STERIS (NYSE:STE) Price Target Cut to $240.00

STERIS (NYSE:STEGet Rating) had its price target cut by research analysts at KeyCorp from $256.00 to $240.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. KeyCorp’s price target would indicate a potential upside of 13.22% from the stock’s previous close. KeyCorp also issued estimates for STERIS’s Q2 2023 earnings at $1.95 EPS, Q3 2023 earnings at $2.17 EPS, Q4 2023 earnings at $2.47 EPS, FY2023 earnings at $8.50 EPS and FY2024 earnings at $9.59 EPS.

Several other brokerages have also recently issued reports on STE. TheStreet cut STERIS from a “b-” rating to a “c” rating in a report on Thursday, June 16th. Needham & Company LLC reduced their price target on STERIS from $248.00 to $237.00 and set a “buy” rating for the company in a report on Thursday. Piper Sandler began coverage on STERIS in a report on Thursday, July 14th. They issued an “overweight” rating and a $240.00 price target for the company. Finally, StockNews.com cut STERIS from a “buy” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $251.71.

STERIS Stock Performance

Shares of STE stock opened at $211.98 on Thursday. The stock has a market cap of $21.21 billion, a PE ratio of 56.83 and a beta of 0.71. The business has a 50-day simple moving average of $212.61 and a 200-day simple moving average of $225.17. The company has a quick ratio of 1.41, a current ratio of 2.03 and a debt-to-equity ratio of 0.44. STERIS has a 52-week low of $192.40 and a 52-week high of $255.93.

STERIS (NYSE:STEGet Rating) last issued its quarterly earnings data on Wednesday, May 11th. The medical equipment provider reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.04. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. STERIS had a return on equity of 12.40% and a net margin of 7.90%. On average, equities analysts expect that STERIS will post 8.5 EPS for the current year.

Insiders Place Their Bets

In other STERIS news, VP John Adam Zangerle sold 2,659 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $205.31, for a total transaction of $545,919.29. Following the completion of the sale, the vice president now directly owns 27,936 shares in the company, valued at approximately $5,735,540.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.14% of the stock is owned by company insiders.

Institutional Investors Weigh In On STERIS

A number of large investors have recently made changes to their positions in STE. Allspring Global Investments Holdings LLC purchased a new stake in shares of STERIS in the fourth quarter valued at approximately $5,122,000. Commonwealth Equity Services LLC lifted its holdings in STERIS by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 6,657 shares of the medical equipment provider’s stock valued at $1,620,000 after acquiring an additional 95 shares during the last quarter. Yousif Capital Management LLC acquired a new position in STERIS in the fourth quarter valued at approximately $3,705,000. CWM LLC acquired a new position in STERIS in the fourth quarter valued at approximately $204,000. Finally, Xponance Inc. lifted its holdings in STERIS by 20.8% in the fourth quarter. Xponance Inc. now owns 7,397 shares of the medical equipment provider’s stock valued at $1,801,000 after acquiring an additional 1,274 shares during the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

STERIS Company Profile

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STERIS plc provides infection prevention and other procedural 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; accessories for gastrointestinal (GI) procedures, 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.

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