Rock Springs Capital Management LP Sells 102,000 Shares of Surgery Partners, Inc. $SGRY

Key Points

• Rock Springs Capital Management cut its Surgery Partners stake by 32.9%, selling 102,000 shares and retaining 208,000 shares worth approximately $2.48 million.
• Other major institutions increased their positions, including Pentwater Capital, UBS, Goldman Sachs and Dimensional Fund Advisors, indicating continued institutional interest in SGRY.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $21.60 target price. Surgery Partners also beat first-quarter earnings and revenue estimates, reporting $810.9 million in revenue and an adjusted loss of $0.03 per share.

Rock Springs Capital Management LP trimmed its position in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 32.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 208,000 shares of the company's stock after selling 102,000 shares during the quarter. Rock Springs Capital Management LP owned about 0.16% of Surgery Partners worth $2,479,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Pentwater Capital Management LP raised its holdings in Surgery Partners by 66.9% in the third quarter. Pentwater Capital Management LP now owns 11,681,000 shares of the company's stock worth $252,777,000 after buying an additional 4,681,000 shares during the last quarter. UBS Group AG grew its holdings in shares of Surgery Partners by 111.4% during the fourth quarter. UBS Group AG now owns 7,803,974 shares of the company's stock valued at $120,571,000 after buying an additional 4,113,052 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Surgery Partners by 528.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,959,686 shares of the company's stock valued at $30,277,000 after acquiring an additional 1,647,714 shares in the last quarter. Glenview Capital Management LLC bought a new stake in shares of Surgery Partners during the second quarter valued at approximately $33,995,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Surgery Partners by 25.5% during the third quarter. Dimensional Fund Advisors LP now owns 4,860,215 shares of the company's stock valued at $105,177,000 after acquiring an additional 988,956 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SGRY. Zacks Research raised Surgery Partners from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 4th. Jefferies Financial Group reissued a "buy" rating and issued a $17.00 target price on shares of Surgery Partners in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Surgery Partners in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $21.60.

Surgery Partners Stock Performance

Shares of SGRY stock opened at $15.17 on Tuesday. 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 50 day moving average price of $15.04 and a 200-day moving average price of $14.44. Surgery Partners, Inc. has a 52 week low of $11.41 and a 52 week high of $24.10. The firm has a market capitalization of $1.98 billion, a PE ratio of -25.28, a P/E/G ratio of 4.70 and a beta of 1.89.

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

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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