Twin Securities Inc. Acquires Shares of 330,273 Surgery Partners, Inc. $SGRY

Key Points

• Twin Securities Inc. has made a new investment of approximately $7.84 million in Surgery Partners, acquiring 330,273 shares, which represents about 4.1% of their total holdings.
• Surgery Partners reported earnings of $0.17 per share for the last quarter, exceeding estimates and marking an 8.4% year-over-year revenue increase to $826.20 million.
• Recent brokerages' assessments suggest a Moderate Buy rating for Surgery Partners, with an average target price of $33.00 and several analysts highlighting strong investor interest.

Twin Securities Inc. bought a new position in Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 330,273 shares of the company's stock, valued at approximately $7,844,000. Surgery Partners comprises approximately 4.1% of Twin Securities Inc.'s holdings, making the stock its 8th largest holding. Twin Securities Inc. owned approximately 0.26% of Surgery Partners as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Pentwater Capital Management LP raised its holdings in Surgery Partners by 545.2% in the first quarter. Pentwater Capital Management LP now owns 2,742,000 shares of the company's stock worth $65,122,000 after buying an additional 2,317,000 shares during the last quarter. Millennium Management LLC raised its holdings in Surgery Partners by 1,253.7% in the first quarter. Millennium Management LLC now owns 202,274 shares of the company's stock worth $4,804,000 after buying an additional 219,806 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Surgery Partners by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,693 shares of the company's stock worth $1,085,000 after buying an additional 2,015 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in Surgery Partners in the first quarter worth about $950,000. Finally, TIG Advisors LLC purchased a new position in Surgery Partners in the first quarter worth about $46,902,000.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SGRY. Barclays decreased their price objective 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 began coverage on shares of Surgery Partners in a report on Monday, July 28th. They set a "buy" rating and a $28.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.00.

Surgery Partners Stock Performance

SGRY stock traded down $0.37 during midday trading on Friday, reaching $21.75. 402,603 shares of the company's stock traded hands, compared to its average volume of 1,400,263. Surgery Partners, Inc. has a 52-week low of $18.87 and a 52-week high of $33.90. The stock has a market cap of $2.79 billion, a P/E ratio of -15.21 and a beta of 1.76. The company has a current ratio of 1.93, a quick ratio of 1.78 and a debt-to-equity ratio of 1.10. The stock's 50-day moving average is $22.46 and its 200 day moving average is $22.60.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.17 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 business had revenue of $826.20 million during the quarter, compared to analysts' expectations of $816.96 million. During the same period in the prior year, the company earned $0.21 earnings per share. The firm's revenue was up 8.4% on a year-over-year basis. As a group, analysts anticipate that Surgery Partners, Inc. will post 0.67 EPS for the current year.

Insider Buying and Selling

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

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.