The Manufacturers Life Insurance Company Invests $10.98 Million in Surgery Partners, Inc. $SGRY

Key Points

• The Manufacturers Life Insurance Company purchased 653,470 shares of Surgery Partners, valued at approximately $10.98 million, representing about 0.5% of the company. Other institutional investors, including BlackRock, also recently acquired stakes.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $19.45. Seven analysts rate the stock Buy, while three recommend Hold and one recommends Sell.
• Surgery Partners exceeded quarterly expectations, reporting $0.10 in earnings per share versus a $0.06 estimate and revenue of $848.9 million, up 2.7% year over year. However, the company remains unprofitable on a net-margin basis, with shares recently opening at $13.69.

The Manufacturers Life Insurance Company purchased a new position in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 653,470 shares of the company's stock, valued at approximately $10,978,000. The Manufacturers Life Insurance Company owned about 0.50% of Surgery Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new position in shares of Surgery Partners during the second quarter valued at approximately $470,000. BlackRock Inc. acquired a new position in Surgery Partners during the 2nd quarter valued at about $104,857,000. Deutsche Bank AG bought a new stake in shares of Surgery Partners during the second quarter valued at approximately $1,495,000. Bank of New York Mellon Corp bought a new stake in shares of Surgery Partners during the second quarter valued at approximately $5,379,000. Finally, State of Wyoming acquired a new position in shares of Surgery Partners during the second quarter worth approximately $262,000.

Insider Transactions at Surgery Partners

In other news, Director Teresa Deluca purchased 10,000 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was bought at an average cost of $14.35 per share, with a total value of $143,500.00. Following the purchase, the director directly owned 66,843 shares of the company's stock, valued at approximately $959,197.05. This trade represents a 17.59% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SGRY. Cantor Fitzgerald restated an "overweight" rating and issued a $18.00 target price on shares of Surgery Partners in a research report on Tuesday, August 11th. Royal Bank Of Canada decreased their price objective on shares of Surgery Partners from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. Benchmark reiterated a "buy" rating on shares of Surgery Partners in a research note on Tuesday, August 11th. Raymond James Financial set a $18.00 target price on Surgery Partners in a report on Tuesday, August 11th. Finally, TD Cowen boosted their price target on shares of Surgery Partners from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.45.

Surgery Partners Stock Performance

Surgery Partners stock opened at $13.69 on Friday. The company has a market cap of $1.79 billion, a P/E ratio of -19.56, a price-to-earnings-growth ratio of 4.22 and a beta of 1.91. The firm's 50 day simple moving average is $15.49 and its 200-day simple moving average is $14.38. 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 fifty-two week low of $11.41 and a fifty-two week high of $23.44.

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

Surgery Partners Company 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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