Forum Financial Management LP, a prominent investment firm, recently acquired a new position in shares of STERIS plc (NYSE: STE) during the first quarter, as confirmed by its disclosure to the SEC. The fund purchased 1,055 shares of this renowned medical equipment provider’s stock, which were valued at an approximate sum of $202,000.
STERIS (NYSE: STE) reported its latest earnings results on Wednesday, May 10th. The company exceeded expectations by delivering an impressive $2.30 earnings per share (EPS) for the quarter, surpassing the consensus estimate of $2.15 by a margin of $0.15. Additionally, their revenue for the quarter stood at $1.38 billion compared to a consensus estimate of $1.27 billion.
The return on equity achieved by STERIS during this period was recorded at 13.50%, and they achieved a net margin of 2.16%. In comparison to the same quarter in the previous year, where they posted earnings per share of $2.04, STERIS demonstrated significant growth and improvement in their financial performance.
Currently, industry analysts have high expectations for STERIS plc in terms of future performance as well. It is anticipated that the company will post 8.8 EPS for the current year based on these positive trends and overall market conditions.
In other notable news regarding STERIS plc, Director Mohsen Sohi executed a transaction on Monday, May 15th involving the sale of 2,069 shares from his personal stock holdings within the company. These shares were sold at an average price of $212.28 per share amounting to a substantial total transaction value reaching $439,207.32.
Following this sale, Director Mohsen Sohi currently possesses approximately 22,361 shares in STERIS valued at an estimated $4,746,793.08 as stated in documents filed with the SEC, which are readily accessible to the public. It is worth mentioning that company insiders altogether hold a modest 0.95% of STERIS’ outstanding shares.
The acquisition by Forum Financial Management LP signifies their confidence in STERIS and its potential for continued growth as a leading provider of medical equipment. This investment further solidifies STERIS’ position in the market and amplifies its reputation among investors.
As we move forward, it will be intriguing to observe how STERIS continues to navigate the evolving landscape of the medical equipment industry. With its consistent financial performance, strategic moves, and increased investor interest, STERIS appears well-positioned to thrive in the years ahead.
In conclusion, as of July 3, 2023, Forum Financial Management LP has made a noteworthy investment in STERIS plc. With its recent acquisition of shares and positive financial results surpassing expectations, STERIS is set to continue leaving an indelible mark on the medical equipment industry.
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Steris Attracts Institutional Investors with Impressive Stock Performance
STERIS Continues to Attract Institutional Investors as Stock Performance Impresses
Date: July 3, 2023
STERIS (NYSE:STE), a leading medical equipment provider known for its innovative solutions, has recently captured the attention of hedge funds and institutional investors. The stock’s impressive performance and potential for growth have enticed several prominent investment firms to buy and sell shares in the company.
One notable addition to STERIS’ list of institutional investors is 1832 Asset Management L.P., which initiated a new position during the first quarter with an investment worth approximately $25,000. Similarly, Delta Asset Management LLC TN seized the opportunity during the fourth quarter, acquiring shares worth around $27,000. Meanwhile, Fiduciary Alliance LLC joined in on STERIS’ success story during the same period with a new position valued at about $28,000. Additionally, Asset Dedication LLC made a strategic move by investing about $30,000 in stocks during the fourth quarter.
In another significant development that showcases investor confidence in STERIS, Ronald Blue Trust Inc. saw fit to increase its stake by 309.1% during the first quarter. This move not only demonstrates their belief in the company’s future prospects but also highlights their trust in its ability to deliver financial gains. With this increase, Ronald Blue Trust Inc. now holds 180 shares of STERIS stock valued at $33,000.
As per public records, approximately 93.69% of STERIS’ stock is currently owned by institutional investors and hedge funds. This level of ownership indicates strong interest from experienced market participants who recognize the value and potential growth opportunities that lie within the company.
On Monday morning trading on July 3rd, NYSE:STE opened at an encouraging price of $224.98 per share. The overall market capitalization for STERIS stands at an impressive $22.19 billion, a testament to the company’s significant presence in the industry. When evaluating profitability, it is worth noting that STERIS currently maintains a price-to-earnings (P/E) ratio of 210.26, suggesting investors’ willingness to pay a premium for the stock due to its growth potential.
STERIS’ stock performance over the past year has been noteworthy, with prices ranging from a low of $159.21 to a high of $227.36. These figures reflect investors’ confidence in the company’s ability to thrive despite market volatility.
The health and vitality of STERIS continue to garner attention in recent news, specifically regarding one of their directors, Mohsen Sohi. In May, he sold 2,069 shares of STERIS stock at an average price of $212.28 per share, amounting to a total transaction value of approximately $439,207.32. Following this sale, Sohi now holds 22,361 shares in the company valued at $4,746,793.08.
Furthermore, STERIS announced the payment of its quarterly dividend on June 28th to shareholders who were recorded as owning shares by June 14th. The dividend paid out was $0.47 per share and represents an annualized dividend payout ratio of 175.70%. With an attractive yield prospect of 0.84%, it further enhances the appeal for long-term investors seeking stable returns.
Several financial analysts have recently given their insights into STERIS’ outlook and performance prospects going forward. In particular, StockNews.com issued a “buy” rating for the company following its extensive research report released on May 18th. Piper Sandler also expressed optimism by raising STERIS’ target price from $197 to $200 on May 12th.
KeyCorp went even further and increased their price objective on STERIS from $210 to $235 on the same day. TheStreet upgraded STERIS from a “c” rating to a “b-” rating on May 10th, signifying an improvement in their evaluation. Lastly, Morgan Stanley initiated coverage of STERIS on May 30th with an “equal weight” rating and a price objective of $206.
In conclusion, the recent surge of interest from hedge funds and institutional investors emphasizes the positive sentiment surrounding STERIS as it continues to deliver impressive results within its sector. With its record-breaking market capitalization, robust financial ratios, and consistent growth potential, STERIS holds great promise for both short- and long-term investors alike.
Note: The information provided here is based on publicly available data as of July 3rd, 2023.