TIG Advisors LLC Takes $46.90 Million Position in Surgery Partners, Inc. $SGRY

Key Points

• TIG Advisors LLC acquired nearly 2 million shares of Surgery Partners, Inc., totaling about $46.9 million, making it the firm's 13th largest position.
• Surgery Partners reported Q2 earnings of $0.17 per share, surpassing estimates, and revenue increased by 8.4% year-over-year, reaching $826.2 million.
• Multiple hedge funds, including BNP Paribas Financial Markets, significantly increased their stakes in Surgery Partners recently, indicating growing interest in the company.

TIG Advisors LLC acquired a new position in Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,974,838 shares of the company's stock, valued at approximately $46,902,000. Surgery Partners accounts for about 2.9% of TIG Advisors LLC's portfolio, making the stock its 13th largest holding. TIG Advisors LLC owned about 1.54% of Surgery Partners at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SGRY. AlphaQuest LLC raised its position in shares of Surgery Partners by 112.0% in the first quarter. AlphaQuest LLC now owns 1,058 shares of the company's stock worth $25,000 after acquiring an additional 559 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Surgery Partners by 86.4% in the first quarter. PNC Financial Services Group Inc. now owns 1,169 shares of the company's stock worth $28,000 after acquiring an additional 542 shares during the period. Summit Securities Group LLC acquired a new position in shares of Surgery Partners in the first quarter worth about $31,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Surgery Partners in the first quarter worth about $65,000. Finally, State of Wyoming raised its position in shares of Surgery Partners by 94.4% in the fourth quarter. State of Wyoming now owns 4,002 shares of the company's stock worth $85,000 after acquiring an additional 1,943 shares during the period.

Insider Transactions at Surgery Partners

In related news, Director Teresa Deluca sold 20,018 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $22.74, for a total transaction of $455,209.32. Following the completion of the sale, the director owned 45,173 shares of the company's stock, valued at approximately $1,027,234.02. This represents a 30.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on SGRY shares. Bank of America started coverage on shares of Surgery Partners in a research report on Monday, July 28th. They issued a "buy" rating and a $28.00 price objective for the company. Barclays reduced their price target on shares of Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 27th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Surgery Partners has an average rating of "Moderate Buy" and a consensus price target of $33.00.

Surgery Partners Price Performance

NASDAQ SGRY traded up $0.15 during trading hours on Friday, hitting $22.51. 1,035,308 shares of the company's stock traded hands, compared to its average volume of 1,316,687. Surgery Partners, Inc. has a 52-week low of $18.87 and a 52-week high of $33.90. The company has a market capitalization of $2.89 billion, a PE ratio of -15.74 and a beta of 1.76. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.93 and a quick ratio of 1.78. The firm's 50-day moving average is $22.48 and its 200-day moving average is $22.70.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. Surgery Partners had a negative net margin of 5.57% and a positive return on equity of 2.51%. The company had revenue of $826.20 million during the quarter, compared to analysts' expectations of $816.96 million. During the same quarter in the prior year, the company earned $0.21 EPS. Surgery Partners's revenue was up 8.4% compared to the same quarter last year. Equities analysts forecast that Surgery Partners, Inc. will post 0.67 EPS for the current fiscal year.

Surgery Partners Profile

Surgery Partners, Inc, together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery.