Bank of New York Mellon Corp Makes New Investment in Surgery Partners, Inc. $SGRY

Key Points

• Bank of New York Mellon initiated a position in Surgery Partners during the second quarter, buying 320,206 shares worth approximately $5.4 million, or about 0.24% of the company.
• Surgery Partners beat quarterly earnings expectations, reporting $0.10 EPS versus $0.06 forecast and revenue of $848.9 million, up 2.7% year over year.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $19.45, compared with the stock’s reported price of $14.26.

Bank of New York Mellon Corp bought a new position in Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 320,206 shares of the company's stock, valued at approximately $5,379,000. Bank of New York Mellon Corp owned about 0.24% of Surgery Partners at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Surgery Partners by 239.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,907 shares of the company's stock worth $35,000 after acquiring an additional 2,051 shares during the last quarter. Fifth Third Bancorp raised its holdings in Surgery Partners by 5,324.0% in the first quarter. Fifth Third Bancorp now owns 4,068 shares of the company's stock worth $48,000 after purchasing an additional 3,993 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Surgery Partners by 45,640.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 2,287 shares of the company's stock worth $49,000 after acquiring an additional 2,282 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Surgery Partners during the 3rd quarter valued at about $121,000. Finally, Alpine Global Management LLC bought a new position in Surgery Partners during the 4th quarter valued at about $175,000.

Surgery Partners Price Performance

SGRY stock opened at $14.26 on Friday. The company has a quick ratio of 1.78, a current ratio of 1.95 and a debt-to-equity ratio of 1.18. The business has a 50 day moving average price of $15.40 and a 200 day moving average price of $14.37. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -20.37, a PEG ratio of 4.37 and a beta of 1.92. Surgery Partners, Inc. has a fifty-two week low of $11.41 and a fifty-two week high of $23.44.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.04. The company had revenue of $848.90 million during the quarter, compared to the consensus estimate of $830.03 million. Surgery Partners had a negative net margin of 2.63% and a positive return on equity of 0.88%. Surgery Partners's revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Equities research analysts anticipate that Surgery Partners, Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SGRY shares. Zacks Research downgraded Surgery Partners from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. TD Cowen upped their price target on shares of Surgery Partners from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Weiss Ratings reissued a "sell (e+)" rating on shares of Surgery Partners in a report on Friday, August 21st. Benchmark reaffirmed a "buy" rating on shares of Surgery Partners in a report on Tuesday, August 11th. Finally, Royal Bank Of Canada dropped their price objective on shares of Surgery Partners from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.45.

Insider Buying and Selling

In related news, Director Teresa DeLuca acquired 10,000 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was bought at an average cost of $14.35 per share, with a total value of $143,500.00. Following the transaction, the director owned 66,843 shares of the company's stock, valued at $959,197.05. The trade was a 17.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Surgery Partners Profile

Surgery Partners, Inc operates as a healthcare services provider specializing in the management and ownership of ambulatory surgery centers, surgical hospitals and multispecialty rehabilitation hospitals across the United States. Through its network of facilities, the company coordinates and delivers a broad range of outpatient surgical procedures in specialties such as orthopedics, ophthalmology, otolaryngology, gastroenterology, pain management and general surgery. Its integrated platform offers ancillary services including on-site imaging, laboratory testing, infusion therapy and physical, occupational and speech rehabilitation.

Since its establishment in 2010 and subsequent public listing in 2015, Surgery Partners has focused on strategic partnerships with physicians and health systems to expand access to cost-effective outpatient care.

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