Pentwater Capital Management LP Increases Stock Holdings in Surgery Partners, Inc. $SGRY

Key Points

• Pentwater Capital Management LP significantly increased its stake in Surgery Partners, Inc. by 545.2% in the first quarter, now holding 2,742,000 shares valued at approximately $65.12 million.
• Several hedge funds have also boosted their holdings in Surgery Partners, including Janus Henderson Group, which raised its position by 110.2% to own over 11.5 million shares worth approximately $244.6 million.
• Analysts maintain a consensus buy rating for Surgery Partners, with a target price averaging $33.00, following a strong quarterly performance exceeding revenue expectations.

Pentwater Capital Management LP boosted its holdings in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 545.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,742,000 shares of the company's stock after acquiring an additional 2,317,000 shares during the quarter. Surgery Partners accounts for 0.5% of Pentwater Capital Management LP's portfolio, making the stock its 19th biggest holding. Pentwater Capital Management LP owned about 2.14% of Surgery Partners worth $65,122,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AlphaQuest LLC boosted its stake in shares of Surgery Partners by 112.0% during the first 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 period. PNC Financial Services Group Inc. boosted its position 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 buying an additional 542 shares during the period. Summit Securities Group LLC bought a new position in Surgery Partners in the 1st quarter worth about $31,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Surgery Partners during the first quarter worth approximately $65,000. Finally, State of Wyoming increased its position in shares of Surgery Partners by 94.4% during 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.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SGRY. Barclays dropped their price objective on Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 27th. Bank of America started coverage on 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 issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $33.00.

Insider Activity

In other news, insider Harrison R. Bane sold 9,339 shares of Surgery Partners stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $22.48, for a total value of $209,940.72. Following the transaction, the insider owned 117,181 shares of the company's stock, valued at $2,634,228.88. The trade was a 7.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa Deluca sold 20,018 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $22.74, for a total transaction of $455,209.32. Following the transaction, the director owned 45,173 shares of the company's stock, valued at approximately $1,027,234.02. This trade represents a 30.71% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Surgery Partners Stock Up 3.0%

NASDAQ:SGRY traded up $0.65 during trading hours on Thursday, reaching $22.11. The company's stock had a trading volume of 1,269,181 shares, compared to its average volume of 1,406,392. The stock has a 50 day moving average price of $22.46 and a two-hundred day moving average price of $22.62. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.78 and a current ratio of 1.93. The company has a market capitalization of $2.83 billion, a P/E ratio of -15.46 and a beta of 1.76. Surgery Partners, Inc. has a 12 month low of $18.87 and a 12 month high of $33.90.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.01. The business had revenue of $826.20 million for the quarter, compared to the consensus estimate of $816.96 million. Surgery Partners had a positive return on equity of 2.51% and a negative net margin of 5.57%.The business's revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business posted $0.21 EPS. Equities analysts predict 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.