Hsbc Holdings PLC Reduces Holdings in Surgery Partners, Inc. $SGRY

Key Points

• Hsbc Holdings PLC has reduced its stake in Surgery Partners, Inc. (SGRY) by 54.4%, now owning 12,385 shares valued at $295,000 after selling off 14,797 shares.
• Several institutional investors have made significant changes to their holdings, with PNC Financial Services Group boosting their stake by 86.4% in the first quarter.
• Analysts maintain a Moderate Buy consensus on the stock, with an average price target of $33.00, despite some price adjustments made by firms like Barclays.

Hsbc Holdings PLC lessened its stake in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 54.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,385 shares of the company's stock after selling 14,797 shares during the period. Hsbc Holdings PLC's holdings in Surgery Partners were worth $295,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SGRY. PNC Financial Services Group Inc. grew its position in Surgery Partners by 86.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,169 shares of the company's stock worth $28,000 after buying an additional 542 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Surgery Partners in the first quarter valued at approximately $31,000. DekaBank Deutsche Girozentrale bought a new position in Surgery Partners in the 1st quarter worth approximately $65,000. State of Wyoming raised its position in Surgery Partners by 94.4% in the 4th quarter. State of Wyoming now owns 4,002 shares of the company's stock worth $85,000 after purchasing an additional 1,943 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in Surgery Partners by 12.1% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,296 shares of the company's stock worth $91,000 after acquiring an additional 465 shares during the period.

Insider Activity at Surgery Partners

In other news, insider Harrison R. Bane sold 9,339 shares of the business's 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Teresa Deluca sold 20,018 shares of the company'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 sale, the director directly owned 45,173 shares in the company, valued at $1,027,234.02. This trade represents a 30.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

Surgery Partners Stock Down 1.8%

SGRY traded down $0.40 during midday trading on Tuesday, hitting $21.68. The company had a trading volume of 843,876 shares, compared to its average volume of 1,395,156. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -15.16 and a beta of 1.76. The stock's 50 day moving average price is $22.48 and its 200 day moving average price is $22.63. Surgery Partners, Inc. has a 52 week low of $18.87 and a 52 week high of $33.90. 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 (NASDAQ:SGRY - Get Free Report) last issued its quarterly earnings data 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. Surgery Partners had a negative net margin of 5.57% and a positive return on equity of 2.51%. The firm had revenue of $826.20 million during the quarter, compared to analysts' expectations of $816.96 million. During the same period last year, the company earned $0.21 earnings per share. The business's revenue was up 8.4% on a year-over-year basis. On average, research analysts anticipate that Surgery Partners, Inc. will post 0.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SGRY has been the subject of several research analyst reports. Barclays decreased their price target 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 started coverage on shares of Surgery Partners in a research note on Monday, July 28th. They issued a "buy" rating and a $28.00 price target on the stock. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Surgery Partners Company 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.