A Share Adjustment in STERIS plc (NYSE:STE) Undertaken by US Bancorp DE

2 min read | November 04, 2024 02:47 AM PST | By Team Kalkine Media

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A Share Adjustment in STERIS plc (NYSE:STE) Undertaken by US Bancorp DE — Image source: Shutterstock

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Highlights

US Bancorp DE reduced its stake in STERIS plc by 17.8% in the third quarter, reflecting strategic adjustments in portfolio management.

STERIS reported strong quarterly earnings, exceeding analyst estimates and showing year-over-year revenue stability.

The company announced an increase in its quarterly dividend, reinforcing its commitment to shareholder returns.

US Bancorp DE has reduced its holdings in STERIS plc (NYSE:STE) by 17.8% during the third quarter, as disclosed in its latest Form 13F filing with the Securities and Exchange Commission. Following the sale of 5,758 shares, US Bancorp now owns 26,524 shares, with a reported value of approximately $6,433,000.

Several other institutional investors have also adjusted their positions in STERIS. Bleakley Financial Group LLC increased its stake by 8.7%, while Russell Investments Group Ltd. expanded its holdings by 8.3%. The State Board of Administration of Florida Retirement System raised its shares by 3.2%. Additionally, BDF Gestion acquired a new stake valued at about $2,644,000, and Price T. Rowe Associates Inc. MD boosted its holdings by 7.5%. Overall, institutional investors hold approximately 94.69% of STERIS's stock.

As of Monday, shares of STERIS opened at $225.18. The company has a current ratio of 2.33, a quick ratio of 1.49, and a debt-to-equity ratio of 0.35. The stock has experienced a 52-week low of $195.47 and a high of $248.24, with a market capitalization of $22.21 billion and a price-to-earnings ratio of 55.88.

In its most recent earnings report, STERIS announced earnings per share (EPS) of $2.14, surpassing the consensus estimate of $1.98. Revenue for the quarter reached $1.28 billion, slightly above analyst predictions. Despite a 0.4% year-over-year decline in revenue, the company reported a return on equity of 13.85% and a net margin of 7.36%.

Furthermore, STERIS declared a quarterly dividend increase to $0.57, set to be paid on December 19 to shareholders of record by November 19. This decision reflects the company's commitment to returning value to its shareholders, with a current dividend yield of 1.01% and a payout ratio of 56.58%.

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