Richard C. Breeden, serving as a director at STERIS plc (NYSE:STE), executed a complex set of transactions involving the company's ordinary shares on June 2, 2026. According to a Form 4 filing submitted to the Securities and Exchange Commission on June 4, 2026, Breeden sold 1,481 shares, generating a total transaction value of $310,284. The sale was executed at prices fluctuating between $209.50 and $209.53 per share, resulting in a weighted average sale price of $209.51. This activity took place while the stock was trading at $212.24, a valuation metric that InvestingPro analysis currently categorizes as undervalued relative to the company's Fair Value.
Simultaneously on June 2, 2026, Breeden acquired 3,781 ordinary shares directly at a price of $71.40 per share, totaling $269,963. This acquisition was the direct result of exercising an employee stock option. The option, which had reached full vesting status, was issued in connection with STERIS plc's redomiciliation to Ireland in March 2019. The instrument served as a replacement for a previous option to purchase an identical number of shares at the same price in "Old STERIS." The specific option exercised was scheduled to expire on August 10, 2026.
Following these transactions, Breeden's direct ownership in STERIS plc stands at 38,964 ordinary shares. His indirect holdings amount to 27,242 ordinary shares. This indirect ownership structure is linked to his role as the managing member of Breeden Capital Partners LLC and his positions as managing member, chairman, and chief executive officer of Breeden Capital Management LLC. These entities function as general partners for Breeden Partners L.P. It is important to note that Breeden disclaims beneficial ownership over 1,358 of the shares held indirectly through these entities.
The timing of these insider transactions coincides with the release of STERIS plc's fourth-quarter fiscal 2026 financial results. The company reported revenue of $1.6 billion, which surpassed the analyst forecast of $1.59 billion. Despite this robust revenue performance, earnings per share (EPS) came in at $2.83, slightly missing the expected figure of $2.85. The company's stock price reflected this mixed financial data, with a closing price of $212.24, representing a change of +$2.05 (+0.98%) at 15:59:59 USD. After-hours trading saw a minor decline to $212.15, down -$0.09 (-0.04%) at 16:10:04.
Market sentiment and analyst assessments provide further context to the company's standing. Piper Sandler has reiterated an Overweight rating for STERIS, setting a price target of $270. This rating indicates confidence in the company's performance, despite a recent dip in share prices leading up to the earnings report. Short interest in STERIS stock has increased over several months but remains low at approximately 2%.
InvestingPro data highlights that STERIS maintains a PEG ratio of 0.94 and has raised its dividend for 15 consecutive years. The company's financial health and market standing are further illuminated by these operational metrics and the insider activity of its directors.