Hsbc Holdings PLC Boosts Stake in Surgery Partners, Inc. $SGRY

Key Points

• Hsbc Holdings PLC increased its Surgery Partners stake by 54.5% in the second quarter, acquiring 1.04 million additional shares to own 2.96 million shares, or 2.26% of the company valued at approximately $48.9 million.
• Other institutional investors also raised their positions, while director Teresa DeLuca purchased 10,000 shares at $14.35 each. Insiders currently own 2.0% of Surgery Partners.
• Surgery Partners beat quarterly earnings and revenue estimates, reporting $0.10 EPS and $848.9 million in revenue. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $19.45 versus the stock’s recent price near $14.26.

Hsbc Holdings PLC lifted its position in Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 54.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,958,912 shares of the company's stock after acquiring an additional 1,043,244 shares during the period. Hsbc Holdings PLC owned 2.26% of Surgery Partners worth $48,912,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Surgery Partners by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,693 shares of the company's stock worth $1,085,000 after purchasing an additional 2,015 shares during the period. Millennium Management LLC lifted its position in Surgery Partners by 1,253.7% during the first quarter. Millennium Management LLC now owns 202,274 shares of the company's stock valued at $4,804,000 after buying an additional 219,806 shares during the period. Empowered Funds LLC boosted its holdings in shares of Surgery Partners by 11.0% during the 1st quarter. Empowered Funds LLC now owns 12,853 shares of the company's stock valued at $305,000 after buying an additional 1,278 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Surgery Partners in the 2nd quarter worth about $219,000. Finally, Invesco Ltd. increased its stake in shares of Surgery Partners by 7.4% in the 2nd quarter. Invesco Ltd. now owns 1,683,311 shares of the company's stock worth $37,420,000 after acquiring an additional 115,627 shares in the last quarter.

Insider Activity

In related news, Director Teresa DeLuca purchased 10,000 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were purchased at an average price of $14.35 per share, with a total value of $143,500.00. Following the acquisition, the director directly owned 66,843 shares in the company, valued at $959,197.05. The trade was a 17.59% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by insiders.

Surgery Partners Price Performance

SGRY stock opened at $14.26 on Tuesday. The stock has a market capitalization of $1.87 billion, a P/E ratio of -20.37, a P/E/G ratio of 4.40 and a beta of 1.92. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.95 and a quick ratio of 1.78. Surgery Partners, Inc. has a 1-year low of $11.41 and a 1-year high of $23.44. The business has a fifty day moving average price of $15.35 and a 200-day moving average price of $14.35.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on SGRY. 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 research note on Tuesday, August 11th. Raymond James Financial set a $18.00 target price on shares of Surgery Partners in a research note on Tuesday, August 11th. Benchmark reiterated a "buy" rating on shares of Surgery Partners in a report on Tuesday, August 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $18.00 target price on shares of Surgery Partners in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Surgery Partners in a research report on Friday, August 21st. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Surgery Partners has an average rating of "Moderate Buy" and a consensus target price of $19.45.

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.

Want to see what other hedge funds are holding SGRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Surgery Partners, Inc. (NASDAQ:SGRY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.