Hsbc Holdings PLC Grows Position in Surgery Partners, Inc. $SGRY

Key Points

• HSBC Holdings PLC more than doubled its stake in Surgery Partners in the fourth quarter, buying an additional 985,748 shares to bring its total to 1.93 million shares worth about $30.15 million.
• Other institutional investors also boosted their positions, including UBS Group, SG Americas Securities, and Irenic Capital Management, suggesting continued professional interest in the stock.
• Surgery Partners reported better-than-expected first-quarter results, with revenue of $810.9 million and EPS of -$0.03 versus the -$0.15 consensus, and the board also approved a $200 million share repurchase plan.

Hsbc Holdings PLC grew its holdings in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 104.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,931,577 shares of the company's stock after acquiring an additional 985,748 shares during the quarter. Hsbc Holdings PLC owned about 1.49% of Surgery Partners worth $30,151,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Irenic Capital Management LP increased its holdings in shares of Surgery Partners by 339.7% in the 3rd quarter. Irenic Capital Management LP now owns 1,132,203 shares of the company's stock worth $24,501,000 after buying an additional 874,704 shares during the last quarter. SG Americas Securities LLC grew its position in Surgery Partners by 3,229.1% in the fourth quarter. SG Americas Securities LLC now owns 566,976 shares of the company's stock worth $8,760,000 after acquiring an additional 549,945 shares in the last quarter. JPMorgan Chase & Co. grew its position in Surgery Partners by 67.4% in the third quarter. JPMorgan Chase & Co. now owns 323,932 shares of the company's stock worth $7,010,000 after acquiring an additional 130,392 shares in the last quarter. UBS Group AG increased its stake in Surgery Partners by 111.4% in the fourth quarter. UBS Group AG now owns 7,803,974 shares of the company's stock valued at $120,571,000 after acquiring an additional 4,113,052 shares during the last quarter. Finally, 8 Knots Management LLC bought a new position in Surgery Partners in the third quarter valued at $4,763,000.

Analysts Set New Price Targets

SGRY has been the subject of a number of research reports. Zacks Research upgraded Surgery Partners from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 4th. UBS Group restated a "buy" rating on shares of Surgery Partners in a research report on Wednesday, March 11th. Royal Bank Of Canada cut their target price on Surgery Partners from $31.00 to $20.00 and set an "outperform" rating for the company in a research note on Wednesday, March 4th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Surgery Partners in a research report on Tuesday, May 26th. Finally, Barclays decreased their price target on shares of Surgery Partners from $18.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.18.

Surgery Partners Stock Up 4.7%

Shares of NASDAQ SGRY opened at $15.22 on Thursday. The firm's fifty day moving average is $14.09 and its 200 day moving average is $14.39. Surgery Partners, Inc. has a 52 week low of $11.41 and a 52 week high of $24.10. The company has a quick ratio of 1.69, a current ratio of 1.86 and a debt-to-equity ratio of 1.17. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -25.37, a PEG ratio of 4.34 and a beta of 1.96.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.12. Surgery Partners had a negative net margin of 2.28% and a positive return on equity of 1.04%. The business had revenue of $810.90 million during the quarter, compared to analysts' expectations of $797.69 million. During the same quarter in the prior year, the company posted $0.04 EPS. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts expect that Surgery Partners, Inc. will post 0.25 earnings per share for the current year.

Surgery Partners declared that its board has approved a share repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 9.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

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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