Growth Advisers LP now owns 1,485,578 shares of the medical equipment provider’s stock valued at $333,988,000 after purchasing an additional 282,387 shares during the period. Finally, Impax Asset Management Group plc boosted its stake in shares of STERIS by 29.7% in the second quarter. Impax Asset Management Group plc now owns 1,150,517 shares of the medical equipment provider’s stock valued at $251,663,000 after purchasing an additional 263,383 shares during the period. Hedge funds and other institutional investors 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.