Vanguard Group Inc. Sells 451,691 Shares of Surgery Partners, Inc. $SGRY

Key Points

• Vanguard Group Inc. reduced its stake in Surgery Partners, Inc. by 5.9%, selling 451,691 shares, leaving it with approximately 7.17 million shares valued at $170.2 million.
• Other institutional investors have increased their holdings in Surgery Partners during the first quarter, with GAMMA Investing LLC raising its position by 7,902.7%.
• Surgery Partners reported a Q2 EPS of $0.17, exceeding analysts' expectations, with revenue of $826.2 million, up 8.4% year-over-year.

Vanguard Group Inc. cut its holdings in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 5.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,166,713 shares of the company's stock after selling 451,691 shares during the period. Vanguard Group Inc. owned about 5.59% of Surgery Partners worth $170,209,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its stake 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 purchasing an additional 542 shares during the last quarter. Alpine Associates Management Inc. bought a new stake in Surgery Partners during the first quarter worth $13,539,000. Natixis Advisors LLC bought a new stake in Surgery Partners during the first quarter worth $292,000. Modera Wealth Management LLC bought a new stake in Surgery Partners during the first quarter worth $244,000. Finally, Bayforest Capital Ltd bought a new stake in Surgery Partners during the first quarter worth $1,017,000.

Analyst Ratings Changes

A number of research analysts have recently commented on SGRY shares. Bank of America started coverage on Surgery Partners in a research note on Monday, July 28th. They issued a "buy" rating and a $28.00 price target for the company. Barclays dropped their price target on Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 27th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $33.00.

Insiders Place Their Bets

In related news, Director Teresa Deluca sold 20,018 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $22.74, for a total value of $455,209.32. Following the completion of the sale, 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 at this hyperlink. 2.70% of the stock is owned by insiders.

Surgery Partners Trading Up 3.4%

NASDAQ SGRY traded up $0.78 on Friday, reaching $23.64. The company had a trading volume of 1,273,842 shares, compared to its average volume of 1,777,135. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -16.53 and a beta of 1.82. Surgery Partners, Inc. has a fifty-two week low of $18.87 and a fifty-two week high of $33.97. The business has a 50 day moving average of $22.13 and a two-hundred day moving average of $22.89. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.93 and a quick ratio of 1.78.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.01. The business had revenue of $826.20 million during 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%.Surgery Partners's quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share. Analysts forecast that Surgery Partners, Inc. will post 0.67 EPS for the current year.

About Surgery Partners

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.