Gabelli Funds LLC Invests $3.44 Million in Surgery Partners, Inc. $SGRY

Key Points

• Gabelli Funds LLC acquired 144,945 shares of Surgery Partners, Inc. for approximately $3.44 million, representing a 0.11% ownership stake at the end of the reporting period.
• In the 1st quarter, MetLife Investment Management LLC increased its stake in Surgery Partners by 715.8%, now owning 383,642 shares valued at $9.11 million, indicating strong institutional interest in the company.
• Surgery Partners reported a quarterly earnings of $0.17 EPS, exceeding analysts' expectations, with revenues totaling $826.20 million, representing an 8.4% increase year-over-year.

Gabelli Funds LLC purchased a new position in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 144,945 shares of the company's stock, valued at approximately $3,442,000. Gabelli Funds LLC owned about 0.11% of Surgery Partners at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC increased its holdings in Surgery Partners by 112.0% in the 1st quarter. AlphaQuest LLC now owns 1,058 shares of the company's stock valued at $25,000 after purchasing an additional 559 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Surgery Partners by 86.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,169 shares of the company's stock valued at $28,000 after purchasing an additional 542 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Surgery Partners in the 1st quarter valued at approximately $31,000. DekaBank Deutsche Girozentrale acquired a new stake in Surgery Partners in the 1st quarter valued at approximately $65,000. Finally, State of Wyoming increased its holdings in Surgery Partners by 94.4% in the 4th quarter. State of Wyoming now owns 4,002 shares of the company's stock valued at $85,000 after purchasing an additional 1,943 shares during the last quarter.

Analysts Set New Price Targets

SGRY has been the subject of several research reports. Barclays dropped their target price on shares of Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating for the company in a report on Tuesday, May 27th. Bank of America initiated coverage on shares of Surgery Partners in a report on Monday, July 28th. They issued a "buy" rating and a $28.00 target price for the company. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Insider Buying and Selling

In other Surgery Partners news, Director Teresa Deluca sold 20,018 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $22.74, for a total value of $455,209.32. Following the completion of the transaction, the director owned 45,173 shares of the company's stock, valued at $1,027,234.02. This trade represents a 30.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.70% of the stock is owned by corporate insiders.

Surgery Partners Stock Down 0.7%

SGRY stock traded down $0.15 during midday trading on Thursday, hitting $22.36. The company's stock had a trading volume of 1,442,869 shares, compared to its average volume of 1,375,840. The company has a quick ratio of 1.78, a current ratio of 1.93 and a debt-to-equity ratio of 1.10. Surgery Partners, Inc. has a 52-week low of $18.87 and a 52-week high of $33.90. The firm has a market capitalization of $2.87 billion, a P/E ratio of -15.64 and a beta of 1.76. The firm has a 50-day simple moving average of $22.47 and a 200-day simple moving average of $22.72.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.17 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 last year, the company posted $0.21 EPS. The firm's revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts forecast that Surgery Partners, Inc. will post 0.67 EPS for the current 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.