Here’s Why STERIS plc (STE) Declined in Q3

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Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.92% net compared to -0.12% return for the Russell 2500 Growth Index. In the quarter, market dynamics worked against the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds highlighted stocks like STERIS plc (NYSE:STE) in the Q3 2022 investor letter. Headquartered in Dublin, Ireland, STERIS plc (NYSE:STE) is a medical equipment company that provides products for infection prevention and other procedural products. On December 7, 2022, STERIS plc (NYSE:STE) stock closed at $185.56 per share. One-month return of STERIS plc (NYSE:STE) was 15.27% and its shares lost 19.53% of their value over the last 52 weeks. STERIS plc (NYSE:STE) has a market capitalization of $18.523 billion.

Meridian Funds made the following comment about STERIS plc (NYSE:STE) in its Q3 2022 investor letter:

STERIS plc (NYSE:STE) specializes in sterilization and surgical products for the healthcare industry. Our original investment in the company was motivated by the company’s consistent growth and profit profile given its leading market position for missioncritical healthcare services. During the period, Caroline STERIS declined as the company felt shockwaves from the court ruling against Sterigenics (mentioned above). Since STERIS also provides ethylene oxide sterilization services, the market is concerned STERIS could become the subject of ethylene oxide emissions lawsuits even though the company is not currently subject to any lawsuits at this time. Given the mission-critical nature of ethylene oxide and STERIS’s long track record of operating in compliance with industry regulators and regulations, we believe the company is operating from a position of strength. However, we will continue to monitor the situation given the unpredictable outcomes of litigation.”

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STERIS plc (NYSE:STE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held STERIS plc (NYSE:STE) at the end of the third quarter, which was 33 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.